Corrosion protection, waterproofing, and abrasion resistance properties of spray polyurea elastomers have been fuelling their adoption across construction and mining industries. With swift infrastructural development, Asia Pacific is likely to be a lucrative market for spray polyurea elastomers, finds a new Fact.MR study. Growing population along with industrial growth provides larger scope of spray polyurea elastomers market in the Asia Pacific region. Wide expansion of automotive industry in emerging economies such as China and India is further expected to augur well with the growth of Asia Pacific spray polyurea elastomers market.
Due to their functional and reliable properties, spray polyurea elastomers are gaining high traction from oil & gas industry, translating into growth of the market. Further, manufacturers are focusing on developing cost-effective remedy for concrete resurfacing and waterproofing which will possibly create remunerative dimensions of the spray polyurea elastomers market. With growing inclination towards sustainability, polyurea elastomers which have passive contribution to the environment will enhance future expansion of the market in Asia Pacific.
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Fact.MR forecasts the revenue of spray polyurea elastomers market in Asia Pacific, which is divided into Asia Pacific Excluding Japan (APEJ) and Japan, to attain market value worth over US$ 900 Mn by 2026-end. The Asia Pacific spray polyurea elastomers market is estimated to expand at a robust value CAGR of 12.9% over the assessment period, 2017-2026. Although China continues to be at the vanguard of the market, accounting for 50% of market share, India is likely to witness faster sales growth, registering 16.9% CAGR. Further, growth of Asia Pacific spray polyurea elastomers in Japan will possibly be attributed by increasing demand for high tensile strength in construction on the coattails of recurring natural calamities.
According to the Fact.MR’s study, the global outlook of spray polyurea elastomers market continues to be optimistic. In terms of revenue, the global spray polyurea elastomers market is estimated to be valued over US$ 2,000 Mn by 2026-end, exhibiting a significant CAGR of 10.2%. On the basis of product type, despite the dominance of hybrid polyurea elastomers, sales of pure variants is expected to witness rampant growth during the forecast period. This is largely attributed by the relatively high efficiency and increasing use of pure polyurea form in mining industry.
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The global spray polyurea elastomers market is likely to remain concentrated in North America, while Asia Pacific Excluding Japan experiences the highest growth over the forecast period. North America, being the matured market, is expected to witness a great competition for spray polyurea elastomers. Secondary containments will continue to be the most dominant application of spray polyurea elastomers. Durability, reliability, and corrosion and abrasion protection properties of polyurea elastomers have enhanced its application in resisting surface degradation in secondary containments. Based on raw material, aromatic spray polyurea elastomers will contribute the largest revenue share in the global market, due to their increasing application at low cost. Further, flourishing mining and construction industries across developed as well as developing countries will continue to shape the path of global spray polyurea elastomers market, reveals the Fact.MR’s study.
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