Inherent inertness of the product to several chemicals and fluids promote its application in the industries where it can be installed in less than 24 hours because of its rapid curing property. It finds extensive application in lining the storage and containment tanks for oil & gas, radioactive materials, food & beverages, etc. Industrial applications generated around USD 300 million for 2014.

Sellbyville, DE -- (SBWire) -- 06/04/2019 --Global Market Insights presents an extensive report on Polyurea market that offers qualitative information about prevailing trends and a detailed analysis of the growth trajectory of this industry. It also includes a study of the historical data and detailed statistics that will help determine the future scope of the industry in terms of commercialization opportunities.

Growth is primarily driven by the developing application segments such as construction and industrial uses. Infrastructural developments such as residential and commercial buildings, roads, bridges, parking lots, etc. will bolster the global polyurea market in the forecast timespan. China, U.S., India, and Japan construction market is expected to account for close to half of the overall USD 8 trillion construction market by 2030. Construction spending in Asia Pacific due to high number of government and non-government projects and its rising trend will drive the polyurea market size in the upcoming years.

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Inherent inertness of the product to several chemicals and fluids promote its application in the industries where it can be installed in less than 24 hours because of its rapid curing property. It finds extensive application in lining the storage and containment tanks for oil & gas, radioactive materials, food & beverages, etc. Industrial applications generated around USD 300 million for 2014.

Rapidly flourishing industrial environment and growing automotive industry of Asia Pacific will also support the overall polyurea market growth in the next few years. Industrial applications include waterproofing and corrosion resistance of pipelines, providing chemical and impact resistance to tanks and reservoirs, machineries, etc.

Another important driving factor for the global polyurea market will be the superior quality in comparison to epoxy coating. Higher durability and flexibility along with UV stability, high tensile strength, impact resistance, chemical and oil resistance, faster curing time, and easy application techniques gives the product an upper hand in the coating industry, and will boost global polyurea market up to 2022. The product is also environmentally safe, owing to its lower volatile organic compound (VOC) content. Polyurea coating provides good aesthetic quality to the floors, walls, and other surfaces by giving a glossy finishing and it will influence the global industry positively.

Polyurea market may be hindered due to low product variety on a commercial level and lack of marketing. Due to increasing commoditization, the product sustainability is weakened.

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Raw materials segments are categorized into aromatic and aliphatic, on the basis of the isocyanate used in manufacturing. Aromatic polyurea are sensitive to UV light and are often coated with an aliphatic layer to provide UV stability. Aromatic polyurea generated more than USD 700 million, accounting for around three quarters of the global polyurea market size.

Polyurea coating is the leading product segment, with over USD 600 million in sales. These coatings find extensive application in the construction industry for waterproofing of rooftops, walls, and floors.

Polyurea applications have been segmented into construction, industrial, transportation, and others. Construction segment is the most significant application segment and had a volume share of over 40% of the global polyurea market size and generated more than USD 400 million.

Asia Pacific leads the global market based on increasing constructional activities and rapid industrialization. Global shift of the manufacturing sector towards Asia Pacific is expected to boost the global polyurea market, which generated over USD 350 million in the region. It will also be the fastest growing region, with the CAGR forecast to be around 7% up to 2022.

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Key market players include BASF SE, PPG Industries, Specialty Products Inc., Bayer (Covestro), and Huntsman Corp.