Polyurea Market is Expected To Reach USD 936.7 Million by 2022|Key Industry Participants Versaflex, Specialty Products, Inc.
The global polyurea market size is expected to reach USD 1.1 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.9% over the forecast period. Increasing importance of spray-based elastomeric coatings in the automotive and construction industries on account of providing fast cure time is expected to remain a favorable factor for the growth. In addition, rising importance of waterproofing membrane in civil construction and residential structures is expected to augment the use of sealing materials and thus likely to fuel demand.
Expansion of the automotive industry in China, India, and Mexico due to new product launches, along with easy access of raw materials, is expected to fuel the demand for polyurea coatings. These coatings exhibit good rust prevention and excellent build-crack resistance. Surging demand for eco-friendly coatings in the automotive industry on account of rising concerns over greenhouse gas emissions is fueling the growth. Demand for the polymer in transportation applications is anticipated to reach 32.4 kilo tons by 2025.
Rising expenditure on usage of lining systems for environment protection on account of stringent regulations aimed at mitigating the pollution problems is expected to fuel product demand. However, increased usage of polyolefin-based lining systems, including HDPE and LDPE, in the construction and mining sectors on a global level is expected to remain a credible threat over the next few years.
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Further key findings from the study suggest:
- The market volume was pegged at 133.2 kilo tons in 2018 and is expected to reach over 180.7 kilo tons by 2025. Enhanced material characteristics and increasing awareness pertaining to its application are expected to drive the polyurea market over the forecast period
- Aliphatic compounds are capable of providing light stability, along with exceptional UV protection. Manufacturers use aliphatic compounds such as isophorone diisocyanate (IPDI) and hexamethylene diisocyanate (HDI) for the production of finished products used as coatings, sealants, and lining materials. The global aliphatic demand is expected to exceed 50 kilo tons by 2025
- Demand for adhesives and sealants was 12.9 kilo tons in 2018. Surging application of adhesive as a substitute to metal fastener in automobiles for reducing the overall car weight and improving fuel efficiency is expected to play a crucial role in accelerating market growth
- The coatings segment in U.S. is expected to expand at a CAGR of 4.8% from 2019 to 2025 in terms of revenue. Gains in the automotive industry of U.S. on account of increasing domestic consumption of four-wheelers, particularly SUVs, are expected to promote the application of coatings and thus likely to augment growth
- The market in Asia Pacific was valued at USD 198.3 million in 2018. Expansion of the construction industry in China and India on account of rising government spending on infrastructure improvement as a part of 12thFive Year Plan is expected to fuel demand
- Major market players include BASF; Bayer; Huntsman; Versaflex; Specialty Products, Inc.; Nukote; and SWD Urethane. The market is characterized by new product development and establishment of strategic partnerships with buyers.
Grand View Research has segmented the global polyurea market on the basis of raw material, product, application, and region:
Polyurea Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Polyurea Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Adhesives & Sealants
Polyurea Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Polyurea Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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