Polyurethane Coatings Market to Show Promising Growth with A 7.3% CAGR

Pune, India, May, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Polyurethane Coatings Research Report

Global Polyurethane Coatings Market– Overview

The properties of polyurethanes have benefitted the growth of its industry by their application in various sectors. Market focused reports related to the chemicals and materials sector among others recently have been made available by Market Research Future which publishes reports on this sector. The Polyurethane Coatings Market Size was valued at USD 18.55 Billion in 2022. The Polyurethane Coatings industry is projected to grow from USD 19.69 Billion in 2023 to USD 27.67 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.13% during the forecast period (2023 - 2030)

The flexibility and toughness of polyurethane coatings have led to their amplified use in the transportation and automotive sector. The anti-corrosive and anti-abrasive properties have intensified their application in products of various end user sectors. Use of polyurethane coatings in flooring applications have provided additional opportunities for growth of the industry. Exceptional weathering performance characteristics have further increased the expansion of the market.

Industry Segments

The segmentation of the polyurethane coatings industry globally is broadly segmented on the basis of end users, technology and region. The technology based segmentation of the market comprises of spray, powder, solvent-borne, water-borne, and others such as high solids and acrylic based. The end user segment of the market consists of aerospace industry, automotive, construction, household industry, electronics industry among others such as transportation, textile. Finally, on the basis of region the market is segmented into Europe, APAC, Latin America, North America and Middle East & Africa.

Detailed

Regional Analysis

The industry of polyurethane coating which comprises of the Asia Pacific region as one  key markets has the largest market for polyurethane coatings owing to demand in numerous end user markets such as the aerospace and automotive industries in China followed by Japan. Growing demand for automotive product offerings in nations such as Taiwan, India and South Korea have led to the Asia Pacific region becoming the main consumer of the polyurethane coatings industry globally followed by growth in the consumption of polyurethane coatings in the North America region. The third largest market in the industry is the European region. The Middle East and Latin American region have also observed significant growth in the industry due to the innumerable applications for the industry such as aerospace industry, construction, household industry, automotive, electronics industry among others.

Global Competitive Analysis

Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value. This state of events has shaped the opportunities for improvements in portfolio along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.

The major players shaping the competitive landscape of the market include Valspar Corporation (US), Akzo Nobel N.V. (Europe), Sherwin Williams Company (US), Axalta Coating Systems, LLC (US), PPG Industries, Inc. (US), Evonik Industries (Europe), Asian Paints Limited (India), BASF SE (Europe), Covestro AG (Europe), Jotun A/S (Europe) and others. 

Industry Update:

Apr 2018 Covestro AG has recently made public information that its first-quarter net profit have risen by more than 35 percent mainly due to higher prices and robust demand. The firm also stated that their polyurethanes and polycarbonates divisions were the main drivers for the sales of the firm, as higher prices through all regions have balanced the unfavorable currency swings and slight decline in volumes.

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