Polyurea Market Analysis By Raw Material (Aromatic & Aliphatic Polyurea) By Product Type (Polyurea Coating, Lining, Adhesive & Sealants & Other Products) By Applications and By Region – FactMR
Recently published by Fact.MR, an analysis of the Polyurea Market indicates that in 2021, global sales reached US$ 928.5 million, with a projected market growth of 7.1% from 2022 to 2032, culminating in a market value of US$ 2 billion.The coating segment is anticipated to be the primary revenue driver, with a forecasted compound annual growth rate (CAGR) of over 7.6% from 2022 to 2032.
Here are the essential details:
- Polyurea Market CAGR (2022-2032): 7.1%
- Polyurea Market Size (2022): US$ 989.6 million
- Polyurea Market Size (2032): US$ 2 billion
- Forecast Period: 2022-2032
- Historical Data Availability: 2017-2021
- Market Analysis: US$ Billion for Value
The demand for polyurea is primarily being driven by its application in the transportation and construction sectors, owing to its rapid drying time and impermeable membrane properties essential for civil and residential construction. Polyurea’s ability to inhibit rust and withstand cracks further boosts its demand in transportation applications.
Government support, particularly in Europe, and increasing emphasis on eco-friendly production methods contribute to the market’s growth. However, challenges such as poor substrate adherence due to rapid curing and UV sensitivity in aromatic polyurea coatings need to be addressed.
The demand for polyurea is expected to rise in agriculture and defense sectors due to its applications in pipelines, pumps, irrigation, and military coatings. However, factors like high costs compared to alternatives and toxicity of raw materials might restrain market growth.
Key Companies Profiled:
1. Huntsman Corporation
2. BASF SE
3. Bayer AG
4. Specialty Products Inc.
5. VersaFlex Inc.
6. Rhino Linings Corporation
7. Covestro AG
8. Nukote Coating Systems
9. SWD Urethane
10. Sherwin-Williams Company
Key Insights:
1. Largest Opportunity for Polyurea Market:Industrial applications are projected to witness rapid growth by 2032, driven by their use in safety pool coatings, industrial bridging, crack sealing, and pavement marking.
2. Regional Opportunities:North America, particularly the United States, dominates the market due to its strong automobile manufacturing base and infrastructure development. The United States is expected to generate the highest revenue of US$ 608.8 million by 2032, with a CAGR of 6.9%.
3. Fastest Growing Segment:The coating segment is anticipated to grow the fastest, supported by its diverse applications in construction, bridge-building, floor and roof coatings, and structural bonding.
4. Raw Material Growth:Aromatic raw materials are expected to command the highest growth, driven by their quick cure time, cost-effectiveness, and superior properties in applications such as coatings for boat hulls, docks, and industrial machinery.
5. Impact of COVID-19:The pandemic disrupted global supply chains and reduced polyurea applications in construction, industry, and transportation.
6. Competitive Landscape:Market players are focused on innovation and alliances to enhance their product offerings. Recent developments include collaborations between Bayer and Ginkgo Bioworks, Sherwin-Williams’ investment in coatings production, and Resdev Limited’s partnership with VersaFlex.
Recent developments among key polyurea providers include:
· In April 2022, Bayer announced an agreement with Ginkgo Bioworks for the acquisition of Bayer’s West Sacramento Biologics Research & Development site and its internal discovery and lead optimization platform. This collaboration aims to develop biological solutions in areas such as nitrogen optimization, carbon sequestration, and next-generation crop protection over a multi-year period.
· In February 2022, The Sherwin-Williams Company signed an agreement with North Carolina, Iredell County, and The City of Statesville to enhance its coatings production and architectural paint. Over the next three years, Sherwin-Williams plans to invest at least US$300 million in the redevelopment and expand its workforce by adding more than 180 full-time positions to the facility, effectively doubling the current workforce.
· In August 2020, Resdev Limited formed a partnership with VersaFlex, integrating Resdev’s parking deck, specialty flooring, and concrete repair solutions with VersaFlex’s specialized coatings, linings, and technical foams portfolio. This collaboration aims to leverage VersaFlex’s extensive client network in North and South America to promote the Pumadur portfolio of polyurethane cement-based flooring products.
Market Segments Covered:
- 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