San Francisco, California, Dec. 22, 2015 (GLOBE NEWSWIRE) -- The global polyurea market size is expected to reach USD 1.40 billion by 2020 according to a new study by Grand View Research, Inc.
Enhanced material characteristics and increasing awareness pertaining to its applicability are expected to drive global polyurea market growth over the forecast period. Growing construction and infrastructural activities across the globe are expected to fuel the demand for these elastomers over the next six years.
Polyurea provides numerous advantages over alternatives such as polyurethanes and epoxy. It is highly crack-resistant and is suitable for a variety of applications. Moreover, it helps to prevent bacterial growth in wall cavities making it much easier to clean, and thus can be used as a single surface coating between floors and walls.
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Polyurea offers various advantages in spray applications such as high thermal, mechanical, and chemical resistance; short setting and curing time; absence of solvents hydrolysis stability; and water insensitivity along with high degree of adherence as compared to its substitutes. Moreover, favorable regulatory scenario with regards to Volatile Organic Compound (VOC) content and performance characteristics is expected to open up new avenues for industry growth.
Further key findings from the study suggest:
- Projected to grow at a CAGR of over 6% from 2015 to 2022, aromatic compounds acquired over 70% of the polyurea compound industry and are expected to grow steadily over the forecast period. Aromatic compounds possess good physical properties and are easier to process, but are not light stable. Hence, aromatic systems are coated with aliphatic topcoats to provide desired color stability on exposure to UV light.
- Polyurea protective coatings are commonly used as they offer high standards of corrosion protection, abrasion resistance, waterproofing, chemical and atmospheric resistance, and structural enhancement. Coatings segment accounted for over 66% of the overall market share in 2014 and is expected to gain share over the forecast period.
- Construction is expected to be the largest application segment in terms of volume as well as revenue over the next five years. The segment is expected to occupy over 40% of the global market share and is projected to grow at a steady rate over the forecast period. Demand in the oil & gas sector is expected to increase on account of its resistance to various fuels and other industrial applications, which is expected to drive the segment at a substantial CAGR of over 6% from 2014 to 2020.
- Asia Pacific regional market is expected to grow at the fastest CAGR of 7% over the forecast period owing to increasing investments in construction and infrastructure in this region. Increasing applications of polyurea-based protection coatings in automotive and industrial sectors of China and India are expected to drive the regional market.
- Industry participants include Albert Sprays Solutions, Bayer AG, BASF, Huntsman, Nukote Coating Systems, PPG, Specialty Products Inc., SWD Urethane, and W.R. Grace. Companies such as BASF are the key suppliers of amines and amine chain extenders essential for the production of such compounds. Major vendors resort to merger and acquisition activities for increasing the production capacity and manufacturing capabilities.
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Grand View Research has segmented the global polyurea market on the basis of raw material, product, application, and region:
Polyurea Raw Material Outlook (Volume, Kilo Tons and Revenue, USD Million; 2012 - 2020)
- Aromatic polyurea
- Aliphatic polyurea
Polyurea Product Outlook (Volume, Kilo Tons and Revenue, USD Million; 2012 - 2020)
Polyurea Application Outlook (Volume, Kilo Tons and Revenue, USD Million; 2012 - 2020)
Polyurea Regional Outlook (Volume, Kilo Tons and Revenue, USD Million; 2012 - 2020)
- North America
- Asia Pacific
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About Grand View Research
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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Source:Grand View Research