Global Polyurea Market By Type (Aromatic and Aliphatic), By Product (Lining, Coating, Adhesives and Sealants, and Other Products), By End-Use Industry, By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2033

Report Overview

In 2022, The Global Polyurea Market was valued at USD 1022.1 Million and is expected to reach USD 1820.6 Million in 2032. This market is estimated to register the highest CAGR of 6.1% between 2023 and 2032. Polyurea is often used as a waterproofing material in many commercial and industrial uses. Polyurea is mainly known for its high resistance properties against water.

Therefore, it is used to waterproof surfaces that are under the threat of harsh conditions. It is widely adopted in industries for its benefit of protecting surfaces from water damage. Due to this property, many industries adopt polyurea coatings in their industries. It is used to protect various types of surfaces like foundations, roofs, decks, and other surfaces. Due to this property of polyurea, it is widely used in industries.

Polyurea is also used in other applications like containment liners, flooring systems, and construction. This wide use of polyurea is due to the properties of polyurea, which offer high standards for abrasion resistance, chemical and atmospheric abrasion, corrosion protection, and waterproofing. Polyurea is mostly used in construction, transportation, industrial use, and many other industries. This high use of polyurea in industries is anticipated to propel the growth of the market in the upcoming period.

Key Takeaways

1. Market Valuation: In 2022, the global Polyurea market was valued at USD 1022.1 million, and it is projected to reach USD 1820.6 million by 2032, with a compound annual growth rate (CAGR) of 6.1%. This substantial growth reflects the increasing demand for Polyurea in various industries.
2. Primary Application – Waterproofing: Polyurea is widely recognized for its exceptional waterproofing properties. It is extensively used to protect surfaces in commercial and industrial settings that are exposed to harsh conditions, such as water. This waterproofing feature makes it a valuable material for safeguarding surfaces like foundations, roofs, decks, and more.
3. Driving Factors – Construction Industry: The global construction industry is a significant driver for the Polyurea market. With rising urbanization and increased construction activities worldwide, Polyureais are being employed in coatings, sealants, and adhesives due to their resistance to corrosion and waterproofing capabilities.
4. Challenges – Cost and Toxicity: While Polyurea is in high demand, its cost remains a challenge. It is more expensive than alternative coatings like epoxy and acrylic. Additionally, some raw materials used in Polyurea production have toxic effects on the environment, prompting some businesses to seek alternative solutions.
5. Aromatic vs. Aliphatic Polyurea: Aromatic Polyurea dominates the market due to its ease of processing and superior physical properties. This type of Polyurea is particularly popular in manufacturing and construction sectors in developed countries, such as the UK, Germany, and Spain.
6. Leading Product Segment – Coatings: Among various product categories, coatings have the largest share in the Polyurea market. These coatings find extensive use in aerospace, construction, oil & gas, and automotive industries, primarily due to their ability to protect surfaces in demanding environments.
7. Dominant End-Use Industry – Construction: The construction industry plays a pivotal role in the Polyurea market. It is widely used in construction for coatings, adhesives, linings, and various applications due to its excellent physical properties. With growing urbanization, the demand for Polyurea-based materials is on the rise.
8. Opportunities – Research and Development: Key players in the Polyurea market are investing in research and development to create new Polyurea-based products. This innovation is expected to offer lucrative opportunities for market growth in the future.
9. Trend – Automotive Sector: The automotive industry is increasingly using Polyurea for applications like corrosion prevention and UV resistance. This trend, including the use of Polyurea as a substitute for metal fasteners to reduce vehicle weight, is contributing to market growth.
10. Regional Dominance – North America: North America holds a significant share of the global Polyurea market, mainly due to its extensive use in the construction sector in countries like the United States and Canada. The oil and gas industry’s expansion in the region further drives the demand for Polyurea-based sealants.

Driving Factors

Rising Construction Activities Across the World are Driving the Growth of the Polyurea Market

The rising urbanization and growing construction across the world are driving the growth of the polyurea market. Polyurea is widely used in the construction business for coatings, sealants, and adhesives. The excellent physical properties of polyurea coatings, like corrosion resistance and waterproofing, are promoting its use across industries.

Apart from the construction business, polyurea coatings are also used in automotive and other industries to protect surfaces from harsh weather conditions. The ability of polyurea coatings to protect surfaces from harsh conditions is promoting its use in industries, and industries are also highly adopting polyurea coatings to protect surfaces. All these factors are driving the growth of the polyurea market.

Moreover, the increasing use of polyurea-based sealants and adhesives as bonding agents in the automotive industry is expected to fuel the growth of the polyurea market in the upcoming period.

Restraining Factors

High Cost and Toxic Effects are Restricting the Growth of the Polyurea Market

Polyurea-based coatings are widely used across various sectors, but the high cost of polyurea-based coatings as compared to the other coatings in the market is obstructing the growth of polyurea coatings in the market. The coatings based on epoxy and acrylic are available at lower prices than the polyurea coatings. Therefore, the demand for polyurea-based coatings has significantly decreased over the last few years.

Moreover, the raw material used in the production of polyurea-based products is also found to be toxic. The products which are used in the production of polyurea-based coatings show toxic effects in nature. Due to this, many businesses are switching to other options in the market. All these factors are restricting the growth of the polyurea market.

By Type Analysis

The Aromatic Polyurea Dominates Over the Aliphatic Polyurea in the Market

The polyurea market is divided into aromatic and aliphatic on the basis of type. Among these types, aromatic polyurea leads the market by accounting for a major revenue share. This domination of aromatic polyurea is due to the ability of the aromatic polyurea to provide easy processability and better physical properties.

These excellent flexibility properties of aromatic polyurea are promoting its adoption in the manufacturing and construction sector in developed countries like UK, Germany, and Spain. Moreover, the rising urbanization and construction with an increasing population will significantly boost the use of aromatic polyurea in the market. These advantages of aromatic polyurea over aliphatic polyurea are expected to raise the demand for aromatic polyurea in the market.

By Product Analysis

The Coatings Dominates the Product Segment of the Polyurea Market.

Based on product, the polyurea market is classified into lining, adhesives and sealants, coatings, and other products. From these products, the coatings dominated the polyurea market by accounting for a major revenue share. The increasing importance of polyurea coatings in the aerospace, construction, oil & gas, and automotive sectors is driving the growth of coatings in the product segment of the polyurea market.

The increasing construction business and rising urbanization have significantly raised the demand for coatings in the market. All these factors are propelling the growth of the coatings in the product segment of the polyurea market. However, with the emergence of competition in coatings like epoxy and polyacrylic coatings, polyurea coatings are anticipated to see moderate growth.

By End-Use Industry Analysis

Construction Business Holds the Major Share in the End-Use Industry of the Polyurea Market.

The polyurea market is classified into industrial, transportation, construction, and other end-use industries on the basis of end-use industry. Out of these end-use industries, construction dominated the end-use industry segment by holding the major revenue share in the polyurea market.

The increasing applications of polyurea in construction sites like residential buildings, commercial buildings, and other infrastructures are driving the growth of construction in the end-use industry segment of the polyurea market.

Polyurea is used in high amounts in the construction business for coatings, adhesives, linings, and many such applications. The excellent physical properties of the polyurea promote the use of polyurea across industries.

And with rising urbanization, the demand for polyurea-based coatings and other materials is also increasing with it. All these factors are fueling the growth of the construction sector in the end-use industry segment of the polyurea market.

Market Key Segments

Type

• Aromatic
• Aliphatic

Product

• Lining
• Coating
• Adhesives & Sealants
• Other Products

End-Use Industry

• Construction
• Industrial
• Transportation
• Other End-Use Industries

Growing Opportunities

Increasing Investment in the Development of new products is Expected to Create Many Lucrative Opportunities in the Market

Polyurea is used across various industries for its properties to stand against harsh conditions. Therefore, it is widely accepted across various industries. The increasing competition in the coatings and sealants market has forced the major companies in the polyurea market to invest in the research and development of new products based on the polyurea.

Many key players are focusing on the development of new polyurea-based products to increase the market share of polyurea in the market. This is anticipated to create many lucrative opportunities for the polyurea market in the upcoming period.

Latest Trends

The Increasing Use of Polyurea in the Automotive Sector is Fueling the Growth of the Market.

The ongoing trend of using polyurea in the automotive sector as polyurea plastics for preventing corrosion and UV resistance has significantly affected the growth of the polyurea market.

Polyurea for used in many applications in the automotive sector, such as the increasing use of polyurea as a substitute metal fastener in the automotive sector to reduce the overall weight of the vehicle by a big margin.

This is helping companies in the automobile industry to decrease the weight of vehicles. This is boosting the growth of the polyurea market over the last few years.

Regional Analysis

North America Dominates the Global Polyurea Market with Major Share in Account.

North America dominates the global polyurea market by accounting for a major revenue share of 38.4%. This domination of North America is attributed to the high penetration of polyurea-based products in the construction sector.

The construction sector in countries like the United States and Canada has grown significantly over the last few years. And with the growth of the construction business, the demand for polyurea-based products has also increased significantly.

Also, the expanding oil and gas industry across the United States and Canada is increasing the polyurea-based sealants to fix hydraulic fractures. All these factors are fueling the growth of the North American region in the global polyurea market.

After North America, the Asia Pacific region is anticipated to experience significant growth over the forecast period. The increasing use of coatings and rising demand from the automotive sector are driving the growth of the Asia Pacific region in the global polyurea market.

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Player Analysis

The global polyurea market is fragmented into many small and big companies in the market. The key companies in the market are adopting various strategies like collaboration, partnership, mergers, and acquisition to expand their market share and strengthen their position in the market.

Some of the key players in the market are BASF SE, Huntsman Corporation, PPG Industries Inc., Dow Inc., Specialty Products Inc., VersaFlex Inc., Alberts Spray Solutions LLC, LINE-X Protective Coatings, Covestro AG, Nukote Coating Systems International, Rhino Linings Corporation, Rhino Linings Corporation, and other key players.

Market Key Players

• BASF SE
• Huntsman Corporation
• PPG Industries Inc.
• Dow Inc.
• Specialty Products Inc.
• VersaFlex Inc.
• Alberts Spray Solutions LLC
• LINE-X Protective Coatings
• Nukote Coating Systems International
• Covestro AG
• Rhino Linings Corporation
• Other Key Players

Recent Developments

• In February 2022, PPG Industries Invested USD 10 Million in the development of an 82,000 sq. ft. production facility and painted line at its Greenville, South Carolina, coatings facility.
• In July 2020, Nukote Coating Systems International acquired Intuitive Coatings by integrating all the Lonyx products into their product line.

Report Scope