In 2021, the polyurea coatings market valued at $995.2 million, and it is projected to reach $2,553.5 million by 2030, growing at a CAGR of 11.0% from 2021 to 2030. It is attributed to the growing awareness of environmental problems. Polyurea technology holds a significant share of the coatings industry, attributed to the high research and development investments. Under the end-user segment, the construction and transportation industries dominate the market. The surge in polyurea coatings demand in the defense sector propels the market.
The aromatic isocyanates are the higher polyurea coatings market revenue generator under the raw material segment, amounting to 69.7% of the revenue. Aromatic isocyanates are comprised of amine hydroxyl groups that react to generate polyurea coatings. The aromatic isocyanates are used as basecoat. Aromatic isocyanates are highly utilized in the automotive industry, leading to market proliferation. The weather conditions of North America and Europe led to an increased usage of aromatic polyurea coatings.
The automotive and transportation industry holds the largest polyurea coatings market share, ofthe 25.7%. The application of the polyurea coatings on the automobiles’ exteriors, such as trucks and two-wheelers, is driving the market, attributed to high resistivity from external physical and thermal pressure. Polyurea coatings are popular in Germany, Japan and China. The German automobile industry, which has household names such as Volkswagen, Mercedes, Opel, and BMW, contributes almost 20% of the industrial output of the country in terms of the value.
The truck manufacturers highly utilize spray-on protective coatings due to the enhanced look and long-term protection, resulting in proliferation of polyurea coatings market. It is gaining popularity due to its properties, such as resistivity to corrosion, abrasion, and UV rays. The appealing look of the substrates and equipment safety offered by the polyurea coatings drive the market. Polyurea coatings are utilized on vehicle chassis as an alternative primer and as a topcoat on the vehicle’s body. The polyurea coatings market is expected to grow, attributed to the rising traction of heavy-duty vehicles on the road.
Therefore, the expansion of the construction industry led by increase in infrastructure development activities is driving the market.
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