The global polyurea coatings market is anticipated to grow from USD 880 million in 2020 to USD 1576.8 million by 2027, thus growing at a CAGR of 11.1% during the forecast period 2020-2027. Polyurea is a chemical compound formed by the combination of diisocyanate and diamine. The polymerization mixture is similar to the polymerization of polyurethane and the resulting reaction is called "urea", thus referred to as polyurea. Polyurea technology is used to make extremely strong, fast-settling coatings by adjusting the properties of two reactive components.

The polyurea coatings market is expected to witness significant growth during the forecast period, due to its durability, smooth surface finish, chemical and abrasion resistance, favourable adhesion strength, fast-curing ability, and ability to withstand extreme weather conditions i.e., high humidity and low temperatures. Due to its elasticity and toughness, it is one of the most corrosion-resistant coatings. These coatings are suitable for various industries and objects, such as pipes, mining, machinery, secondary containment, transportation vehicles, steel structures, roofs, swimming pools, concrete structures, etc.

The COVID-19 outbreak had a negative impact on the polyurea market due to nationwide lockdowns, social distancing, and disruption in the supply chain. Many industries and factories were temporarily closed as a result the work of the building and construction sector was slow down, resulting in a negative impact on the demand for polyurea coatings.

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The rising consumer awareness about using superior quality waterproofing coating in residential buildings is anticipated to propel the growth of the global polyurea coating market. The demand for polyurea coatings has increased owing to its widespread use in various industries as it provides properties such as high chemical resistance, high-temperature resistance, high tensile strength, good adhesion to many substrates (metal, concrete, plastic), rapid application by spray technology, tack-free within minutes, and others.

Furthermore, technological development and a wide range of applications such as wastewater basins, moulded parts, marine coatings, water reservoirs, truck bed liners, boat construction, and various others will drive the growth of the polyurea coating market globally. The increasing requirements for improving product performance, durability, and availability are key factors driving the growth of the polyurea coatings market.

Globally, North America is the largest consumer of the polyurea coatings market, thus holds the largest share in the overall market. This is attributed due to the increasing concern about environmental protection in manufacturing and construction industries and the robust presence of extraction & production (E&P) sites in countries such as Canada and Mexico having abundant availability of minerals such as silver and gold, thus propelling the growth of the polyurea coatings market in the region.

Some of the major players operating in the global polyurea coatings market are The Sherwin-Williams Company, VersaFlex Incorporated, PPG Industries, Inc., KUDKO CHEMICAL CO. LTD, Rhino Linings Corporation, Huntsman International LLC., Armorthane, Rust-Oleum, SPI Performance Coatings, and Lse Building Preservation Ltd.

PPG announced that it has reached a definitive agreement to acquire VersaFlex, a manufacturer specializing in polyurea, epoxy, and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications. VersaFlex is a portfolio company of DalFort Capital Partners.

The Sherwin-Williams Company acquired The Valspar Corporation in order to establish itself as a global leader in paints & coatings. The combination of these two companies formed an enhanced brand portfolio, expanded product range, premier technology and innovation platforms, and an extensive global footprint.

Source: VynZ Research