Polyurea Market size to exceed $1.59 Billion by 2022: Global Market Insights, Inc.
Polyurea Market size is anticipated to reach USD 1.59 Billion by 2022, as per a new research report by Global Market Insights, Inc. Increasing scope in infrastructure applications such as concrete and steel bridges is likely to drive the demand. Growing importance of industrial coatings owing to factors such as flexibility, water proof and low maintenance costs is anticipated to drive market.
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Asia Pacific, with China and India polyurea market size dominating regional consumption, accounted for 37.4% of global total volume in 2014. Growing importance of protective coatings for automobile & industrial applications coupled with increased spending in construction sector in countries such as India, China and Indonesia is likely to drive demand.
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Europe polyurea market share is likely to grow at moderate rate of 4.4% up to 2022. Increasing preference over substitutes such as PU (polyurethane) and epoxy owing to its superior advantages over these products is likely to drive demand. Favorable norms from regulatory bodies such as the EPA for its use in concrete coatings owing to non-VOC content are likely to support growth. Lack in product standardization & differentiation may hamper overall industry profitability.
Polyurea coatings market dominated the product segment, accounting for more than 65% of the total demand in 2014 and is likely to grow at highest rates up to 2022. Properties such as high elongation & tensile strength and extreme temperature resistance are likely to increase its demand. Sealants are anticipated to witness below average gains with CAGR of 4.0% from 2015 to 2022.
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Key Insights from the Report Include:
- Global polyurea market size was estimated 171.4 Kilo tons in 2014 and may register 249.6 Kilo tons by 2022 growing with an estimated CAGR of 4.8% from 2015 to 2022.
- Aromatics such as MDI and aromatic & polyoxypropylene amines dominated the raw material segment. It accounted for 76.9% of the total polyurea market share in 2014 and are likely to witness highest gains.
- Aliphatic polyurea is likely to grow at an estimated CAGR of 5.7% up to 2022.
- Construction applications were dominant and accounted for 42.8% of the total volume in 2014. Industrial applications were the second largest and are likely to witness highest growth rates with an estimated CAGR of 5.2%. These flooring systems are ideal for use in industries such as nuclear power, food & beverages and oil & gas owing to the resistance provided from industrial chemicals & liquids.
- The global market includes multinationals and domestic manufacturers and is likely to move towards consolidation over the next few years with companies getting involved in mergers & acquisitions. Key manufacturers include BASF, Huntsman, Bayer MaterialScience, PPG Industries and Specialty Products, Inc.