The Global Polyurethane Coating Market is expected to witness significant growth due to the increasing population and the subsequent need for infrastructure development worldwide. Polyurethane coatings are widely utilized for their chemical resistance, abrasion resistance, and weathering properties in both exterior and interior coatings. Among the product types, water-based polyurethane coatings are experiencing the fastest growth due to their high performance in low temperatures, surface hardness, and user-friendliness. As industries seek high-performance coatings with advanced attributes, the demand for polyurethane coatings is projected to surge during the forecast period.
According to Data Bridge Market Research, the global polyurethane coating market was valued at USD 18.00 billion in 2021 and is expected to reach USD 27.62 billion by 2029, registering a CAGR of 5.50% during the forecast period of 2022-2029.
“The high usage of polyurethane coatings facilitates market growth”
The high usage of polyurethane coatings is a driver of the global polyurethane coating market due to their unique properties. Polyurethane coatings offer exceptional durability, chemical resistance, and flexibility, making them suitable for various applications in industries such as automotive, construction, aerospace, and electronics. These coatings provide protection against corrosion, abrasion, and weathering, extending the lifespan of coated surfaces. The increasing demand for high-performance coatings with superior attributes drives the adoption of polyurethane coatings, propelling the growth of the global market.
What restraints the growth of the global polyurethane coating market?
“The high initial and overall costs of polyurethane coatings”
The high initial and overall costs of polyurethane coatings act as a restraint in the global polyurethane coating market. Polyurethane coatings are known for their exceptional properties and durability, making them popular in various industries. However, the manufacturing and application processes involve higher expenses compared to conventional coatings. Additionally, specialized equipment and skilled labor are required for proper application, adding to the overall costs. These factors may limit the adoption of polyurethane coatings, especially in price-sensitive markets and industries, impacting the growth of the market.
Segmentation: Global Polyurethane Coating Market
The polyurethane coating market is segmented on the basis of application method, substrate material, grade, packaging, product type, application, and end use industry
- On the basis of application method, the polyurethane coating market is segmented into spray, brush, and roller.
- On the basis of substrate material, the polyurethane coating market is segmented into concrete, metal, wood, plastic, fabric, and others.
- On the basis of grade, the polyurethane coating market is segmented into technical grade and industrial grade.
- On the basis of packaging, the polyurethane coating market is segmented into cans, plastic drums, and others.
- On the basis of product type, the polyurethane coating market is segmented into water-based, solvent-based, powder-based, and others.
- On the basis of application, the polyurethane coating market is segmented into pavement, industrial flooring, metal roofs, pipeline externals, automotive finishes, wind turbines, industrial equipment, airport hangar floors, and others.
- On the basis of end use industry, the polyurethane coating market is segmented into construction, automotive, electronics, textile, power, and energy industry.
Regional Insights: Asia-Pacific dominates the Global Polyurethane Coating Market
Asia-Pacific holds the leading position in the polyurethane coating market, driven by its widespread applications in industries like automotive, aerospace, and construction. The region's rapid economic growth and industrialization have increased the demand for polyurethane coatings for various purposes, boosting market share and revenue.
In the Middle East and Africa, the construction industry's development is a major driver of the polyurethane coating market. With increasing infrastructure projects and urbanization, the demand for protective and decorative coatings in the construction sector is expected to propel market growth in the region from 2022 to 2029.
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Recent Developments in Global Polyurethane Coating Market
- In February 2021, PPG Industries, Inc. successfully acquired VersaFlex, a company known for providing polyurethane and other coatings for diverse applications in transportation, industrial, water, and wastewater infrastructure sectors. This strategic acquisition is expected to strengthen PPG's portfolio and expand its offerings in the coatings market.
- In February 2021, The Sherwin-Williams Company completed the acquisition of Tennant Coatings, known for its indoor and outdoor coatings systems catering to various industries and applications. This acquisition has contributed to the growth of Sherwin-Williams' coatings business, allowing them to offer a broader range of solutions and enhance their position in the coatings industry.
The Prominent Key Players Operating in the Global Polyurethane Coating Market Include:
- Akzo Nobel N.V. (Netherlands)
- PPG Industries, Inc. (U.S.)
- The Sherwin-Williams Company (U.S.)
- DOW (U.S.)
- Axalta Coating System (U.S.)
- BASF SE (Germany)
- Jotun (Norway)
- Covestro AG (Germany)
- Huntsman International LLC. (U.S.)
- Mitsubishi Chemical Corporation (Japan)
- Mapei S.p.A (Italy)
- Eastman Chemical Company (U.S.)
- Tosoh Corporation (Japan)
- Asahi Kasei Chemicals Corporation (Japan)
- Mascoat (U.S.)
- Asian Paints (India)
- The Valspar Corporation (U.S.)
- VCM Polyurethanes Pvt. Ltd (India)
- Tuff Coat Polymers Pvt. Ltd (India
- deckencoatings (India)
Above are the key players covered in the report, to know about more and exhaustive list of global polyurethane coating market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Polyurethane Coating Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
