Global Spray Polyurea Elastomers Market to Create a Value Opportunity of US$ 250 Bn by 2030 | Versaflex, Sherwin Williams, SIKA AG
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Furthermore, emerging economies are witnessing impressive growth in trade volume. Governments of economic powerhouses such as China and India have various ongoing projects that aim to essentially double the volume of current trade in the next five years.
This is expected to bolster the regional spray polyurea elastomers market. However, the outbreak of nCoV-19 has ceased construction activity, impacting demand for spray polyurea elastomers. Furthermore, disrupted supply chains and stalled production activity is expected to show significant decline in spray polyurea elastomers market.
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The global market for heavy-duty commercial vehicles grew strongly in 2019 at 21% as compared to 2018. This increase has resulted in high adoption of polyurea elastomers in applications such as truck bed-on liners and utility vehicle coatings. The use of spray polyurea elastomers provides increased protection and durability for such vehicles.
Key Takeaways of Spray Polyurea Elastomers Market
• Global Spray polyurea elastomers market is expected to create a value opportunity of around US$ 250 Bn during the forecast period, adding 2.5X more value in 2030 as compared to 2020.
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• Aromatic Isocyanate based-spray polyurea elastomers segment will continue to dominate demand for spray polyurea elastomers market accounting for more than three-fourth of the global share.
• U.S. and China will continue to maintain their supremacy in spray polyurea elastomers market with increasing public infrastructure projects. Spray polyurea elastomers market in Latin America is poised to grow at a healthy CAGR of 10% through 2030.
• APEJ is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 41.7 Mn and is expected to show prolific expansion over the forecast period
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“Aromatic isocyanate based spray polyurea elastomers are set to gain traction as a result of burgeoning infrastructure and automotive industry”, says the Fact.MR analyst.
Key Players Focusing on Capacity Expansions and Acquisitions to Increase their Footprint in the Global Spray Polyurea Elastomers Market
The players of spray polyurea elastomers include Versaflex, Sherwin Williams, SIKA AG, AXALTA Coating Systems, Huntsman Corporation, BASF SE and Versaflex Incorporated. These players are adopting aggressive growth strategies to ensure their presence in global as well as regional markets.
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For instance, SIKA AG through its UK subsidiary, acquired Everbuild Building Products Ltd, a manufacturer of sealants, adhesives and construction chemicals. The company also acquired JMTexsa, S.A. de C.V. Mexico, and Texsa India ltd, manufacturers of bituminous waterproofing membranes for the roofing market. Huntsman acquires Demilec, a leading North America based spray polyurethane foam insulation manufacturer. Furthermore, Hutsman has also acquired a stake in Japanese spray polyurethane foam insulation company.
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