Polyurea Coatings Market: By Raw Material (Aliphatic, Aromatic), Polyurea Type (Pure and Hybrid), Technology (Spraying, Pouring, Hand Mixing), End-User Industry (Building & Construction, Transportation, Industrial, Landscape), and Geography

Polyurea Coatings Market was valued at USD 1,283.7 million in 2022 and is poised to grow at a CAGR of 10.2% over 2023-2029. Polyurea is a synthetic polymer obtained from the reaction of a diamine with a diisocyanate that acts as a waterproofing material making it useful in a variety of industrial and commercial applications. The market for polyurea coatings is driven by the expansion of infrastructure, particularly in emerging economies. The exceptional durability, corrosion resistance, and waterproofing qualities of polyurea coatings make them suited for a variety of uses in infrastructure projects, including waterproofing for bridges, roads, buildings, and other structures. For instance, the U.S. suffers a loss of approximately 3.1% of the country's Gross National Product (GNP) which amounts to over $276 billion per year.  The development of low-VOC or zero-VOC polyurea coatings to meet the demands of environmentally conscious customers and industries has opened up opportunities for manufacturers in the market. Furthermore, certain types of polyurea have faster curing time making it beneficial in scenarios where minimal disruption to operations is crucial. But polyurea coatings are expensive compared to available alternatives that hinder the growth of the market. However, the advancement in technology, demand from the military and defense for robust coatings to protect equipment and infrastructure, increased infrastructure, urbanization, modernization, and increased disposable income are anticipated to burgeon the market during forecasted years.

Polyurea Coatings Market Key Developments:

• In March 2022, Bertram Capital (“Bertram) invested in Lena, IL-based TSR Concrete Coatings (“TSR” or the “Company”), a provider of residential concrete coating solutions for garages, patios, pools, and basements.
• In October 2020, Polytek® Development Corp., a manufacturer of specialty polymers for mold making, casting, and coating applications, acquired Incredible Solutions. Polytek is a portfolio company of Arsenal Capital Partners.