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- Aromatic
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.
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The market is expected to rise owing to increased application in the automotive industry. The automotive industry uses polyurea coatings for truck bed liners, underbody coatings, and other protective applications. The polyurea coatings protects the car from corrosion. According to a study conducted by the Federal Highway Administration (FHWA) in the United States, corrosion costs the U.S. economy billions of dollars annually. The study estimated that the direct cost of corrosion to the U.S. transportation sector, including cars, was around $23.4 billion per year. This cost includes expenses related to vehicle repair and maintenance, replacement of corroded parts, and decreased vehicle lifespan. As the automotive sector continues to expand, the demand for polyurea coatings as a protective solution is also likely to increase. For instance, in March 2023, Pearl Polyurethane Systems (Pearl) launched a polyurea-based spray coating system, DuraPearl Elastomer System which can be used on cars along with several other applications.
The polyurea coatings market was valued at USD 1,283.7 million in 2022 and is expected to grow at 10.2% CAGR over the forecast period 2023 – 2029.
The market for polyurea coatings is driven by the expansion of infrastructure, particularly in emerging economies.
BASF SE, Huntsman Corporation, Bayer AG, PPG Industries, Dow Chemical, Specialty Products, Inc., Versa Flex, Inc., SWD Urethane, Alberts Spray Solutions, LLC, W.R. Grace & Co., LINE-X Protective, Coatings, and Nukote Coating Systems International are a few companies operating in Polyurea Coatings market.