Polyurethane Coating Market

Polyurethane Coating Market Size & Growth (2023-2028):

The polyurethane (PU) coatings market Growing at a CAGR  of 5.4% expected to reach and it's revenue of $ 19,669.0 Million by 2028

Polyurethane coating is a polymer made up of a chain of organic units linked by urethane bonds that results from the reaction between an isocyanate component and a resin mixture made only with resins containing hydroxyls.

Polyurethane Coating Market Trends:

Most of the primers used in automotive coatings use a cathodic electrical deposition process which accounts for nearly 90% of cathodic electrophoretic paint. Polyurethane coatings are used for OEM and finishing applications. Polyurethane epoxy polyamide and polyurethane acrylic coatings are commonly preferred coatings in the industry. Despite a period of encouraging growth in the automotive sector over the past decade, momentum has slowed in recent years. Sales and production of new vehicles are down in various regions of the world, including Europe, Asia-Pacific, and the United States. This affected the previously growing auto production in most countries. Business models, markets, and the competitive landscape are changing. This slows down the demand for the polyurethane coatings market.

Polyurethane Coating Market Drivers:

With growing concerns about environmental pollution from gasoline and diesel vehicles, the production of electric vehicles is expected to accelerate over the next five years. This is expected to drive the demand for polyurethane coatings during the forecast period.

Polyurethane Coating Market Restraints:

The decline of the auto industry and the negative impact of the COVID-19 pandemic are likely to hamper the market growth. The volatility of raw material prices coupled with the expensive nature of new technologies hinders the growth of the Polyurethane Coatings market during the aforementioned forecast period.

Challenges in the Polyurethane Coating Market:

The volatility of raw material prices coupled with the expensive nature of new technologies may challenge the growth of the polyurethane coatings market during the forecast period mentioned above. However, water-based polyurethane and 100% solid polyurethane coatings have maintained their position in the market. In addition, suppliers are minimizing the use of isocyanides in polyurethane coatings and reorienting their manufacturing strategies, and making the product environmentally friendly.

 POLYURETHANE COATING MARKET REPORT COVERAGE:

Polyurethane Coating Market Segmentation:

By Product:

• Flexible Foam
• Rigid Foam

The rigid foam products segment dominated the market and accounted for over 31.0% of global sales in 2020. Rigid polyurethane foams are high-performance-closed cell plastics used in end-use industries such as transport, packaging and industrial insulation, and electrical appliances, due to their structural stability, which helps manufacturers design thermal insulation products.

 By End Use:

• Construction
• Electronics & Appliances

The demand for PU in construction applications is expected to experience significant growth during the forecast period due to several beneficial characteristics of PU foams, including excellent thermal insulation, lightness, chemical inertia, and resistance to bacteria and to parasites. Growing urbanization and industrialization, especially in emerging economies such as China and India, as well as increased infrastructure development activities in the Middle East, are expected to drive the growth of the global industry of construction, which in turn will stimulate demand for products.

Polyurethane Coating Market Regional Analysis:

The Polyurethane Coating Market Report includes the segmentation of Regions:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

The country grew around 6.1% of its GDP in 2020, even after trade disruptions caused by its trade war with the United States. Initially, China's economic growth rate in 2020 was expected to be moderate compared to the previous year. However, due to the emergence of COVID-19 in 2020, China's economic growth is expected to contract to 1.90% and is expected to recover to a rate of 8.20% in 2021. With the growth in investment and construction activities in the country, the demand for polyurethane coatings is expected to increase during the forecast period. Income levels are expected to increase. households, as well as population migration from rural to urban areas. continue to stimulate demand from the residential construction sector in the country. The increased focus on affordable housing by the public and private sectors is also boosting the growth of the residential construction sector. The Chinese auto industry is the largest in the world, with a production share of just over 28% in 2020. The industry experienced a slowdown in 2018, with both production and sales declining.

The Uncertainties in the automotive industry are expected to affect the studied market. China's aerospace policy represents one of the most comprehensive attempts to achieve the highest levels of aerospace development and production. China is expected to be the world's largest market for the sale of civilian aircraft over the next 20 years. China has the world's largest electronics production base. Electronic products, such as smartphones, televisions, wires, cables, portable computing devices, game systems, and other personal electronic devices recorded the strongest growth in the electronics segment. The country not only serves the domestic demand for electronic products but also exports electronic products to other countries. In China, with the increase in disposable income of the middle-class population and the growing demand for electronic products, in countries that import electronic products from China, the production of electronic products is expected to increase, thereby benefiting the studied market.

Recent Developments in the Polyurethane Coating Market:

• In March 2021, PPG Expands Its Highly Durable PITTHANE Urethane Coatings Line with New Low Gloss, Low Volatility Organic Compound Solution

• In May 2016, Hybrid Fortune 500 Partner Launches Green Polyurethane™ Based Coating Product

• In September 2020, Toyochem launches a new biodegradable polyurethane adhesive

Polyurethane Coating Market Key Players:

• Akzo Nobel N.V.
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Rpm International Inc
• Axalta Coating Systems, LLC
• Asian Paints
• BASF SE
• Bayer CropScience Limited
• Jotun
• The Valspar Corporation.