Polyurea Market
Polyurea Market Analysis By Raw Material (Aromatic & Aliphatic Polyurea) By Product Type (Polyurea Coating, Lining, Adhesive & Sealants & Other Products) By Applications and By Region – Global Market Insights 2022 to 2032
Analysis of Polyurea market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global Polyurea Market Overview 2022 to 2032
Newly-released Polyurea Market analysis report by Fact.MR shows that global sales of Polyurea Market in 2021 was held at US$ 928.5 Million. With 7.1%, the projected market growth during 2022 - 2032 is expected to reach US$ 2 Billion market value.
Coating is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 7.6% during 2022 – 2032.
Attributes |
Details |
---|---|
Polyurea Market CAGR (2022-2032) |
7.1% |
Polyurea Market Size (2022) |
US$ 989.6 Mn |
Polyurea Market Size (2032) |
US$ 2 Bn |
Forecast Period |
2022-2032 |
Historical Data Available for |
2017-2021 |
Market Analysis |
US$ Bn for Value |
Key Companies Profiled |
|
Revenue of Polyurea Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
As per the Polyurea Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Polyurea Market increased at around 7.1% CAGR.
The demand for polyurea in the transportation and construction industries is driving market growth. It also has a short drying period, which makes the whole procedure faster. Furthermore, the increasing importance of impermeable membranes in civil and residential construction is expected to raise polyurea demand.
Polyurea demand in the transportation segment is expected to rise as polyurea coatings have the capability to block rust and build crack resistance. As the trend for using eco-friendly techniques for production is gaining importance, the demand for polyurea is also increasing to lower carbon gas emissions. Due to this reason, polyurea has a competitive edge over many other chemicals, like Volatile Organic Compounds (VOCs), which are used in construction and industrial purposes.
The government across several countries have been coming up to support the use of polyurea. For example, the European Government encourages the use of polyurea and supports the development of polyurea technology. They are also supporting the companies that are involved in polyurea technology. Polyurea is regarded as a high-performance technology that stops degradation.
There are several limitations and particular concerns with polyurea coatings which might hamper the revenue and demand during the forecasted period. Setting the coating without enough wetting-out time might result in poor adherence to the substrate since the coating is extremely reactive and quick-curing.
Before the coating sets, the formulators must ensure that the surface is completely wetted out. UV light can cause color changes and chalk in aromatic polyurea coatings. UV radiation has a detrimental impact on appearances. Therefore, an aliphatic polyurea must be employed in applications that need aesthetic appeal.
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What Factors are Propelling Polyurea Demand?
Subject to their numerous applications, the demand for polyurea is propelling at a moderate pace. The automotive segment has used polyurea for almost 3 decades and it will continue to gain importance in the future.
Due to the rise in agricultural activities, especially in developing regions, the demand for polyurea will increase owing of its application in pipelines, pumps, and irrigation.
Polyurea is also expected to gain importance in the defense sector. Owing to its proven impact resistance, capacity to absorb explosive energy, durability, and quick setting capabilities, polyurea coatings and linings are frequently employed in the military and security industries.
However, in the forecast period of 2022 to 2032, the high cost of polyurea compared to other alternative coatings and toxic raw materials are likely to act as key restraints for its growth, whereas the presence of low-cost coating substitutes and existing coating technologies may pose a threat to the polyurea market's growth.
Which Application is projected to Offer the Largest Opportunity for Polyurea Market?
By 2032, the polyuria market for industrial applications is expected to grow at a rapid pace. Polyurea solutions are commonly used in industrial applications such as safety pool coating and industrial bridging. During the forecast period, this aspect is expected to promote market expansion. Polyurea coating and sealing solutions have shown to be cost-effective substitutes for incompatible materials such as lead.
Polyurea offers distinct properties such as strong tensile strength and elongation, making it ideal for crack sealing applications. It also has a short setting and drying time, making it ideal for line striping and pavement marking, thus fuelling its demand.
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Which Region is projected to Offer the Largest Opportunity for Polyurea Market?
In 2021, North America held the largest share in the global Polyurea Market. The presence of a strong automobile manufacturing base in growing economies such as the United States and Mexico, as well as the fast development of infrastructure in the United States are some of the reasons behind the market growth.
Government support for the Polyurea sector's development, increased concentration on the usage of green chemicals, and stringent regulations regarding pollution are further propelling the market growth in North America.
Country-wise Analysis
Which Country Lies at the CenterStage for Polyurea Market Revenue?
The market in United States is expected to account for the highest revenue of US$ 608.8 Mn by the end of 2032 with an expected CAGR of 6.9%. This is due to readily available raw materials in the region. Furthermore, the region's total industrial development will be boosted by an increase in non-residential building activity.
Category-wise Insights
Why Coating segment is projected to Witness the Fastest Growth among Polyurea Product Type?
Coating segment is forecasted to grow at the highest CAGR of over 7.6% during 2022-2032, which is slightly lower than the previous 5 year's CAGR of 7.9%. Polyurea coatings are commonly utilized in the construction sector. Bridge-building, commercial architecture, floor and roof coatings, caulks, joint fill, parking decks, concrete restoration, and structural bonding are among its key applications.
Polyurea coatings aid in meeting the performance needs of various building projects. Crack-bridging, boosting tensile and compressive strength, waterproofing, offering corrosion, chemical, and water resistance, and enhancing other mechanical qualities of a structure are all possible with these coatings. Factors like urbanization and population increase boost the building industry worldwide. The construction industry's growth is mostly attributed to increase per capita income in emerging economies and lower unemployment rates in developed ones. This is consequently propelling the demand for polyurea.
Which Raw Material of Polyurea is expected to Score Highest Growth in the Coming Years?
Market Revenue through aromatic raw materials commanded the largest revenue as well as a CAGR of nearly 7.7%, during the forecast period. Aromatic polyurea is becoming more widely used in paint and coatings applications, owing to its quick cure time and lack of moisture sensitivity. It is also cost-effective, abrasion-resistant, and has superior adhesive properties for concrete and metal structures, which is increasing polyurea market sales in building and construction.
Aromatic polyurea has excellent physical properties, as well as abrasion and corrosion resistance, for coating applications in boat hulls, docks, wall and floor coatings, machinery, containment, and other industries. The expansion of key end-use sectors, such as transportation, building & construction, marine, and industrial, is critical to the aromatic polyurea market.
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What is the impact of Covid-19 on the Polyurea Market?
The government imposed travel bans and shutdowns resulted in the global value chain disruptions. This also harmed the supply of raw ingredients used to make polyurea. This virus had resulted in a global shutdown of construction, industry, and transportation, potentially reducing polyurea application.
Competitive Analysis
Players in the market are constantly developing improved solutions as well as extending their product offerings. To help polyurea providers implement cost-effective solutions and preserve competitive advantage in the market, the companies are focused on their alliances, and technology collaborations.
Some of the recent developments of key Polyurea providers are as follows:
- In April 2022, Bayer announced that Ginkgo Bioworks has agreed to buy Bayer's West Sacramento Biologics Research & Development site as well as its internal discovery and lead optimization platform. Ginkgo Bioworks will collaborate with Bayer on developing biological solutions in fields such as nitrogen optimization, carbon sequestration, and next-generation crop protection over a multi-year period.
- In February 2022, the Sherwin-Williams Company declared that it has fixed an agreement with North Carolina, Iredell County, and The City of Statesville to enhance its coatings production and architectural paint. Over the next three years, Sherwin-Williams aims to invest at least US$300 Mn in the redevelopment and add more than 180 full-time positions to the facility, effectively doubling the current workforce.
- In August 2020, Resdev Limited announced a partnership with VersaFlex. Resdev's parking deck, specialty flooring, and concrete repair solutions will be combined with VersaFlex's specialized coatings, linings, and technical foams portfolio as a result of this decision. Their collaboration will first focus on bringing VersaFlex's wide network of clients in North and South America to the Pumadur portfolio of polyurethane cement-based flooring products.
Similarly, recent developments related to companies’ Polyurea services have been tracked by the team at Fact.MR, which are available in the full report.
Market Segments Covered in Polyurea Market Analysis
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By Raw Material :
- Aromatic
- Aliphatic
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By Product Type :
- Coating
- Lining
- Adhesive & Sealants
- Other Product Types
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By Application :
- Construction
- Industrial
- Transportation
- Other Applications
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By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
- FAQs -
How much is the current worth of the Polyurea Market?
The global Polyurea Market is worth more than US$ 928.5 Mn at present.
What is the sales forecast for Polyurea Market?
The value of the Polyurea Market is projected to increase at a CAGR of around 7.1% during 2022 – 2032.
What was the last 5 year’s market CAGR?
The value of the Polyurea Market increased at a CAGR of around 6.5% during 2017 – 2021.
What is a key trend shaping the growth of the Polyurea Market?
Growing demand for polyuria from heavy defense-related expenditures is expected to shape the growth of the polyurea market.
At what percentage is sales of Polyurea Market going to register growth in China?
The market for Polyurea Market in China is projected to expand at a CAGR of around 9.4% during 2022 – 2032.
What do statistics for South Korea and Japan reveal?
While the market in South Korea is expected to grow at nearly 6.6%, the market in Japan is projected to register a CAGR of nearly 7.1% during 2022 - 2032.