The polyurea market is expected to register a CAGR of over 6% during the forecast period. One of the main factors driving the market is the growing demand for polyurea from the construction industry. However, Volatility in the raw material price of polyurea is expected to hinder the growth of the market studied.
- By application, polyurea from the construction industry is expected to dominate the market over the forecast period.
- The increasing use of polyurea in the food industry and drinking water application is likely to act as an opportunity for the market studied in the coming years.
- The Asia-Pacific region is expected to dominate the market with the largest consumption from countries, such as China and India.
Key Market Trends
Growing Demand for Polyurea from the Construction Industry
- Polyurea is a kind of elastomer that is resulted from the reaction product of an isocyanate component and synthetic resin blend through advanced development polymerization.
- Polyurea is ideal for protecting pipes and pipelines against corrosion and external influences and can be applied to both steel and polyurethane foam, which is the thermal insulation of the pipeline.
- The ability of polyurea to insulate both steel and concrete and high durability allows to secure structures without the need for renovation for many years.
- The increasing focus on infrastructure and customization in construction and manufacturing processes had a significant impact on the growing demand of polyurea in the construction industry.
- Hence, owing to the above-mentioned factors, the application of polyurea from the construction industry is likely to dominate during the forecast period.
The Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for polyurea during the forecast period. The rising demand for polyurea, along with the growing population and construction activities in developing countries, like China and India, is expected to drive the demand for polyurea in this region.
- The largest producers of polyurea are located in the Asia-Pacific region. Some of the leading companies in the production of polyurea are BASF SE, Covestro AG, Huntsman International LLC, Rhino Linings Corporation, and Speciality Products Inc., among others.
- The Indian government aims to make automobile manufacturing the main driver of ‘Make in India’ initiative, as it expects the passenger vehicles market to triple to 9.4 million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016-2026.
- According to Global Construction 2030 (published by Global Construction Perspectives and Oxford Economics), Southeast Asia’s construction market is anticipated to exceed USD 1.0 trillion, by 2030 which in turn boosts the demand for polyurea.
- Owing to the above-mentioned factors, the market for polyurea in the Asia-Pacific region is projected to grow significantly during the study period.
The global polyurea market is partially consolidated in nature with only few major players dominating the market. Some of the major companies are BASF SE, Covestro AG, Huntsman International LLC, Rhino Linings Corporation, and Speciality Products Inc., among others.
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