Polyurea Market Size By Product (Lining, Coating, Sealants), By Raw Material (Aliphatic, Aromatic), By Application (Industrial, Construction, Transportation), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2015 – 2022
Published Date: March 2016 | 110 Pages | Report ID: GMI163 Report Format: PDF
Polyurea Market was valued at over USD 950 million in 2014 and is expected to witness growth by more than 6% CAGR up to 2022.
Europe Polyurea Market size, by application, 2014 & 2022 (USD Million)
Mushrooming construction industry owing to infrastructural developments and real estate investments across the globe, particularly in Asia Pacific, is likely to drive the polyurea market size in the forecast timeframe. These coatings are increasingly used to provide a protective coating on roofs, external walls, floors, bridge decks, etc. due to their property of outlasting paints and preventing corrosion. They make strong bonds with concrete and provide good resistance against cracking as well as chemicals, oils, and moisture. With urban population crossing 730 million, the sale of commercial and residential buildings in China crossed USD 2 trillion in 2013. By 2025, China is estimated to have 221 cities with population above 1 million and up to 15 cities with more than 25 million inhabitants. Japan and India followed China with construction revenue over USD 700 billion and USD 400 billion respectively. This trend coupled with the GDP growth of all emerging nations of Asia Pacific will catalyze the polyurea market in the upcoming years.
Among other driving factors, rapid industrialization throughout the world is expected to have a beneficial influence on the polyurea market. Growing demand for linings to provide waterproofing and corrosion resistance in metallic pipelines, chemical tanks, fuel containments, etc. will boost consumption. Increased usage in landscape designing, architectural designs, water parks, etc. will also have a positive impact on the global polyurea market.
Superior features compared to other coatings such as epoxy in terms of impact strength, flexibility, curing time, durability, temperature variation, UV protection, chemical and abrasion resistance, along with ease of application are also anticipated to bolster the global polyurea market in the next few years. These coatings enhance the aesthetic features by providing high glossy finishing and resistance to staining, and are gradually being recognized as a suitable substitute for epoxy resins. These coatings enhance the product life, and their compliance to volatile organic compound (VOC) regulations is also expected to boost the global polyurea market demand in the forecast timeframe.
Lack of standardization, coupled with less product variance and marketing are expected to have negative effects on polyurea industry. According to the Polyurea Development Association (PDA), effective regulations against selling poor hybrids will resolve this problem and will support the global polyurea market.
Polyurea is available in three product variants which includes sealants, coatings, and linings. Global polyurea coatings market size was more than USD 600 million in 2014 and is expected to flourish at a CAGR beyond 6.5% up to 2022. It is increasingly gaining advantage over epoxy coatings, paints, fiberglass, and vinyl esters because of its superior performance qualities. It is used in construction for waterproofing of roofs, floors, parking decks, and walls and also for water containment in swimming pools, playgrounds, etc.
Linings accounted for over a fifth of the global polyurea market share, registering more than USD 220 million in 2014. These linings are used for providing resistance to chemicals, corrosion and abrasion in pipelines, tanks, containments, etc. and extend their shelf life.
Raw Material Trends
Major raw materials analyzed in the polyurea market report include aromatic and aliphatic hydrocarbons. Aromatic variants have better mechanical and physical properties, but they are not effective against UV rays. Aliphatic alternatives, on the other hand, are extremely reactive, making it difficult to produce robust and durable coating systems. Often, some aromatic polyurea are coated with layer of aliphatic urea to give the desired UV stability along with other features. Aromatic hydrocarbon based compounds account for close to 75% of the global polyurea market and registered more than USD 700 million in 2014, projected to grow at CAGR over 6.5% in the forecast period.
Aliphatic hydrocarbon based compounds are difficult to process, making them more expensive in the retail market. They contain light stable monomers such as isophorone diisocyanate (IPDI) to provide inertness against UV light making them durable for external applications.
Global polyurea market has been segmented according to application in construction, industrial purposes, transportation of fluids and other materials, along with other applications. Construction applications led the global polyurea industry accounting for more than 40% of the overall demand. Major use cases include multi-purpose joint filling, caulking, and as a sealant material as it provides a flexible, long-lasting, corrosion resistant, and weather-tight seal for various building joints including control and expansion joints in masonry floor, doors and window panels, perimeter joints, water tanks, etc. It is also used to fill cracks due to high tensile strength and elongation properties. Industrial applications generated close to USD 300 million in 2014.
Asia Pacific had the maximum polyurea market share with more than 35% of the total size, recording a revenue over USD 350 million in 2014. The region is also expected to witness the fastest growth over the forecast timespan at close to 7.0% CAGR. This growth is on the account of increasing awareness about protective coatings in automotive and industrial applications in China and India. Rising construction industry in East and South East Asia will also have a positive effect on the global polyurea market share.
North America, led by the U.S. polyurea market, accounted for over a fifth of the global revenue, registering more than USD 200 million in 2014. U.S. construction industry witnessed a notable growth after the economic slowdown and is expected to drive the industry in the upcoming years. The ongoing shale gas exploration has also provided an opportune moment for the market to flourish, owing to the application in railcar lining, pipeline construction, etc.
Competitive Market Share
A considerable number of domestic and multinational players have participated in the polyurea market and are proceeding towards consolidation through strategic M&A activities. Some of the polyurea industry participants include Huntsman Corp, Bayer (Covestro), Specialty Products Inc., PPG Industries, and BASF SE.
Polyurea is an elastomer manufactured from the reaction of aromatic or aliphatic isocyanates and a synthetic resin. They provide excellent elongation properties along with high tensile strength and resistance to tear. Polyurea market products find applications in various sectors including construction and industrial purposes because of its flexibility and high impact resistance. Polyurea coatings are inherently superior to epoxy coatings and are gradually being used as its substitute in commercial as well as residential buildings and infrastructure.
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