A three-pronged approach was followed for deducing the polyurea market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for polyurea market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of polyurea market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The polyurea market was categorized into four segments, namely raw material (Aromatic, Aliphatic), product (Coating, Lining, Adhesives & Sealants), application (Construction, Industrial, Transportation), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The polyurea market was segmented into raw material, product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The polyurea market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fourteen countries, namely, the US; Canada; Mexico; Germany; the UK; France; Italy; China; India; Japan; Brazil; Argentina; GCC Countries; and South Africa.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The polyurea market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
BASF -BASF SE operates its business through five segments, which include chemicals, functional materials & solutions, performance products, oil & gas, and performance products. The chemicals segment is further segregated into intermediates, monomers, and petrochemicals. The intermediates sub-division deals in manufacturing of polyurea coatings which are used in construction, automotive, industrial and housing applications. BASF operates in numerous locations including the U.S., Germany, Belgium, Brazil, Canada, Chile, the Netherlands, Norway, Poland, Portugal, Korea, Japan, India, Malaysia, the UAE, South Africa, and China.
Bayer AG -Bayer AG is a chemical and pharmaceutical company established in 1863 and headquartered in Germany. The company’s business is segregated into three sub-groups, namely, Bayer HealthCare, Bayer Crop Science, and Bayer Material Science. Bayer Material Science supplies high-tech polymers including polyurea-based products and develops solutions for domestic and industrial use. The sub-group’s portfolio is further divided into three business units, which include polyurethanes, polycarbonates and coatings, adhesives & specialties. Bayer has business presence in segments which include coatings, adhesives, pharmaceuticals, crop protection, consumer health, animal health, polyurethanes, and medical care.
Huntsman Corporation - Huntsman is a U.S. based company engaged in the business of manufacturing and distribution of chemical products. The company supplies products and services to applications including chemicals, paints and coatings, automotive, textiles, construction, healthcare, plastics, personal care, aviation, footwear, appliances, agriculture, detergent, furniture, and packaging. Huntsman manufactures assorted polyurethane, performance products and pigments for customer such as BMW, Chevron, Unilever, and GE. The company’s operations are segregated into five business segments which include polyurethanes, advanced materials, performance products, textile effects, and pigments.
Specialty Products, Inc. (SPI) - Specialty Products, Inc. (SPI) supplies spray-applied polyurea elastomers, custom plural component equipment, and polyurethane foams. The company provides protective coating solutions to numerous industries which include mining, oil & gas, military, nuclear power, power & utilities, waste water & sewage, manufacturing, environmental protection, transportation, construction, food & beverage, and chemical among others. SPI also has operation centers in Chicago (Illinois), Rowlett (Texas), and Anchorage (Alaska).
Versa Flex, Inc.- Versa Flex, Inc., is engaged in the business of elastomeric adhesives and coatings. The company formulates, supplies, and manufactures pure polyurea protective coatings, joint filers, liners, and repair materials for a wide variety of commercial, industrial, and maintenance environments. Versa Flex deals with the formulation, manufacturing, and supply of pure polyurea sealants, liners, and protective coatings for a wide variety of industrial, commercial, and maintenance environments. The company provides products and solutions to numerous industries such as oil & gas, manufacturing, chemical, mining, marine, transport, water & wastewater, pulp & paper, and power among others.
Nukote Coating Systems International (NCSI) - Nukote Coating Systems International (NCSI) company manufactures and distributes a wide range of products including polyurethanes, pure polyureas, modified polyurethanes and polyureas, polyaspartic aliphatic polyureas, ceramic metal polymers and primers. Nukote Coating supplies products and services to numerous industries including oil & gas, manufacturing, construction, petrochemical, entertainment, and marine. The company has maintained clientele ranging from major regional firms and municipalities to multi-national petrochemical, construction, oil & gas, and mining firms.
SWD Urethane - SWD Urethane is engaged in the business of manufacturing and distribution of polyurethane and polyurea products for numerous industries across North America. SWD Urethane manufactures products for insulation, roofing, high performance coatings, geotechnical, OEM, and cleaning applications. The company manufactures polyurea coatings which are humidity resilient and scratchproof in nature, and can be applied to a wide range of materials including concrete, wood, floatation foams, and hard plastics.
Alberts Spray Solutions, LLC - Alberts Spray Solutions, LLC develops eco-friendly, reusable, and recyclable polyurea liners for primary as well as secondary containment applications. Alberts Spray Solutions has recently opened a new manufacturing facility in Guernsey County, Ohio to cater to the needs of the Utica Shale Region and has plans for further expansion in Midland, Texas. The company provides polyurea and polyurethane products to the oil and natural gas industry in the Marcellus shale region of Pennsylvania, West Virginia, and New York.
W.R. Grace & Co.- W.R. Grace & Co. is a U.S.-based supplier of catalysts, specialty construction chemicals, engineered and packaging materials, and building materials. The company's business is divided into three segments, namely, Grace Catalysts Technologies, Grace Construction Products, and Grace Materials Technologies. Grace Construction Products produces polyurea products for preparing waterproofing coatings to be applied on horizontal surfaces.
PPG Industries - PPG Industries supplies coatings, paints, specialty materials, optical products, fiberglass, and glass. The company’s business is divided into five segments including industrial coatings, performance coatings, optical and specialty materials, architectural coatings, and glass. The industrial coatings segment comprises automotive OEM, industrial, and packaging coatings businesses. PPG Industrial Coatings manufactures coatings for agricultural and construction equipment, appliances, consumer electronics, and wood flooring among others.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
GET A FREE SAMPLE
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member