North America polyurea market revenue by application, 2012-2020, (USD Million)
- Projected to grow at a CAGR of over 6% from 2015 to 2022, aromatic compounds acquired over 70% of the polyurea compound industry and are expected to grow steadily over the forecast period. Aromatic compounds possess good physical properties and are easier to process, but are not light stable. Hence, aromatic systems are coated with aliphatic topcoats to provide desired color stability on exposure to UV light.
- Polyurea protective coatings are commonly used as they offer high standards of corrosion protection, abrasion resistance, waterproofing, chemical and atmospheric resistance, and structural enhancement. Coatings segment accounted for over 66% of the overall market share in 2014 and is expected to gain share over the forecast period.
- Construction is expected to be the largest application segment in terms of volume as well as revenue over the next five years. The segment is expected to occupy over 40% of the global market share and is projected to grow at a steady rate over the forecast period. Demand in the oil & gas sector is expected to increase on account of its resistance to various fuels and other industrial applications, which is expected to drive the segment at a substantial CAGR of over 6% from 2014 to 2020.
- Asia Pacific regional market is expected to grow at the fastest CAGR of 7% over the forecast period owing to increasing investments in construction and infrastructure in this region. Increasing applications of polyurea-based protection coatings in automotive and industrial sectors of China and India are expected to drive the regional market.
- Industry participants include Albert Sprays Solutions, Bayer AG, BASF, Huntsman, Nukote Coating Systems, PPG, Specialty Products Inc., SWD Urethane, and W.R. Grace. Companies such as BASF are the key suppliers of amines and amine chain extenders essential for the production of such compounds. Major vendors resort to merger and acquisition activities for increasing the production capacity and manufacturing capabilities.