United States, Rockville, MD, June 14, 2022 (GLOBE NEWSWIRE) -- The polyurea market revenues were estimated at US$ 928.5 Mn in 2021 and is anticipated to grow at a CAGR of 7.1% from 2022 to 2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 2 Bn.
The government across the globe has been supporting the usage of polyurea. Polyurea linings are becoming more popular as a result of government laws limiting VOC emissions by the construction sector. This element is expected to fuel the market's robust demand growth. Product demand is predicted to be fueled by rising spending on lining systems for environmental protection as a result of strict laws aimed at reducing pollution concerns. However, rising global use of polyolefin-based lining systems, such as HDPE and LDPE, in the construction and mining industries is likely to provide a real challenge in the coming years.
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Key Takeaways from the Market Study
- Polyurea Market was valued at US$ 928.5 Mn in 2021. According to Fact.MR, Polyurea Market revenue would increase 2X between 2022 and 2032, reaching roughly US$ 2 Bn in 2032.
- In terms of Raw Materials, urea revenue through Aromatic raw materials is projected to account for the highest projected CAGR of over 7.7%.
- In terms of Product Types of Polyurea, Coating accounted for the highest CAGR of 7.9% during the historical period.
- US is the dominant country in the Polyurea Market with an expected absolute dollar growth opportunity of over US$ 295.8 Bn during 2022 – 2032.
Which Country Lies at the CenterStage for Polyurea Market Revenue?
The market in United States is expected to account for the highest revenue of US$ 608.8 Mn by the end of 2032 with an expected CAGR of 6.9%. This is due to readily available raw materials in the region. Furthermore, the region's total industrial development will be boosted by an increase in non-residential building activity.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Polyurea Market are focused on R&D to produce innovative technological solutions.
- 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.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Polyurea Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Polyurea Market in terms of Raw Material (Aromatic, Aliphatic), Product Type (Coating, Lining, Adhesive & Sealants and Other Product Types), and Application (Construction, Industrial, Transportation and Other Applications) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemicals team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemicals and materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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