Polyurea Market By Raw Material (Aromatic, Aliphatic), By Product (Coating, Lining, Sealants): Globally Publish by GrandViewResearch
The global polyurea market is expected to reach USD 1,399.9 million by 2020, according to a new study by Grand View Research, Inc. Superior performance as compared to alternatives such as polyurethanes and epoxy is expected to drive pure polyurea demand over the forecast period. Increasing demand from application industries is also expected to fuel market growth over the next six years.
One of the key areas of polyurea application is in steel and concrete bridges. Since polyurea has high tensile strength and elongation, it is well-suited for sealing cracks. The environmentally friendly nature of polyurea due to lack of Volatile Organic Compounds (VOCs) is also expected to boost market growth. Lack of product differentiation has caused marketing of polyurea and hybrid systems as the same, giving rise to commoditization. This may pose a challenge to industry participants over the forecast period.
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Further key findings from the study suggest:
• The global polyurea demand was estimated at 164.1 kilo tons in 2013, and is expected to reach 226.2 kilo tons by 2020, growing at a CAGR of 4.7% from 2014 to 2020.
• Aromatic polyurea accounted for over 75% of the market volume in 2013, and is further expected to continue dominating the market over the next six years. Aliphatic polyurea is expected to grow at a rate slower than the global average over the forecast period due to difficulty in processing coupled with higher prices.
• Polyurea coatings are expected to remain the key product segment; accounting for over 65% of the market in 2013. Polyurea can also be used as a multi-purpose caulking, joint fill, and sealant material. It provides a flexible, weather-tight and durable seal for all types of building joints including expansion joints and control joints in panels and doors, masonry floors, water reservoirs, etc.
• Construction applications accounted for over 40% of the overall market revenue in 2013, where it can be used to form a traffic-resistant and flexible seal for building joints in masonry floors, doors and panels. In terms of volume, the market for industrial applications is expected to grow at a CAGR of 5.1% from 2014 to 2020.
• Companies operating in the market include Huntsman Corporation, BASF, Bayer MaterialScience, PPG Industries, Versaflex Inc., Specialty Products, Inc., etc. Preventing commoditization and ensuring provision of high-quality polyurea systems with the necessary tech support is expected to drive product differentiation.
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