Global Polyurethane Coatings Market is valued at USD 17.33 Billion in 2021 and expected to reach USD 25.1 Billion by 2028 with the CAGR of 5.43% over the forecast period.
Its growing application in various industries is the key factor driving the growth of Global Polyurethane Coatings Market.
Polyurethane coatings are considered polymers. They can be very hard and strong, providing exceptional wear resistance. Polyurethanes are made by reacting a polyol) with a diisocyanate or a polymeric isocyanate in the presence of appropriate catalysts and additives. They are more soft and ductile, which allow the base material to stretch without destroying the coating. Polyurethane coatings are not flammable, so they can be used for some situations where combustion is occurring in the same environment. Care must be taken to limit the exposure of a polyurethane coating to ultraviolet light because it can cause the coating to degrade. They are used for applications such as coating wood floors, metal and on top of other coatings.
Global Polyurethane Coatings Market is segmented on the basis of technology, end- user and region & country level. Based on technology, global polyurethane coatings market is classified as solvent-borne, water-borne, spray, powder and others. Based upon application, global polyurethane coatings market is classified into automotive, aerospace, household, construction, electronics and others.
The regions covered in this polyurethane coatings market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of polyurethane coatings is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for global polyurethane coatings market are,
Various application of polyurethane in different industrial sectors such as marine, automotive, building & construction, electronics, household etc. are expected to drive the growth of the market. For instance; thermoset polyurethanes are used as a protective coating against abrasion, for its properties to last more than 25 years in rough environments whereas non coated steel would erode in less than 8 years for which it has high demand in coating market. According to International Organization of Motor Vehicle Manufacturers (OICA), in 2018, there were 9,56,34,593 number of vehicles produced worldwide and the number have grown with steady space bringing business to polyurethane coating market. Polyurethane coating is used to enhance a product’s appearance and to extend lifespan. Its characteristics such as strong bonding advantages, lighter than metal, superior stress recovery and super resistance in many environments have helped it to provide a broad and growing spectrum of applications and benefits. Durable polyurethane coatings are applied to protect hardwood floors, wood furniture, and automotive and machinery finishes which generates constant demand for the coating. Polyurethane is available in high solid formulations, meeting the standard of VOC emission guidelines which give it edge on other coating chemicals. Additionally, when excellent appearance and corrosion control are required, these materials are used as topcoats over epoxy primers. All these factors help in the expansion of the market. However, instabilities in raw material prices, production process challenge and cost intensive nature of technologies may hamper the market growth.
Asia-Pacific is expected to show a fastest growth in the global polyurethane coatings market due to its increasing demand in various applications, rapid economic development especially in China and India as well as government initiatives on infrastructure development in this region. For instance; the infrastructure market share of Asia is 60% and is expected to reach USD 5.6 trillion by 2025, which will also help the polyurethane market to grow rapidly in this region. The polyurethane market is also growing rapidly in this region due to government support on electric vehicles especially in China and Taiwan, along with overall automotive industry development.
North America is expected to capture the significant share of global polyurethane coatings market due to the massive automotive and construction industry and favourable government rules on coating industry in this region. For instance; the US National Sanitation Foundation has approved only coatings based on two-component epoxies and polyurethanes as finishes on the inside of steel tanks that are used to transport and hold potable water, because of their properties which boosts the market of polyurethane in this region.
Global Polyurethane Coatings Market report covers in depth historical and forecast analysis.
Global Polyurethane Coatings Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Polyurethane Coatings Market report helps to identify opportunities in market place.
Global Polyurethane Coatings Market report covers extensive analysis of emerging trends and competitive landscape.
By Technology: Solvent-borne, Water-borne, Spray, Powder, Others
By End-user: Automotive, Aerospace, Household, Construction, Electronics, Others
|Historical data||2015 - 2020|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 17.33 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 25.1 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Akzo Nobel NV, Valspar Corporation, Asian Paints Limited Sherwin Williams Company, BASF SE, PPG Industries, Inc., Axalta Coating Systems LLC, Covestro A, Jotun A/S, Evonik Industries AG, others.|
|Segments Covered||By Technology, By End-user.|
|Regional Analysis||North America, U.S., Canada, , Europe, Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe, Asia-Pacific, South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC, Latin America, Mexico, Colombia, Brazil, Argentina, Peru, Rest of South America, Middle East and Africa, Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA|
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