The Global Polyurea Market is expected to register growth at a CAGR of 4.96% from 2020-2026
Published | April 2020
The Global Polyurea Market has reached USD 0.815 Billion in 2019 and estimated to reach USD 1.15 Billion by 2026 with a significant CAGR of 4.96% during the forcast period 2020-2026. Growing importance of spray-based elastomeric coatings in automotive and construction industries for providing fast cure time is anticipated to remain a favorable factor for growth.
Increasing importance of waterproofing membrane in civil construction and residential structures is estimated to increase the use of sealing materials and thus likely to fuel market demand. Compared with other coatings such as paint, epoxy, vinyl esters and fiberglass, demand for polyurea is steadily rising. In the construction industry one of the factors driving the market for polyurea in the construction industry is the need for lightweight structures. The elastomeric polyurea function can help avoid chipping, abrasion, impacts of the moisture and gouging. In addition, its non-inflammatory property and lack of harmful air pollutants has powered the growth in polyurea coatings use. Polyurea coatings also have high waterproofing applications across multiple industries.
Increasing environmental concerns towards the risks related with VOC content coatings, and shifting trend towards the implementation of advanced as well as eco-friendly coating technologies are expected to drive the demand for polyuria market. The demand for safe transportation is rising due to the enhanced transportation facilities and growing international trade. Polyurea linings are extremely preferred in the transportation sector as they provide resistance to industrial chemicals and other liquids. Waterline polyurea linings are used to guard aluminum & steel bodies for water sports and marine applications. This drives the demand for the polyuria market.
Expanding utilization of defensive coating projected to contribute in the growth of polyurea market
Expanding use of defensive coatings in car and development applications owing to their rust anticipation and high durability depends upon to advance the use of the polymer. Polyurea is included in cement and sealant plans due to its phenomenal bond to clean substrates, for example, bitumen, solid, wood, and impacted steel. Expanding utilization of glues and sealants as holding specialists in the car and development enterprises is needed to assume an important job in advancing industry development sooner rather than later.
The construction application category is expected to grow at highest rate in the global Polyurea market.
It is projected that the construction application category will grow at highest rate. It is expected that changing preference from breakdown maintenance to condition-based monitoring in the manufacturing sector would encourage the application of protective coatings and thus, in effect, boost demand for the polymer in the coming years. The Construction segment is expected to grow at a higher rate in the coming years. Growing demand in the construction industry for waterproofing coatings is anticipated to help segment development. Rising investments in the construction industry are projected to drive the segment's growth in developing countries. Growing demand for polyurea in manhole and tunnel construction, tank liners and the subway due to its properties such as high reactivity and insensitivity to moisture is anticipated to help segment growth. All these factors accounts for the growth of this segment during the forecast period.
North America is expected to witness rapid growth in the Global Polyurea market
North America represented the largest share of the global Polyurea Infrastructure market and is projected to witness rapid growth over the forecast period. Increasing marine and subway activities in countries such as US and Canada are expected to boost the growth of the target market. Additionally, increasing shale gas exploration activities in the region is projected to generate opportunities for the manufacturers in the region, which in turn assist the growth of the polyurea market. The region is witnessing a rising demand for polyurea adhesives and coatings from the transportation, building, and construction segments which will further boost the demand and adoption of polyurea in the region during the forecast period.
Global Polyurea Market: Competitive Landscape
The major market players in the Polyurea Infrastructure market are BASF, W.R. Grace, SWD Polyurethane, Nukote Coating Systems International, LINE-X Protective Coatings, PPG Industries, Specialty Products Inc., VersaFlex Inc., Covestro, Huntsman, PPG Industries, The Sherwin-Williams, Advanced Polymer Solutions, APV Engineered Coatings, Convertec, Dinsmore Welding and Fabrication, Geoliz Waterproofers, Hutchinson Manufacturing, SWD Urethane, and other prominent players. These vendors have adopted various startegies to expand their offerings in the market.