The use of polyurethane coating is to improve operational efficiency and save energy. Polyurethane coating is mostly employed on marine equipment to shield it from the elements due to its benefits, including energy-saving potential. As a result, increased demand for polyurethane coating is projected to fuel market expansion.
Data Bridge Market Research shows that the Polyurethane Coating Market accounted for USD 18.00 billion in 2021 and is expected to reach USD 27.62 billion by 2029. The market is expected to grow with a CAGR of 5.50% from 2022 to 2029.
"High Usage of Polyurethane Coating Due to Unique Properties Will Aid Growth"
High elongation, UV resistance, abrasion resistance, and low VOCs are just a few unique properties of polyurethane coatings that make them in high demand. As a result, the demand for polyurethane coatings is seen across various industries, including those in automotive and transportation, aerospace, wood and furniture, construction, and others, which are anticipated to significantly influence the market's growth rate over the coming years.
What restraints the growth of the Polyurethane Coating Market?
"High Initial and Overall Costs of Polyurethane Coating Are Expected to Hamper the Market's Growth"
The product's high starting cost will constrain the expansion of the polyurethane coating market. This is due to affordability concerns being further exacerbated by the high pricing, which lowers the adoption rate. Since proper surface preparation is necessary before application to prevent corrosion, polyurethane coatings are more expensive. Because of this, the erratic nature of raw material prices, and the high cost of new technologies, the polyurethane coating market is projected to grow slowly throughout the forecast period.
Segmentation: 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.
- Based on application method, the polyurethane coating market is segmented into spray, brush, and roller.
- Based on substrate material, the polyurethane coating market is segmented into concrete, metal, wood, plastic, fabric, others.
- Based on grade, the polyurethane coating market is segmented into technical grade and industrial grade.
- Based on packaging, the polyurethane coating market is segmented into cans, plastic drums, and others),
- Based on product type, the polyurethane coating market is segmented into water-based, solvent-based, powder-based, and others.
- Based on application, the polyurethane coating market is segmented into pavement, industrial flooring, metal roofs, pipeline externals, automotive finishes, wind turbines, industrial equipment, airport hanger floors, and others.
- Based on end use industry, the polyurethane coating market is segmented into construction, automotive, electronics, textile, power and energy industry.
Regional Insights: North America is expected to dominate the Polyurethane Coating Market
North America is expected to dominate the market due to the region's prominence of the biotechnology and pharmaceutical industries and the rise in spending on research and development.
In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2022 to 2029 due to expanding personal disposable income and rising quality-related concerns by the food and beverage sector and the general public.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-polyurethane-coating-market
Recent Developments in Polyurethane Coating Market
- In 2021, PPG Industries, Inc. declared that it had successfully acquired VersaFlex from DalFort Capital Partners. This business offers polyurethane and other coatings for various applications, including water and wastewater infrastructure, transportation, and other industrial and commercial settings.
- In 2021, Tennant Coatings, which provides outdoor and indoor coatings systems for various end-user industries and applications, was purchased by The Sherwin-Williams Corporation. The company's coatings business has increased as a result.
The Prominent Key Players Operating in the 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)
Above are the key players covered in the report, to know about more and exhaustive list of 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.
