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The polyurethane coatings market is estimated to grow by USD 11.38 billion, CAGR of 6.78% between 2023 and 2028. Market growth hinges on several factors such as the rising demand from the transportation sector, expanding use of polyurethane coatings on wooden goods, and growth in the building and construction industry. These elements drive expansion by meeting diverse market needs, enhancing product durability, and supporting infrastructure development. The transportation industry's increasing reliance on advanced coatings underscores their role in improving performance and sustainability. Simultaneously, the construction sector's expansion fuels demand for high-quality coatings, reflecting broader economic trends and urban development. The versatile application of polyurethane coatings in various sectors underscores their pivotal role in enhancing product longevity and aesthetic appeal. As industries continue to innovate and adapt to market dynamics, stakeholders are positioned to capitalize on these trends, fostering sustainable growth and meeting evolving consumer expectations in a competitive marketplace.
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Polyurethane coatings are a type of protective coating widely used in various industries due to their unique properties such as mar-resistance, non-flammability, and alkali resistance. These coatings are available in different forms, including powder, solvent borne, and water borne. The transportation industry is a significant end-user of polyurethane coatings due to their ability to provide excellent protection against corrosion and weathering. In the construction sector, these coatings are used for concrete, metal, wood, and plastic substrates to enhance their durability and appearance. The electrical and electronics industry uses technical and industrial grade polyurethane coatings for insulation and protection of electronic circuits. The wood and furniture industry employs these coatings for decorative purposes. Polyurethane coatings are applied using various methods such as brush, roller, or spraying. The market for polyurethane coatings is driven by the increasing demand from the transportation, construction, and electrical and electronics industries. Polyisocyanates, including methylene diphenyl diisocyanate and toluene diisocyanate, are key raw materials used in the production of these coatings. The packaging industry uses polyurethane coatings in cans to ensure their longevity. Radiation cured and waterborne polyurethane coatings are gaining popularity due to their low-temperature flexibility and environmental friendliness.
The growing demand from the transportation industry is notably driving the market growth. Polyurethane coatings are used in commercial transportation applications. It helps reduce the carriers' weight and cost by enabling thinner vehicle wall construction, lesser steel support structures, and fewer mechanical fasteners. Polyurethane coatings are used in trains, vehicles, and marine boats in components such as body panels, front and rear systems, surrounding wheel covers, and grilles.
However, the superior gloss, durability, and cost-effectiveness of paints and coatings further make them popular among automakers. There is a rise in investments in public transportation in various parts of the world. Governments across the globe are investing in developing transportation infrastructure to increase connectivity and ensure the smooth passage of cargo and passengers. Such investments by governments across the globe are fueling the demand from the transportation sector.
Increasing demand for waterborne polyurethane coatings is one of the major market trends. The waterborne polyurethane coatings offer various benefits and are extensively used in industries such as automobiles, buildings and construction, marine, oil and gas, aerospace, and mining. These coatings are used as primers as they offer excellent resistance to heat and abrasion and provide superior adhesion. Due to low VOC levels and hazardous air pollutant (HAP) emissions, waterborne coatings are less toxic and flammable.
Moreover, unlike solvent-borne coatings with severe environmental impact, waterborne polyurethane coatings release fewer organic compounds. Waterborne coatings are relatively more cost-effective than solvent-borne coatings and do not require additives, thinners, or hardeners. Also, relatively low quantities of waterborne polyurethane coatings are required to cover a surface area compared to other variants. As a result, the demand for waterborne polyurethane coatings is growing at a considerable rate worldwide.
Volatility in the prices of raw materials is the major challenge impeding market growth. Petrochemical feedstock required for manufacturing coatings includes binders and solvents such as polyesters, alcohols, and epoxy resins. Crude oil and natural gas are the basic raw materials used for producing binders. Fluctuations in crude oil prices will have a direct impact on the cost of feedstock. Each petrochemical feedstock has a different correlation with the pricing of oil, which is influenced by factors such as the demand and supply of feedstock, the manufacturing process, and the region of production. Volatile prices of petrochemical feedstock will lead to volatility in resin prices.
Further, polyurethane coatings are not compatible with all types of surfaces. For instance, single-part coatings are mostly cured using heat. The two-part polyurethane coating is used to coat a thermally sensitive material. Silicon conformal coating is generally applied as a thicker coat and thus cannot be applied to small components. Moreover, polyurethane cannot be used on metal surfaces such as stainless steel and gold due to its mechanical adhesion techniques. These factors pose a challenge in identifying materials for specific substrates, which will hamper the market growth and trends during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. The market forecasting report focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market share growth of the wood and furniture segment will be significant during the forecast period. The growth in the global wooden furniture market is fueling the demand. The rapid growth of the wooden furniture market in developing economies such as India and China is driven by increasing demand for home and office furniture. Consumer preference for hardwood and softwood-based furniture is anticipated to boost the demand globally. An increase in the construction of office buildings, commercial complexes, and residential buildings, led by rapid urbanization across the globe, is also driving the demand.
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The wood and furniture segment was valued at USD 6.24 billion in 2018. The growth of residential construction activities in North America will increase the demand for household furniture such as beds and mattresses, storage units, tables and tabletops, chairs, sofas, recliners, and other luxury wood products, which will drive the market. Thus, the wood and furniture segment is anticipated to grow at a moderate growth rate which boosted the demand. Such factors are expected to boost the segment's growth during the forecast period.
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APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth in the commercial and residential construction sector and the increasing investments in economic development in the region are likely to fuel the demand in end-user industries such as wood and furniture, electrical and electronics, automotive, and transportation. Such new infrastructure development is expected to fuel the demand during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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Polyurethane coatings are a type of protective coating widely used in various industries due to their exceptional properties such as chemical resistance, abrasion resistance, and impact resistance. These coatings are available in different forms, including powder, solvent borne, and water borne. The powder polyurethane coatings segment is expected to witness significant growth due to its eco-friendly nature and easy application process. The transportation sector is a major end-user of polyurethane coatings, particularly in the automotive industry for refinish applications. In the construction industry, these coatings are used for industrial flooring and protective coatings for concrete and metal substrates. The electrical and electronics industry utilizes polyurethane coatings for chemically resistant coatings. Isocyanates and polyols are the primary raw materials used in the production of polyurethane coatings.
Further, the market is segmented into technical grade and industrial grade based on the application. The market for water-based polyurethane coatings is growing due to environmental protection regulations. The aerospace industry uses epoxy polyamide polyurethane for coating applications due to their high performance and durability. The textile industry uses these coatings for fabric protection. The medical devices industry uses these coatings for OEM applications. Polyurethane coatings are applied using various methods such as spray, brush, and roller. The substrate materials include concrete, metal, wood, plastic, and fabric. The market is segmented into packaging cans, plastic drums, and others based on the packaging type. The market is expected to grow significantly due to the increasing demand for high-performance coatings in various industries.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
188 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
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Market growth 2024-2028 |
USD 11.38 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.23 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Akzo Nobel NV, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Covestro AG, Crown Polymers Corp., Dow Inc., Endura Manufacturing Co. Ltd., Evonik Industries AG, Huntsman Corp, IVM Chemicals Srl, Jotun AS, Lanxess AG, Mitsubishi Chemical Group Corp., PPG Industries Inc., RPM International Inc., The Sherwin Williams Co., Tuff Coat Polymers Pvt. Ltd., VCM Polyurethanes Pvt. Ltd., and Warren Paint and Color Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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