Polyurea Coating Market Forecast from 2015 till 2025
Market Scenario:
Polyurea is a type of natural or synthetic polymer having the elastic property that is derived from the reaction of an isocyanate component and a synthetic resin or cohesive substance blend component via step-growth polymerization mechanism.
The isocyanate is generally of two types, namely aromatic and aliphatic. Aromatic isocyanate-based coating is expected to grow at a considerable rate due to its noticeable properties. For instance, it is an excellent UV resistant, which is leading to an increase in its application in the automotive industry.
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Polyurea coatings are widely used in building and infrastructure components, which include pedestrian footpaths, tunnels, water reservoir containers, floor coverings, sewage pits, and others. These coatings have a wide range of application on bridges, tanks, truck linings, and secondary containment. Owing to its excellent resistance to corrosive gases and hydrocarbons, polyurea is actively used in coating for highly demanding usage in oil & gas and chemical industries.
Polyurea coatings have a distinguished water resistance property, chemical resistance, durability, resistance, corrosion resistance, and most importantly mechanical strength. These coatings are capable to be applied in a variety of designs, with different colors, and are extensively available as water-based formulations. On the basis of the method of application and formulation of polyurea coatings, different types of polyurea coatings can be formulated in order to obtain a comprehensive range of properties. These properties may vary from high extension to high flexibility or tensile strength and from a very soft or smooth material to a hard one.
The major driver towards the market growth is the extremely versatile property of polyurea. The CEO of Rhino Linings Corporation, Andy Phelan, described aromatics polyurea as “”the workhorse of the industry offering a wide variety of physical characteristics for various uses.”” Its greatest advantage is that it is quite quick or sets up immediately, which allows the applicator to build up a fine and finished thickness in a single pass. This advantage of aromatic polyurea over the other substances, contribute towards the market growth of polyurea coatings.
Recently, BASF signed an agreement with an innovative pallet maker start-up firm, Lightning Technologies LLC. This pallet is made up of a plywood-like, sustainably sourced substrate, which is sprayed with a newly formulated hybrid polyurea coating during the production.
BASF provides polyurea coatings to the pallets that give a range of advantages such as the chemical resistance, provides a hermetically sealed surface, which ensures safety during the transportation and increases the durability of the pallet. Its enhanced strength-to-weight enactment makes the pallet convenient to handle, lighter, and efficient in transportation.”
However, due to its high cost of application and easy access to other cost-effective substitutes, such as eoncoat corrosion resistant coating, the market growth might be hampered in the future. Polyurea coatings last markedly longer comparative to their substitutes and hence, they are more cost-effective and efficient in the long run throughout the life of the coating.
Market Segmentation:
The global polyurea coatings market is bifurcated on the basis of product type, raw material, application and technology.
Based on product type the market is further fragmented as:
Product Type:
• Pure Polyurea Coating
• Hybrid Polyurea Coating
On the basis of product application the classification is done as:
Application:
• Building Application
• Transportation Application
• Marine Application
• Road & Bridge Application
• Others (Others includes industries such as Oil and Gas, Chemical)
On the raw material used in polyurea coating the market is segmented as:
Raw Material:
• Aromatic Isocyanate
• Aliphatic Isocyanate
Lastly, on the basis of technology used the market is divided as:
Technology:
• Hand Mixing
• Pouring
• Spraying
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Regional Analysis:
The global polyurea coatings market is geographically divided into North America, Europe, APAC, and LAMEA. The construction and building industry is the leading consumer of polyurea coatings. Rapid urbanization in the emerging economies is likely to trigger the demand for polyurea coatings in the near future. North America is expected to be the leading consumer of polyurea coatings owing to the presence of many global key players.
Europe is expected to hold a significant share in polyurea coatings market, owing to the rising demand from automobile industry saturated in the region of Europe including countries such as Germany, U.K., and France.
The demand for polyurea coating is attributed to elevate to in the APAC region and the market in the region is expected to expand rapidly in the near future, owing to increasing usage of polyurea coating spray technology in Asian countries such as India, China, Thailand, Malaysia, Japan, South Korea, Indonesia, Singapore, and others.
Key Players:
The global key manufacturers of polyuria coatings market are:
• VersaFlex Incorporated (U.S.)
• A. B. Enterprises (India)
• Krypton Chemicals UK Ltd. (U.K)
• VIP Coatings Solutions (Germany)
• The Sherwin-Williams Company (U.S)
• Kukdo Chemical Co., Ltd. (South Korea)
• Nukote Coating Systems (U.S)
• PPG Industries, Inc. (U.S)
• Noble Corporation (India)
• Rhino Linings Corporation (U.S)
• Huntsman International LLC (U.S)
• BASF SE (Germany)
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