Polyurethane Coatings Market
Polyurethane Coatings Market Introduction:
Polyurethane Coatings Market is expected to witness a significant growth in terms of consumption of USD $ 3781.2 KT by 2023 with CAGR of 7.3% between by 2023.
Polyurethane Coatings Market is because of huge demand in automotive industry. Polyurethane coatings are majorly consumed in automotive and transportation industry particularly, ships and automobile. While, strict environmental regulations and unstable prices of raw materials can cause a major restraint for the polyurethane coatings market in next few years.
Polyurethane Coatings Market includes growing demand from rapidly growing end use industries such as building & construction, packaging, and automotive. In addition to this shifting consumer trends in favour of damage prevention to their devices, equipment and vehicle form the thermal, corrosion and other impact action.
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Polyurethane Coatings Market Application:
Polyurethane Coatings Market is traditionally produced by reacting poly isocyanate with a polyol which are broadly used in applications such as furniture, packaging, electronic appliances, coatings and footwear. The polyurethane coating properties can be adjusted by polyols and cross linkers. They possess properties such as low temperature curing, high abrasion resistance, high flexibility and durability. Paints and coatings industry has witnessed high demand of polyurethane coatings owing to its superior properties and increasing applications scope. Rising demand of surface coating in storage tanks, gas pipeline, ships and containers, floor and bridges among others are expected to drive the polyurethane coatings market.
Polyurethane Coatings are highly recommended for surface applications which are exposed to wear and tear. It also offers high corrosion and heat resistance along with inertness to chemicals which is suitable for applications in steel tanks, paper mills, processing equipment’s, oil field machineries and interior and exterior of heavy duty vehicles. Furniture and automotive industry is likely to set as emerging market for polyurethane coatings over the forecast period. Increasing demand of polyurethane resins in wood coatings and construction are expected to augment the market growth.
Additionally, increase in spending on leisure boats and cars coupled with changing standard of living is anticipated to drive the polyurethane coatings in marine and automotive industry. Growing construction activities along with supportive government regulation like 100% FDI policy is also anticipated to drive the product demand in coming years. However, volatile in raw material prices leading to high polyurethane coatings price compared to other coating would hamper the market growth.
Polyurethane Coatings provide smooth, glossy finish to the surface which is essential in automotive industry. Apart from aforementioned applications, technology driven water borne, and solvent borne are providing lucrative opportunity for polyurethane coatings market. Solvent borne consist of high VOC content compared to water borne polyurethane coatings. Hence, stringent regulations by environmental bodies to lower the VOC emission is anticipated to drive the waterborne based polyurethane coatings in coming years.
Polyurethane Coatings Market Key Players:
Polyurethane Coatings Market are Akzo Nobel N.V.(Europe), Valspar Corporation (US), Sherwin Williams Company (US), PPG Industries, Inc. (US), Axalta Coating Systems, LLC (US), Asian Paints Limited (India), BASF SE (Europe), Covestro AG (Europe), Jotun A/S (Europe), Evonik Industries (Europe),and Others.
Polyurethane Coatings Market Intended Audience:
Polyurethane Coatings manufacturers : Traders and distributors of Polyurethane Coatings
Production Process industries : Potential investors
Raw material suppliers : Nationalized laboratory
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Polyurethane Coatings Market Regional Analysis:
Polyurethane Coatings are largely consumed in Asia Pacific region owing to robust end use industry growth, favourable government policies and low labour cost. China and India are leading countries owing to increasing demand of polyurethane coatings in automotive and construction industry. Construction industry causes major environmental impact owing to demolition waste and consumes large amount of energy thus, to minimize environmental impact polyurethane coatings is expected to exhibit strong market growth. Infrastructural development with modern structure and technology in emerging markets are anticipated to propel the polyurethane coatings market. Germany and UK are leading countries in European regions on account of large automotive hub. Automotive refinishes and rapid industrialization is driving huge demand of polyurethane water borne coatings. Moreover, Middle East & Africa is anticipated to witness high demand of polyurethane coatings in construction industry on account of increasing disposable income and growing expenditure on interior of building.
Polyurethane Coatings Market Competitive Landscape:
Polyurethane Coatings Market is one of the highly mature markets in the coatings industry, which is mainly driven by the surging demand from in automotive industry, along with the growing building & construction industry around the world. The market consist of significant number of tier 1 manufacturers, yet Axalta Coating Systems, LLC, Pidilite Industries Limited, Evonik Industries AG, and Covestro AG are the key players operating in this market. According to the study conducted by MRFR, almost all of them are majorly adopting the product launch and an expansion tactics to augment their production capacities and market share. This is anticipated to help them sustain the growing competition in coming years.
Polyurethane Coatings Market Segment Analysis:
Polyurethane Coatings Market has been segmented into technology and end use industries. On the basis of technology, the market has been divided into solvent-borne, water-borne, spray, powder, and others (high solids, acrylic based). Among these technology, water-borne polyurethane coatings have cover the largest market due to highly applicable in plastic coating, wood coating, metal coating, fibre coating and others. The driver for water-borne polyurethane coatings is its low volatile organic chemical (VOC) content which makes it a better coating option in various end use industries due to this water-borne polyurethane coating market has scope for its extension in different regions which can make a more big market in terms of consumption of polyurethane coatings. Secondly, solvent-borne polyurethane coating remains the dominant polyurethane coating type and is expected to be the largest in coming future market.
Polyurethane Coatings Market has been segmented into automotive, aerospace industry, household industry, construction, electronics industry, and others (transportation, textile). Among all automotive industry is dominating industry. Polyurethane coatings provide a car’s exterior with the durability, scratch resistance, high gloss, and corrosion resistance.
Polyurethane Coatings Market in North America holds the second position in terms of healthy growth of polyurethane coating market, In North America, countries such as US, Mexico, and Canada are expected to drive the growth of global polyurethane coatings market. Technological developments and volume extensions are expected to give big opportunities for the polyurethane coatings market in upcoming years. While, strict environmental regulations and unstable prices of raw materials cause as a major restraint for the polyurethane coatings market in next years.
Polyurethane Coatings Market Information – by Technology (Solvent-borne, Water-borne, Spray, Powder, and Others), by End User (Automotive Industry, Aerospace Industry, Household Industry, Construction Industry, Electronics Industry) and by Region – Forecast till 2023
Polyurethane Coatings Market Table of Content:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global Polyurethane Coatings Market
5 Industry Overview of Global Polyurethane Coatings Market
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
5.5 Impact Analysis
Polyurethane Coatings Market Table of Content to be Continue……,
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