Industry Insights
Increasing demand for industrial coatings is expected to positively impact the polyurea market through the forecast period. Formed through the reaction between a resin blend component and an isocyanate component, polyurea exhibits fire-retardant properties and are used for protecting steel structures. Some of the application areas include concrete bridges, social housing programs and government construction projects. The global polyurea market is estimated to reach USD 1.40 billion by 2020.
Polyurea can be processed through hand applications or machine applications such as casting/pouring and spray coating. Casting process utilizes a pouring gun whereas spray applications involve a machine with proper mix ratio (1:1) of the polyamine and isocyanate components. Eco-friendly characteristics of polyurea due to lack of Volatile Organic Compounds (VOCs) is expected to favorably impact the market and increase applications in construction sector.
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Polyurea also has high elongation and tensile strength that makes it suitable for sealing cracks. Superior performance as compared to alternatives such as epoxy and polyurethanes is expected to drive polyurea market demand. Increasing demand from these application industries is expected to fuel overall market growth. However, improper specification of hybrid and pure products results in dissatisfaction among the buyers causing lack of standardization, which may act as a barrier to market growth. There exists a need for proper technical support and surface preparation solutions in order to overcome the barrier and realize its market potential.
Raw Material Insights
Aromatic raw material occupied over 75% of the global polyurea market share in 2013. It is further expected to be the dominant market segment through the forecast period. These materials...