The global polyurea coatings market revenue stood at $995.2 million in 2021, and the market size will advance at a CAGR of 11.0% during the forecast period, to reach $2,553.5 million by 2030. This can be ascribed to the high growth rate in building and construction activities around the globe and the benefits of polyurea coatings over other similar coating materials, such as no VOC emission, fast curing, chemical resistance, better thermal stability, and waterproofing. These benefits make them the most-effective available coatings for the protection of components in the industrial, residential, marine, automotive, military, and many other fields.
Other reasons contributing to the growing consumption of polyurea coatings are the rising awareness about the environment and the tightening of the government regulations on VOCs. These factors have forced manufacturers to produce green coatings or eco-friendly coatings, as VOC emission has a detrimental effect on health and the environment.
North America is the leading polyurea coatings market, with a share of 35.7% in 2021. Spray coatings are widely used, which has supported the expansion of the polyurea spray coatings market. Because of the strict VOC emission standards, polyurea has replaced epoxy and polyurethane as the base of coatings.
The advance of the building and construction sector in North America is propelling the market forward. Polyurea's capacity to reinforce building materials and structures, combined with its strong resistance to corrosion and abrasion, has significantly expanded its use as a base for the protective coating used in the construction sector.
The automobile business in the region is fiercely competitive too, with major global giants. Similarly, the polyurea coatings sector in North America is highly fragmented and competitive, with multiple major organizations, such as PPG, Nukote Coatings, Versaflex, and BASF.
In the continent, the U.S. is the more-important market for polyurea coatings. During the forecast period, the construction and military industries will be the primary drivers of growth in the market. In terms of nominal GDP, the U.S. is the world's largest country. It also had the world's largest military budget, of around $801 billion, in 2021. Moreover, in 2020, the U.S spent 3.7% of its GDP on the military. Polyurea coatings have been widely employed to protect military vehicles against the heavy impact of explosions. The U.S. government spends billions of dollars to repair and maintain military vehicle vehicles.
Canada has also become a focal point for market players in North America, with tremendous growth in many spheres during the last five years. The use of polyurea coatings in the oil and gas industry has expanded, as worries about VOC emissions, discretionary income, desire for durable and non-corrosive coatings for home use, and infrastructure development activities have all increased.
Players in the market have been involved in mergers and acquisitions to remain competitive. For instance,
Some of the major players operating and investing in the global polyurea coatings market are PPG Industries Inc., The Sherwin-Williams Company, Nukote Coating Systems, Armorthane Inc., Wasser Corporation, Rhino Linings Corporation, Kukdo Chemical Co. Ltd., Pidilite Industries Ltd., and Teknos Group.