Polyurea coating is a type of coatings, which are applied to improve the performance efficiency of the substrate.
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Polyurea Coatings Market Forecast to 2023:
The global polyurea coatings market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
In 2017, North America was the largest Polyurea Coatings Market in the globe and is expected to show a steady demand during the forecast period. Building & construction industry is expected to contribute majorly to the regional polyurea coatings market owing to proliferating renovation and repairing activities in the region. Furthermore, introduction of online home services in the region is expected to boost the renovation industry over the next few years. For instance, the major companies such as Porch, Amazon home services, Zillow, and Pro.com offer online remodeling services. Home renovation is usually done to fulfill various purposes such as comfort upgrades, repair, home additions, safety and Interior design for added beauty. Furthermore, stringent regulations against the use of coatings having high VOC content is expected to benifts the growth of the polyurea market.
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Europe is expected to be the second largest market for polyurea coatings over the forecast period owing to the high demand from its large automotive industry. Additionally, European automotive industry is investing a huge fund for R&D activities to strengthen the competitiveness of its industry and preserve its global technological leadership. Therefore, it is expected to fuel the demand for polyurea coating over the forecast period. Stringent regulations against the use of coatings having high VOC content are contributing the growth of the regional market further.
Asia Pacific is expected to be the fastest growing polyurea coating market across the globe and is expected to surpass North America and Europe over the forecast period. However, high cost of polyurea coating over conventional coating is limiting the growth of the regional market. On the other hand, long shelf life of polyurea coating makes it more cost-effective than the the conventional coating, which is expected to drive the demand for the product over the assessment period. On account of rapid industrialization and urbanization, especially in China and India, the demand for polyurea coating is expected to witness high growh from the building & construction industry. Additionally, a huge automobile industry in the region is expected to augment the demand for performance efficient products, which is likely to boost the polyurea market over the forecast period. Relaxed investments norms in Asia Pacific particularly India due to FDI under “Make in India”campaign is expected to attract more number of investors over the forecast period 2018-2023. Similarly, growing chemical industries such as oil & gas, and specialty chemicals are expected to emerge as the major consumers of polyurea coatings due to its effective chemical resistance properties in interior tank coating applications over the forecast period.
The Middle East & Africa is expected to show steady growth for polyurea coatings mainly from its building & construction industry. Ongoing infrastructure activities to flourish regional tourism industry are expected to propel demand for polyurea coatings over the forecast period.
Latin America is also expected to join hand with other regions and is likely to show significant demand for polyurea coatings from its growing construction industry mainly in Brazil, Mexico, Chile, and Venezuela among other owing to improving economic conditions.
Competitive Analysis:
· VersaFlex Incorporated and The Polyurea People
· The Sherwin-Williams Company
· PPG Industries, Inc.
· Rhino Linings Corporation.
· KUDKO CHEMICAL CO. LTD.
· Huntsman International LLC.
· Armorthane
· Rust-Oleum
· SPI Performance Coatings
· Lse Building Preservation Ltd
Market Segmentation:
The global polyurea coatings market is segmented by type, raw material, technique, end-use industry, and region.
On the basis of the type, the global polyurea coatings market is segmented into pure polyurea coatings and hybrid polyurea coatings.
On the basis of the raw material, the global polyurea coatings market is segmented into aromatic isocyanate and aliphatic isocyanate.
On the basis of the technique, the global polyurea coatings market is segmented into spraying, pouring, and hand mixing.
On the basis of the end-user industry, the global polyurea coatings market is segmented into building & construction, automotive, industrial, chemical, and others.
On the basis of the region, the global polyurea coatings market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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