The global Polyurea Market size is expected to reach USD 1,404.9 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2023 to 2030. Rising industrial output and growing disposable consumer income in emerging markets such as Germany and Canada is expected to augment the market growth of consumer goods, construction, and automotive products. As a result, the aforementioned trends are expected to promote the application of adhesives and sealants as bonding agents in the automotive and construction industries.
The rising application of residential, non-residential, and commercial structures in the U.S. on account of improvements in household and manufacturing sectors, post the Great Recession of 2008-09, is anticipated to fuel demand for flooring solutions, waterproofing membrane, and lining materials over the forecast period. As a result, the aforementioned favorable trends pertaining to the growth of the construction industry in the U.S. is expected to fuel polyurea demand over the coming years.
The increasing use of waterproofing membranes in the construction sector for providing excellent seal protection is expected to promote the incorporation of polyurea as a raw material for manufacturing finished products. The growing application of adhesives & sealants in footwear and automotive industries owing to the rising importance of bonding agents is expected to remain a favorable factor for the polyurea market over the forecast period.
Furthermore, the increasing requirement for coating solutions with specifications such as enhanced service life, improved corrosion resistance, and providing good thermal stability, on account of the rising importance of condition-based monitoring over breakdown maintenance in manufacturing industries, is expected to further fuel market growth.
Related Press Release@ Polyurea Market Report
Polyurea Market Report Highlights
- In terms of revenue, the coating accounted for a prominent share of the market in 2022 and is further expected to witness prominent growth over the forecast period
- The construction application segment dominated the market and accounted for more than 43.4% of the revenue share in 2022. Growing domestic consumption of specialty polymers and textiles in the Middle East, in light of application growth in the household, automotive, FMCG, and healthcare industries, has forced governments to build manufacturing facilities to cater to the regional demand
- As of 2022, North America accounted for more than 40.0% of the market share in terms of revenue. Gains in the automotive industry of the U.S. on account of increasing domestic consumption of four-wheelers, particularly SUVs, are expected to promote the application of coatings and thus likely to augment the polyurea market
- Major top players are continuously working on developing their manufacturing plants owing to the increased usage of polyurea in the construction industry. Additionally, many companies have started focusing on strategies such as mergers and acquisitions to broaden their product portfolio and strengthen their presence in the market
