Polyurea Market size worth over $1.95 billion by 2026
Published Date: August 4, 2020 Authors: Kunal Ahuja, Sonal Singh
According to a new research report by Global Market Insights, Inc., the Polyurea Market size is set to surpass USD 1.95 Billion by 2026. The increasing spending on infrastructural and architectural development in emerging economies of Europe and Asia Pacific is estimated to propel the market growth.
Expanding building & construction and industrial sector owing to growing commercialization and urbanization will drive the polyurea market share. Additionally, rising product demand across construction sector owing to its water-resistant properties will increase product penetration among end-use industries.
Increasing protective coating application in industrial sector is projected to propel product market. It has wide array of protective coating properties including corrosion & abrasion resistance and water & chemical. Additionally, the products can also be utilized for structural and decoration enhancement. The product-based coatings are majorly applied through spray technology which provides ease in applications and quick setting & curing time which will foster the polyurea market growth.
Growing polyurea application scope in wastewater treatment industry will foster product market size
Water & wastewater treatment industry serves as a major end-user for this market. It has low VOC emission, which serves as a beneficial factor for environment and complies with regulations guidelines, thereby driving polyurea market growth. This product can be used with substrates including metals, concrete and wood in extreme temperatures and humidity conditions which also enhances it application in corrosion control.
Waterproofing, lining & immersion also serves as major product application due to high chemical resistance, high build thickness property, and rapidly curing properties. Polyurea lining systems are used as alternative to epoxy, fiberglass and polyurethane, thus driving the polyurea market sales in forecasted timeframe.
Increasing product demand from industrial sector has resulted in independent system houses growth for supplying materials, thereby leading to price downfall and intense competition. Low product differentiation along with lack of consumer awareness have resulted in hybrid and pure polyurea to be marketed under the same brand name, which has resulted in commoditization.
“Transportation application segment is set to grow over 3.5% by 2026 owing to rising government investments on transportation infrastructure development.”
Browse key industry insights spread across 200 pages with 213 market data tables and 19 figures & charts from the report, “Polyurea Market By Product (Lining, Coating, Sealants), By Raw Material (Aliphatic, Aromatic), By Application (Industrial, Construction, Transportation), Region Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026 ” in detail along with the table of contents:
Increasing polyurea application scope in enhancement of transport infrastructure to spur market growth
Polyurea market from transportation application segment is anticipated to exceed USD 360 million by the end of the forecast time period. Polyurea coatings, due to their corrosion-resistant features and ability to increase paint longevity are applied on concrete bridges and steel. They are also used in structure coating and bridge deck.
Polyurea, for coating and lining is used in buses, boats, fire & ambulance vehicles, freighters, first response containers, ships, helicopters, law enforcement vehicles, transport trucks and trains due to blast resistant, corrosion control, non-skid and ballistic mitigation characteristics.
As per industry forecasts, Asia Pacific is likely to record gains at over 4.5% through 2026 pertaining to rising demand for high-performance polyurea coatings and elastomers in end-use industries” Additionally, polyurea market in APAC has witnessed an increase in demand due to rise in residential and non-residential construction and infrastructure developments owing to rapid urbanization and population growth.
Increasing research and development activities enhance polyurea sales globally
Industry players are continuously investing in research and development activities in order to enhance its product portfolio and sustain in the competitive market. For instance, In June 2014, Bayer Pearl, polyurethane systems house started new headquarters in Dubai Investments Park, which will serve as state-of-the-art manufacture facilities featuring research, development and application test centers along with demonstration center for the use of high-quality materials.
The major players in the polyurea industry includes BASF, Bayer AG, Huntsman Corporation and Specialty Products Inc. Market leaders in the market are focusing on offering environmentally sustainable and highly resistance product.
In March 2014, Bayer Material Science announced its new adhesives, coatings and specialties laboratory at DuBiotech premises in Dubai, UAE to offer native modified technical provision to industry in the Middle East & Africa These expansions from industry players signifies, focus on R&D activities, which will favor industry growth by 2026.