Global polyurea coating market is
expected to reach USD 1.48 billion by 2024, according to a new report by Grand
View Research, Inc. Polyurea coating have numerous advantages over conventional
coating products, namely, epoxy, fiberglass, and paints. Its properties such as
faster setting time, resistance to atmospheric conditions, and high mechanical
strength are expected to drive the demand over the next eight years. Polyurea
coating offer high standards of corrosion protection, waterproofing, and
chemical & structural enhancement. Moreover, these exhibit superior
characteristics in spray applications such as improved mechanical, thermal, and
chemical resistance, short curing and setting time and high durability as
compared to its substitutes.
Increased
resistance to crack allows it to be utilized in a host of applications.
Rising demand for coating in automotive, buildings & construction, marine,
oil & gas, metallurgy & metal forming, aerospace, and mining is
expected to propel growth over the forecast period. Extensive R&D is being
undertaken by manufacturers to develop innovative technologies for coating
manufacturing and development of superior quality products.
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Further key findings from the study suggest:
- Polyurea coating use in industrial application is expected to witness growth at a CAGR of over 12.0% from 2016 to 2024 on account of rising manufacturing sectors in emerging economies. Numerous companies have been expanding production capacities in order to tap potential markets which are expected to propel demand. Increasing demand for protective coating from the oil & gas and mining sectors is projected to have a positive impact on market growth over the next eight years.
- Aromatic isocyanate-based coating are expected to grow at a CAGR of over 10% from 2016 to 2024 on account of properties such as excellent UV resistance leading to increasing application scope in the automotive industry. However, the increased price of these products is expected to hinder growth over the forecast period.
- North America dominated the market in 2015 on account of the presence of a substantial number of market players in the region. The U.S. market for polyurea coating was valued at over USD 150 million in 2015. Supportive regulations and rising investments in Asia Pacific automotive industry is expected to accelerate growth.
- In March 2014, Bayer Material Science opened a coating, Adhesives, and Specialties Laboratory in Dubai, to enhance its services by providing customized technical support to the customers in the Middle East & Africa. In February 2012, Alberts Spray Solutions LLC opened a new manufacturing site for polyurea liners in Ohio to cater to the demand from Utica Shale Region of Eastern Ohio and Southwest Pennsylvania. New product development, R&D investments, and expansion strategies are being adopted by the market players to expand their global footprint.
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About
Grand View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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