Polyurea Market Is Projected to Increase at a CAGR of Around 7.1% by 2032

New study report by Fact on the polyurea market. the global market for polyurea held sales at US$ 928.5 million in 2021. The market is anticipated to increase by 7.1% between 2022 and 2032, reaching a market value of US$ 2 billion.

The segment with the biggest anticipated revenue growth is coating, which is anticipated to expand at a CAGR of about 7.6% from 2022 to 2032.Market expansion is being driven by the demand for polyurea in the building and transportation sectors. Additionally, it dries quickly, speeding up the process overall. The demand for polyurea is also anticipated to increase due to the growing significance of impermeable membranes in civil and residential building.

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What Factors are Propelling Polyurea Demand?

Subject to their numerous applications, the demand for polyurea is propelling at a moderate pace. The automotive segment has used polyurea for almost 3 decades and it will continue to gain importance in the future.

Due to the rise in agricultural activities, especially in developing regions, the demand for polyurea will increase owing of its application in pipelines, pumps, and irrigation.

Polyurea is also expected to gain importance in the defense sector. Owing to its proven impact resistance, capacity to absorb explosive energy, durability, and quick setting capabilities, polyurea coatings and linings are frequently employed in the military and security industries.

However, in the forecast period of 2022 to 2032, the high cost of polyurea compared to other alternative coatings and toxic raw materials are likely to act as key restraints for its growth, whereas the presence of low-cost coating substitutes and existing coating technologies may pose a threat to the polyurea market's growth.

Competitive Landscape:

Players in the market are constantly developing improved solutions as well as extending their product offerings. To help polyurea providers implement cost-effective solutions and preserve competitive advantage in the market, the companies are focused on their alliances, and technology collaborations.

Some of the recent developments of key Polyurea providers are as follows:

• In April 2022, Bayer announced that Ginkgo Bioworks has agreed to buy Bayer's West Sacramento Biologics Research & Development site as well as its internal discovery and lead optimization platform. Ginkgo Bioworks will collaborate with Bayer on developing biological solutions in fields such as nitrogen optimization, carbon sequestration, and next-generation crop protection over a multi-year period.
• In February 2022, the Sherwin-Williams Company declared that it has fixed an agreement with North Carolina, Iredell County, and The City of Statesville to enhance its coatings production and architectural paint. Over the next three years, Sherwin-Williams aims to invest at least US$300 Mn in the redevelopment and add more than 180 full-time positions to the facility, effectively doubling the current workforce.
• In August 2020, Resdev Limited announced a partnership with VersaFlex. Resdev's parking deck, specialty flooring, and concrete repair solutions will be combined with VersaFlex's specialized coatings, linings, and technical foams portfolio as a result of this decision. Their collaboration will first focus on bringing VersaFlex's wide network of clients in North and South America to the Pumadur portfolio of polyurethane cement-based flooring products.

Similarly, recent developments related to companies’ Polyurea services have been tracked by the team at Fact.MR, which are available in the full report.

Market Segments Covered in Polyurea Market Analysis:

·         By Raw Material :

• Aromatic
• Aliphatic

·         By Product Type :

• Coating

• Lining

• Adhesive & Sealants

• Other Product Types

·         By Application :

• Construction

• Industrial

• Transportation

• Other Applications

·         By Region :

• North America

• Latin America

• Europe

• APAC

• MEA

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How will be insights and market estimations provided in the Fact.MR report on the Demand Polyurea make a difference?

• The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
• The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
• The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
• Provides scrutiny of the industry trends that have shaped recent government policies
• Provides an account of major breakthroughs in all segments that might change the course of the market considerably
• Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
• Evaluates the role of various stages of funding on new growth avenues in key regional markets