Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Polyurethane Coatings Market size is expected to grow in terms of consumption at 3781.62 KT by 2023. The market witnessed a significant growth over the forecasted period owing to growing applications such as into automotive, aerospace industry, household industry, construction, electronics industry, and others.
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Polyurethane Coatings Market: 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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
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The global 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, fiber 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.
Furthermore, on the basis on end user, the global 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.
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In addition, in construction industry, it is also used in the footwear industry, coating and adhesives, and freezers industry. Polyurethane coatings is also used in the production of medical gloves and manufacturing of furniture products.
The major driving factors of polyurethane coatings market are growing demand from automobile industry from various region including APAC, North America, Europe and Middle East. In addition, the increasing demand from automotive, construction and aerospace industry is expected to fuel market growth of polyurethane coatings in near future. Strict environmental regulations due to health issues from polyurethane coatings are expected to hamper the growth of polyurethane coatings.
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