Spray Polyurea Elastomer (SPUA) Market By Type (Universal, Waterproof), By Application (Industrial Anti-Corrosion, Building Waterproofing, Wear-Resistant Lining, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The global spray polyurea elastomer was valued at $669.3 million in 2023, and is projected to reach $900.3 million by 2033, growing at a CAGR of 3.1% from 2024 to 2033.
Spray polyurea elastomer is a polymer coating that exhibits high flexibility, durability, and curing properties, which make it crucial across construction, automotive, industrial, and marine industries. This elastomeric material is applied through a spray process, creating a seamless and resilient protective layer against water and corrosion, thereby enhancing the longevity of structures and equipment.
The growth of the global spray polyurea elastomer is primarily driven by the expansion of the automotive and industrial sectors. This is attributed to the fact that spray polyurea elastomers possess water resistance and adhesion properties, which make it suitable for use in automotives. However, fluctuations in prices of raw materials such as polyols and isocyanates, which are essential components used in the production of spray polyurea elastomer, hamper the growth of the global market. Contrarily, continuous R&D to develop inexpensive spray polyurea elastomer with enhanced efficiency is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. For instance, scientists in the at the University of Illinois developed a polymer with self-healing property. The polymer— made using commercially available compounds, including polyurea elastomer—melds back together after being cut in half without the use of any catalyst or other chemicals. The researchers tweaked the structure of its molecules to strengthen the bond between them, making the molecules easier to pull apart as well as to bond them back together.
The global spray polyurea elastomer (SPUA) market is segmented into type, application, by end-use industry, and region. Depending on type, the market is bifurcated into universal and waterproof. By application, it is classified into industrial anti-corrosion, building waterproofing, wear-resistant lining, and others. On the basis of end-use industry, it is fragmented into automotive, marine, construction, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsBy type, the waterproof concrete segment held the highest market share in 2023 and is anticipated to maintain its leadership status throughout the forecast period.
Depending on application, the building waterproofing segment was the major shareholder in 2023 and is expected to continue the same trend in the coming years.
On the basis of end-use industry, the construction segment dominated the market in 2023, in terms of share, and is expected to maintain its leadership status throughout the forecast period.
Region wise, Asia-Pacific registered the fastest growth rate in 2023.
Competition AnalysisThe competitive analysis and profiles of the major players in the global spray polyurea elastomer include Johnson Fine Chemical Co., Taiwan PU Corporation, Pearl Polyurethane Systems LLC, Shundi new material (Shanghai) Co., Ltd, Specialty products (SPI), Nukote Coating Systems, PPG Industries, Inc., Futura Europe, SWD POLYURETHANE (SHANGHAI) CO., LTD., and Perflex Group These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeUniversal
Waterproof
By ApplicationIndustrial Anti-Corrosion
Building Waterproofing
Wear-Resistant Lining
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Rest of LAMEA
Key Market Players
Johnson Fine Chemical Co.
Taiwan PU Corporation
Pearl Polyurethane Systems LLC
Shundi new material (Shanghai) Co., Ltd
Specialty products (SPI)
Nukote Coating Systems
PPG Industries, Inc.
Futura Europe
SWD POLYURETHANE (SHANGHAI) CO., LTD
Perflex Group