The global polyurea market is expected to reach USD 936.7 million by 2022, according to a new report by Grand View Research, Inc. Increasing importance of spray-based elastomeric coatings in automotive and construction industries on account of providing fast cure time is expected to remain a favorable factor for growth. In addition, rising importance of waterproofing membrane in civil construction and residential structures is expected to increase the use of sealing materials and thus likely to fuel demand.
Growth of the automotive industry in China, India and Mexico in light of 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. Increasing demand for eco-friendly coatings in automotive industry on account of rising concerns over greenhouse gas emissions is expected to drive growth. Demand for the polymer in transportation applications is anticipated to be 28.6 kilo tons by 2022.
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Further key findings from the study suggest:
- Global polyurea market was 114.3 kilo tons in 2014 and is expected to reach over 150 kilo tons by 2022. Enhanced material characteristics and increasing awareness pertaining to its application are expected to drive global polyurea market growth 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 45 kilo tons by 2022.
- Global polyurea based adhesives & sealants market was 11.3 kilo tons in 2014. Growing application of adhesive as a substitute to metal fastener in automobiles for reducing the overall car weight to improve fuel efficiency is expected to play a crucial role in accelerating market growth.
- U.S. coatings market is expected to witness growth at a CAGR of 4.6% from 2015 to 2022, in terms of revenue. Gains in automotive industry of the U.S. on account of increasing domestic consumption of four-wheelers, particularly SUVs is expected to promote the application of coatings and thus likely to augment growth.
- Asia Pacific polyureamarket was valued at USD 157.1 million in 2014. Improvement in construction industry of China and India on account of rising government spending towards infrastructure improvement as a part of 12th Five 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. In addition, positive outlook towards automotive and construction industries in emerging economies including China and India is expected to force manufacturers to establish strategic business units in vicinity.
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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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