Polyurethane Coatings Market Analysis
The global polyurethane coatings market is predicted to grow at a 7.3% CAGR over the forecast period (2016-2023), states the new Market Research Future (MRFR) report. A polyurethane coating, simply put, is a layer of polyurethane which is applied to the surface of the material to protect it. This coating helps to protect the base material against abrasion, weathering, corrosion, and other processes which may degrade the material with time. Polyurethane coatings are of different types, including muted, glossy, transparent, and opaque. It has excellent properties such as high optical properties, good weathering features, high flexibility, higher durability, low-temperature curing, and high corrosion and abrasion resistance, among others.
Various factors are propelling the polyurethane coatings market growth. These factors in accordance to the MRFR report, include growing demand for durable and lightweight products in the electronics, construction, and automotive industries, and increasing demand for surface coating in floor and bridges, ships and containers, gas pipeline, and storage tanks.
On the contrary, strict environmental policies due to release of toxic gases while burning fossil fuels, fluctuating cost of raw materials, high cost of new technologies, and challenges in the production process are factors that may impede the polyurethane coatings market growth over the forecast period.
Polyurethane Coatings Market Segmentation
The MRFR report provides a complete segmental analysis of the COVID-19 analysis on polyurethane coatings market growth on the basis of end use industry and technology.
Based on technology, the polyurethane coatings industry is segmented into powder, spray, water-borne, solvent-borne, and others.
Based on end use, the polyurethane coatings market size is segmented into electronics, construction, household, aerospace, automotive, and others. Of these, the automotive segment will lead the market over the forecast period.
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Polyurethane Coatings Market Regional Analysis
By region, the polyurethane coatings market production report covers the latest trends and growth opportunities across the Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Of these, the APAC region will lead the market over the forecast period. This is owing to its growing demand in different applications, especially in the construction, electrical, aerospace, and automotive industry in Japan, India, and China. Besides, the burgeoning demand for polyurethane coatings in the construction industry in Thailand, Indonesia, and India are also predicted to boost the market growth. Moreover, the growth of electric cars in China, the growing automotive industry, and increasing industrialization, are also propelling the market growth in this region.
The polyurethane coatings application market in North America will have the second-largest share in the market over the forecast period. The US is the key contributor in this region owing to huge growth in the automotive and construction industry.
The polyurethane coatings market in Europe is predicted to have favorable growth over the forecast period. Switzerland, Germany, France, and the UK are the key contributors in this region.
The polyurethane coatings market in Latin America is predicted to have significant growth over the forecast period. This is owing to high growth potential and the reviving economy of Mexico and Brazil.
The polyurethane coatings market in the Middle East and Africa is predicted to have considerable growth over the forecast period. This is owing to the significant growth opportunities provided by the construction sector.
Leading players profiled in the polyurethane coatings market report include Evonik Industries AG (Germany), Jotun A/S (Norway), Covestro AG (Germany), BASF SE (Germany), Asian Paints Limited (India), Axalta Coating Systems, LLC (US), PPG Industries, Inc. (US), Sherwin Williams Company (US), Valspar Corporation (US), and Akzo Nobel NV (Netherlands), among others. Key players are incorporating various strategies to create a foothold in the market such as partnerships, research and development, expansions, mergers and acquisitions, and more.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.