VOC Reduction Programs to Push Demand in Polyurea Market at US$ 989.6 Mn in 2022
Burgeoning Demand for Polyurea-based Coatings Set to Create US$ 2 Bn Market Opportunity in 2032
Fact.MR's new report on the global polyurea market provides a 10-year forecast through 2022 & beyond. The report further explicates crucial dynamics, such as emerging opportunities, challenges, and drivers shaping the global market. The report has also been segmented in terms of raw material, product type, application, and region to present the information in comprehensive manner.
NEW YORK, July 19, 2022 /PRNewswire/ -- The global polyurea market size is expected to reach US$ 2 Bn in 2032, expanding at 7.1% CAGR in the forecast period from 2022 to 2032. Strict norms implemented by regulatory bodies to reduce emissions of volatile compounds in the construction sector are encouraging companies to use polyurea linings.
As per Fact.MR, the polyurea market is likely to reach a valuation of US$ 989.6 Mn in 2022. Surging usage of various polyurea products as lining solutions, coatings, and sealants is projected to augment growth. Polyurea products help in ensuring excellent water insensitivity, pigment compatibility, and good thermal stability.
Moreover, polyurea is mainly adopted by end users as these are compliant with strict norms put forward by authorities governing the harmful effects of VOCs on the environment. Polyurea solutions also find applications in industrial bridging, as well as safety-pool coating.
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Besides, substantial investments in industries, including manufacturing, marine, automotive, and building & construction, especially in China are expected to boost the Asia Pacific market.
Several international companies based in Europe and North America are expected to shift their manufacturing facilities to China and India owing to the easy availability of cost-effective raw materials and labor.
In North America, on the other hand, rapid infrastructure enhancement in the U.S. to accelerate the number of residential structures is likely to surge the usage of polyurea in the form of coatings, as well as adhesives.
In addition, increasing emphasis on environmental protection, especially in the manufacturing and construction sectors across the U.K. is set to bolster the demand for polyurea in Europe.
Key Takeaways:
- The U.S. polyurea market is expected to be valued at US$ 608.8 Mn and exhibit growth at a CAGR of 6.9% in the forecast period.
- Based on product type, the coating segment is likely to remain at the forefront by showcasing growth at a CAGR of 7.6% in 2032.
- The coatings segment had earned a slightly higher CAGR of 7.6% during the assessment period of 2022 to 2032.
- By raw material, the aromatic category is projected to generate the largest polyurea market share and record a CAGR of 7.7% by 2032.
- The global polyurea market is anticipated to grow at a robust pace by exhibiting a CAGR of 7.1% in 2032.
Growth Drivers:
- High demand for polyurea coatings in the landscape, building & construction, industrial, and transportation end-use industries is set to drive growth.
- Excellent water insensitivity, fast curing time, pigment compatibility, and high thermal stability properties of polyurea are expected to propel its demand.
Restraints:
- Surging use of polyolefin-based lining systems, such as LDPE and HDPE in the mining and construction industries may hinder growth.
- Application of polyurea adhesive requires the usage of high-tech equipment that can be costly to buy or hire.
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Competitive Landscape:
The global polyurea market is highly fragmented with the presence of several medium- and small-sized companies. Key players in the market are focusing on developing cutting-edge products to meet the ever-increasing demand from consumers. They are also engaging in merger and acquisition activities, as well as partnerships to strengthen their position and gain a competitive edge in the global market.
For instance,
- In April 2022, Bayer, a German multinational pharmaceutical company announced that Ginkgo Bioworks is planning to acquire its internal discovery and lead optimization platform, as well as West Sacramento Biologics Research & Development (R&D) site. The agreement would help Bayer to strengthen its position in the field of biologics and develop new technologies related to synthetic biology.
- In February 2022, The Sherwin-Williams Company, a paints and coatings manufacturing company based in the U.S., signed an agreement with the city of Statesville, Iredell County, and the state of North Carolina. The company is aiming to establish a larger distribution facility and broaden its architectural paint and coatings manufacturing capacity in Statesville.
Key Companies Profiled by Fact.MR
- Huntsman Corporation
- BASF SE
- Bayer AG
- Specialty Products Inc.
- VersaFlex Inc.
- Rhino Linings Corporation
- Covestro AG
- Nukote Coating Systems
- SWD Urethane
- Sherwin-Williams Company
More Valuable Insights on Polyurea Market
In the latest study, Fact.MR offers a detailed study on global polyurea market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of polyurea through detailed segmentation as follows:
By Raw Material:
- Aromatic
- Aliphatic
By Product Type:
- Coating
- Lining
- Adhesive & Sealants
- Other Product Types
By Application:
- Construction
- Industrial
- Transportation
- Other Applications
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Polyurea Market Report
- What is the projected value of the polyurea market in 2022?
- At what rate will the global polyurea market grow until 2032?
- Which are the factors hampering the growth in the polyurea market?
- Which region is expected to lead in the global polyurea market during 2022-2032?
- Which are the factors driving the polyurea market during the forecast period?
- What is the expected market value of the polyurea market during the forecast period?
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