The new report by Expert Market Research titled, ‘Global Polyurethane Coating Market Analysis, Size, Share, Trends, Growth, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global polyurethane coating market report, assessing the market based on its segments like type, end user, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
Polyurethane Coating Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 17.4 billion
• Forecast CAGR (2023-2028): 5.48%
• Forecast Market Size (2027): USD 24 billion
Polyurethane coating’s increasing use in the automotive and transportation industries is propelling the market forward. Polyurethane coatings are widely used in the automobile industry as a primer, intermediate coat, and finishing paint. Furthermore, the market’s expansion is being accelerated by growing industrialisation and urbanisation.
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Furthermore, rising sales of commercial and passenger vehicles in emerging economies are expected to boost market growth throughout the forecast period. These factors are expected to drive the market for global polyurethane coating market during the forecast period.
Polyurethane Coating Industry Definition and Major Segments
Polyurethane coating is a polymer that has a chain of organic units and is used to protect the surface of a substrate. Corrosion, weathering, abrasion, and other degrading processes are all prevented by polyurethane coating. Polyurethane coatings also offer excellent tensile strength, modulus, percent elongation, and shore hardness.
By type, the market is divided into:
• High Solids
• PU Powder Coating
By end user, the market is divided into:
• Automotive and Transportation
• Wood and Furniture
• Textile and Apparels
• Electrical and Electronics
By region, the market is categorized into:
• North America
• The Asia Pacific
• Latin America
• The Middle East and Africa
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Polyurethane Coating Market Trends
Water-borne polyurethane coatings’ favourable qualities, such as surface hardness, high performance in low-temperature, and user-friendliness, among others, are driving demand in a variety of end-use sectors. In addition, the growing use of water-borne polyurethane coatings on solvent-sensitive substrates is expected to boost market growth throughout the forecast period.
The Asia Pacific polyurethane coating market is driven by rising protective coatings investments and increased construction activity in the region as a result of rapid urbanisation and rising living standards. The industry has been propelled even further by the huge development in indigenous manufacturing in countries such as India and China. Furthermore, the market is expected to benefit from the strong presence of various manufacturers in the region over the forecast period.
Key Market Players
The major players in the market are Akzo Nobel N.V., BASF SE, Sherwin-Williams Company, PPG Industries, Inc., and Axalta Coating Systems, LLC, among Others.
The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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