A latest report by transparency market research predicts that the global polyurea coatings market is expected to witness a substantial growth during the forecast period of 2018 to 2026. Growing popularity of polyurea coating in industries such as stell manufacturing and automobiles is one of the most compelling reason that is driving the growth of the market. While focus on bettering quality is expected to create growth prospects, the global polyuria coatings market will continue to rely on the sustained demand from the construction industry.
- The Market to Showcase 10.3% CAGR During the Forecast
- The report states that the market is expected to exhibit 10.3% CAGR during the forecast. This growth of the market is the result of various opportunities that the market poses to the players.
- During this forecast, the market is expected to generate a staggering US$ 1,826.5 mn. As a result, companies need to take cues from the humongous growth potential, and laydown strategies that aim to reap most of the revenues.The historical analysis of the global polyurea coatings market shows that the market stood at US$ 683.0 mn during the end of 2017.
These insights necessary advantages to the players in order to make better decisions. Moreover, the insights provides a clear picture of the dynamics of global polyurea coatings market for the businesses across the globe.
- High Cost of Polyurea Spray to Hamper the Growth of the Market
- It is a fact that production of polyurea spray is expensive to manufacture. This high cost is expected to hamper the growth of global polyurea coatings market during the forecast period.
- Also, the cost involved in the application of polyurea spray is also quite high, this is another factor that may act as another factor that can restrict the growth of global polyurea coatings market.
- Furthermore, cost of spraying equipment is yet another factor that may restraint the growth of global polyurea coating market in the forecast.
- Expanding End-Users Industry to Propel the Growth of the Market
Polyurea coatings are highly efficient in order to protect structures from corrosion. Rising application of these coatings in building and construction is expected to influence the growth of global polyurea coatings market in the forecast period of 2018 to 2026. Moreover, growth of end-user industries is also one of the most crucial factors expected to propel the growth of global polyurea coatings market during the forecast period.
Benefits such as zero volatile organic compounds (VOC) emissions and recyclability are some other factors that are expected to elevate the growth of global polyurea coatings market in the forecast period. Moreover, the demand for various eco-friendly coNoatings in various regions around the globe is also propelling the growth of global polyurea coatings market in 2018 to 2026.
- North America to Dominate the Other Regions of the Market
North America is expected to show maximum potential for the players of global polyurea coatings market during the forecast period. The dominance of the region is majorly attributed to the growth of various building and construction businesses in countries such as U.S. and Canada.
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Moreover, the growth of the region is also the result of growth of oil and gas sector. Furthermore, the application of polyurea coatings in ship building and power generation in various countries is also anticipated to influence the growth of global polyurea coatings market during the forecast of 2018 to 2026.