Polyurea market in North America to see 4% CAGR till 2026 | BAYER, Specialty Product, VersaFlex, International, BASF, SWD Urethane, Huntsman Corporation

According to Global Market Insights, the North America polyurea market is expected to witness a growth of around 4% by 2026, mostly driven by rising oil & gas exploration activities across the region. Led by U.S, the market in North America has been witnessing steady growth in oil production and exploration activities. This is due to the presence of vast oil and natural gas reserves in the region. For instance, both U.S. and Canada have explored large reserves of oil & gas that have allowed them to foray into the list of some of the world's top oil producing regions. Reports indicate that in 2018, oil production in U.S. was around 12.04 million barrels per day, with unsophisticated natural gas extractions accomplishing 108.56 Bcf/d.

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On the other hand, polyurea market across Latin America currently embraces share of over 6.4% due to evolution in automobile sales in Mexico and Brazil. Strong presence of automotive manufacturing base is expected to propel the market growth in Mexico. The country has been constantly functioning to build a strong automotive manufacturing ecosystem.

Some of the key manufacturers operating in the global market are

1. BAYER
2. Specialty Products Inc.
3. VersaFlex
4. Nukote Coating Systems and International
5. BASF
6. SWD Urethane
7. Huntsman Corporation
8. Alberts Spray Solutions
9. W.R. Grace & Co.
10. PPG

The polyurea application in construction is projected to grow considerably at 4.5% CAGR through the coming years. The demand for the material will be augmented by the extensive commercial and public construction globally. The product finds major applications in the construction of secondary containment for wastewater basins, water pounds, foundations, parking garage, oil, and gas. The exceptional water-resistant and physical properties of the product make it ideal to be vastly utilized in water-containing structures that are highly prone to leakages.

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The MEA polyurea segment is expected to rise at more than 4% CAGR over the next few years, on account of the growing demand for the product from the regional construction sector. The presence of favorable government programs like “Saudi Vision 2030”, which emphasizes enhancing tourism, education, infrastructures, recreation, and health sector, will support the market expansion. Similarly, organizing global events such as Dubai Expo 2020 and Qatar FIFA World Cup 2023 would further fuel-up the demand for polyurea-based products.

The polyurea market in the APAC will be driven by consistent demand from the accelerating public developments, residential and no-residential constructions due to rapid population and urban growth in the region. On account of the steady demand for elastomers in end-use industries and high-performance polyurea coatings, the market in the Asia Pacific is all set to experience significant gains at over 4.5% CAGR up to 2026.

The polyurea market will majorly be driven by the surge in infrastructural development coupled with the rising population and the presence of notable firms in the industry. Leading companies producing polyurea products include PPG, Nukote Coating Systems and International, VersaFlex Inc, BASF, Huntsman Corporation, SWD Urethane, Specialty Products Inc., W.R. Grace & Co, Alberts Spray Solutions, and BAYER AG.

Fueled by high demand from transportation, industrial, building, construction, oil & gas and other industries, the global polyurea market is expected to witness lucrative growth in the coming years. Polyurea is basically elastomer/coating that has exception physical properties. It is derived through a reaction between a resin blend component as well as an isocyanate component. Due to its excellent film belongings and precise curing profile, the chemical substance is likely to witness decent demand from diverse industries.

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