Polyurea Market projected to surpass $1.95 billion by 2026, says Global Market Insights Inc.
The growth of the polyurea market is ascribed to the increasing infrastructural activities and rising investments in infrastructure projects, says this report.
SELBYVILLE, Del., August 5, 2020 (Newswire.com) - Based on Global Market Insights Inc.'s report, the polyurea market was estimated at $1 billion in 2019 and is slated to exceed $1.95 billion by 2026, registering a CAGR of 6% from 2020 to 2026. The report provides a thorough analysis of the market estimations, as well as size, main investment avenues, drivers and opportunities, major winning strategies, wavering industry trends, and competitive scenarios.
The aliphatic segment is anticipated to reach a valuation of approximately $480 million by the end of the analysis timeline. Aliphatic polyurea is a UV resistant, as well as a fast-curing, formulation that offers persuasive features such as the prevention of discoloration and high color stability when the surface is exposed to direct sunlight. The product is mainly used for coating and protection applications on different surfaces including PU foam, ceramic, metal, wood, and concrete. These above-mentioned factors are likely to stimulate the polyurea market demand.
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With respect to coating, the polyurea based coating market is slated to exceed a valuation of $1.30 billion by the end of the analysis timeframe. Increasing demand for product-based coating applications upon surfaces such as floors, pools, steel structures, roofs, transportation vehicles, machines, and pipelines would encourage market growth. In addition, the product further offers useful characteristics which include impact, water, abrasion, and corrosion resistance, which is likely to drive the polyurea market.
Key reasons for polyurea market growth:
- The growing use of polyurea based coatings on steel and concrete bridges.
- Increasing demand for protective coatings in the construction sector.
- Growing demand from the Asia-Pacific non-residential and residential construction sector.
2026 forecasts anticipate the 'construction' application segment showing appreciative growth:
In terms of application, the construction application segment is likely to witness rapid growth at over 4.5% through the projected time period. Increasing infrastructural development across the world would accelerate product demand over the coming years. The product is used extensively during the construction of secondary containment for foundations, water ponds, parking garages, oil & gas, and wastewater basins, thereby propelling the polyurea market growth. Moreover, the product further offers superior physical properties and is resistant against water-related structural degradation.
MEA & Asia-Pacific to witness remunerative growth:
The Middle East and Africa are expected to observe growth over 4% through the projected time period due to increasing product utilization in the regional construction sector and favorable government initiatives, such as the Saudi Vision 2030, which is aiming towards the development of education, recreation, health, infrastructure, and the tourism sector. Due to such initiatives, the country will witness significant infrastructural development activities, creating lucrative growth opportunities. Moreover, the region will be hosting mega-events like the Qatar FIFA World Cup 2023, which will further drive regional construction sector growth, augmenting the polyurea market outlook.
The Asia-Pacific is likely to record gains at over 4.5% through the analysis time period, owing to the growing demand for high-performance polyurea elastomers and coatings in end-use industries. In addition, the Asia-Pacific polyurea market has observed a rise in demand, owing to the increasing residential and non-residential construction activities as well as infrastructure development initiatives because of population growth and rapid urbanization.
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Leading market players:
Prominent market players analyzed in the polyurea industry report include SWD Urethane, VersaFlex Inc, PPG, BASF, W.R. Grace & Co., Nukote Coating Systems, Alberts Spray Solutions, BAYER AG, Huntsman Corporation, and Specialty Products Inc. among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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Source: Global Market Insights Inc.
