Spray Polyurea Elastomer (SPUA) Market Size, Share, Growth, and Industry Analysis, By Type (Universal and Waterproof), By Application (Industrial Anti – Corrosion, Building Waterproofing, Wear-Resistant Lining and Others), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Spray Polyurea Elastomer (SPUA) Market REPORT OVERVIEW

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The global spray polyurea elastomer (SPUA) market size was in USD 632.5 million 2021. As per our research, the spray polyurea elastomer (SPUA) market is expected to reach USD 789.4 million by 2028, exhibiting a CAGR of 3.2% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Spray Polyurea Elastomer (SPUA) is a type of coating and lining material that is used in various industries for its protective and aesthetic properties. It is known for its durability, flexibility, and resistance to chemicals, water, abrasion, and corrosion. SPUA is typically applied using a high-pressure spray system, which allows for fast and efficient application. The SPUA market refers to the industry associated with the production, distribution, and application of spray polyurea elastomer coatings.

SPUA is used for waterproofing, roof coatings, bridge and infrastructure protection, and other construction applications. In the oil and gas industry, SPUA coatings are applied to pipelines, storage tanks, and equipment to protect against corrosion and chemical exposure. SPUA coatings are used for truck bed liners and undercoating to provide protection against wear and tear. Various industries use SPUA for corrosion protection, containment of hazardous materials, and other industrial applications. SPUA coatings are used to protect boats, ships, and offshore structures from the harsh marine environment. SPUA is used for repairing and protecting concrete structures such as bridges and parking garages.

COVID-19 Impact: Supply Chain Disruptions to Hinder Market Growth

The pandemic disrupted global supply chains, leading to delays in the procurement of raw materials and equipment necessary for the production of SPUA coatings. This could have affected the availability and cost of SPUA products. Many construction projects were delayed or put on hold due to lockdowns, social distancing measures, and economic uncertainties. This directly impacted the demand for SPUA coatings in the construction and infrastructure sectors. Some industrial sectors, such as automotive and manufacturing, experienced reduced activity during lockdowns. This could have led to decreased demand for SPUA coatings used in these industries. On the other hand, there was an increased demand for protective coatings in healthcare facilities and laboratories. SPUA coatings with antimicrobial properties may have seen increased demand for use in hospitals and other healthcare settings.

LATEST TRENDS

"Rapid Application Technologies to Enhance Market Growth"

Environmental concerns and regulations were driving the development of more environmentally friendly SPUA coatings. This included low-VOC (volatile organic compound) formulations and coatings with reduced environmental impact. There was a trend toward customized SPUA solutions to meet specific project requirements. Companies were increasingly offering tailored SPUA coatings for different industries and applications. Advances in application equipment and technology were enabling faster and more efficient application of SPUA coatings. This was particularly important for large-scale projects. SPUA coatings were being used for the rehabilitation and protection of aging infrastructure, such as bridges and parking structures. These coatings provided durable solutions for extending the lifespan of critical infrastructure.

Spray Polyurea Elastomer (SPUA) Market SEGMENTATION

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• By Type

Based on type market is classified as universal and waterproof.

• By Application

Based on application market is classified as industrial anti – corrosion, building waterproofing, wear-resistant lining and others.

DRIVING FACTORS

"Corrosion Protection to Augment Market Growth"

SPUA coatings are known for their exceptional durability, resistance to abrasion, chemicals, and extreme weather conditions. This high-performance characteristic makes them attractive for various applications, especially in industries where long-lasting protection is essential. SPUA coatings are used extensively in industries like oil and gas, infrastructure, and marine, where protection against corrosion is critical. The ability to prevent corrosion and extend the lifespan of equipment and structures is a significant driver. SPUA coatings are versatile and can be applied to a wide range of substrates, including concrete, metal, wood, and more. Their adaptability to various surfaces and applications makes them a preferred choice in many industries. The ability to apply SPUA coatings quickly and efficiently using spray equipment is a major advantage. Rapid curing times reduce downtime and allow for faster project completion.

"Growth in Construction to Propel Market Growth"

SPUA coatings are used for truck bed liners, undercoating, and automotive parts due to their resistance to wear, impact, and chemicals. SPUA coatings find applications in construction, including waterproofing of roofs, foundations, and concrete structures. The construction industry's growth, driven by urbanization and infrastructure projects, boosts the SPUA market. Ongoing research and development efforts lead to improved formulations, additives, and application technologies, expanding the capabilities and performance of SPUA coatings. The COVID-19 pandemic has increased the demand for coatings with antimicrobial properties. SPUA coatings with such features are used in healthcare facilities and other settings where hygiene is crucial.

RESTRAINING FACTORS

"Limited Awareness and Education to Impede Market Expansion"

SPUA coatings can have a higher upfront cost compared to traditional coating options. This cost can be a barrier for some projects and industries with tight budgets. Lack of awareness and understanding of SPUA coatings among potential users, contractors, and decision-makers can hinder their adoption. Education and training are essential to promote the benefits and proper application of SPUA coatings. In some cases, alternative coating materials or methods may be more cost-effective for specific applications. Users may choose other coatings or lining materials that meet their needs at a lower cost. The application of SPUA coatings requires specialized equipment and trained personnel. The complexity of the application process can be a challenge for some contractors and businesses.

Spray Polyurea Elastomer (SPUA) Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Extensive Infrastructure"

North America, has been a prominent Spray Polyurea Elastomer (SPUA) Market Share. This is due to the extensive infrastructure, industrial activities, and oil and gas exploration in the region. SPUA coatings are widely used in corrosion protection, waterproofing, and other applications in these countries. North America have shown significant demand for SPUA coatings, driven by industrial maintenance, construction, and infrastructure projects. The stringent environmental regulations in the European Union have also encouraged the adoption of low-VOC and environmentally friendly coatings, including SPUA. The region has witnessed substantial growth in infrastructure development and industrialization. The market has experienced a surge in construction and manufacturing activities, which has led to increased demand for SPUA coatings. The region's growing economies have driven infrastructure projects where SPUA coatings find applications.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Huntsman (U.S.)
• SPI (U.S.)
• BASF (Germany)
• United Coatings (U.S.)
• Technical Urethanes (Canada)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.