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BANGALORE, India , Aug. 17, 2022 /PRNewswire/ -- The Global Polyurea Market is Segmented by Type (Pure Polyurea, Half Polyurea), by Application (Building & Construction, Transportation, Industrial) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemicals Industry Category.
Due to the COVID-19 pandemic, the global Polyurea market size is estimated to be worth USD 808.5 Million in 2022 and is forecast to a readjusted size of USD 1017.1 Million by 2028 with a CAGR of 3.9% during the review period.
Major Factors Driving the Growth of the Polyurea Market
The rising use of polyurea coatings in transportation, construction, and industrial sectors and advancements in coating technology will drive the growth of the market.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL POLYUREA MARKET
Polyurea is used as bed liners for large commercial vehicles and material handling trucks. It provides corrosion and abrasion protection to pipelines. It is used extensively in bumpers, off-highway body panels, and other car parts for quick production and less release of harmful emissions. The marine industry uses coatings to keep the hulls clean and free of contaminants during the transportation process. This will drive the growth of the polyurea market. Polyurea lasts for years preventing rust, corrosion, and damage to the interior and exterior of water vessels. It is UV stable and forms a strong protective barrier against external degradation.
The steel and concrete structures in buildings are insulated securely with polyurea for durability. The need for renovation is eliminated. The focus on customization in the infrastructure and construction sectors will boost the demand for the polyurea market in the coming years. It protects wooden, and steel surfaces from abrasion and corrosion damage. Polyurea preserves a deteriorating concrete structure and helps in keeping canals intact. It protects against scratches, chemicals, or oils and prevents cracking or deterioration.
Polyurea sealing solutions are useful in safety-pool coating and industrial bridging. Its unique characteristics such as high tensile strength make it suitable for crack sealing applications and as a viable alternative for lead. As it has a low setting and curing duration the material is effective for line striping and pavement marking in turn bolstering the growth of the polyurea market. The product offers several advantages such as high elongation, durability, strong abrasion resistance, and quick setting times.
The unique chemical and physical properties of polyurea have changed the way coatings are used in various end-user industries. The gradual advancements in coating technology have led to the growth of injection, roto-cast application equipment, and sprays that drastically improve the performance of polyureas. This will fuel the expansion of the global polyurea market during the forecast period. Specifically, plural component equipment makes the spray technique easier, and more uniform and is applied at low pressures which generate minimum overspray or fogging.
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Based on type, the pure polyurea segment is expected to dominate the polyurea market share with 65%.
Based on application, the transportation segment will grow the highest as polyurea coatings provide strong crack resistance and block rust. The focus on using eco-friendly materials is gaining traction thereby pushing the growth of this segment.
Based on region, North America is the largest with a market share of 45% due to a strong automobile manufacturing base and rapid expansion of infrastructure in countries like the US. Europe and China are the second largest both having a share of 35%.
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