Polyurea Coatings MarketSize and Trends

The global polyurea coatings market is expected to witness rapid growth in the forecast period. Rapid urbanization and industrialization are some of the key factors driving the demand for polyurea coatings. Furthermore, significant growth in end-use industries and specific properties such as resistance to chemical, abrasion, weathering, and high durability are further expected to augment the growth of global polyurea coatings market. However, high cost of polyurea coatings and requirement of expensive equipment for its application are the major restraints of the global polyurea coatings market.

Polyurea Coatings Market Outlook

North America dominates the global polyurea coatings market. Rising environmental concerns, especially around Canada and Mexico is expected to propel the demand of polyurea in the region. Moreover, presence of valuable minerals such as silver, gold in extraction sites near Mexico is expected to promote the need polyurea coating in the region. In addition, growth in the North America automobile industry is a major factor driving the global polyurea coatings market in the region. The New Building Canada Fund has committed US$10 billion over a 10 year period i.e. 2014-24, to build public infrastructure in Canada. Out of which US$ 9 billion is for National and regional projects and US$ 1 billion is small population fund.
Asia Pacific is expected to exhibit highest growth in the forecast period. Rise in construction activities in the emerging economies such as China, India, and Indonesia is a major driver for the polyurea coatings market. Moreover, availability of cheap raw materials and labor in the region is another factor contributing to polyurea coatings market growth. Furthermore, economic growth in these countries has fueled the demand in the automotive industry, thereby increasing the need for polyurea coatings.
The Europe market for polyurea coatings is expected to experience a moderate growth in the forecast period. This is as a result of the projected growth in automobile industry present in this region. The Middle East and Africa regions are expected to witness steady growth during the forecast years. The large construction projects, which are underway in Qatar, Saudi Arabia, Kuwait, and Oman are projected to propel the demand for polyurea coatings in the Middle East.