by Polyurethane resins are widely used in various paints and coatings due to their excellent durability, versatility and customizability which makes them suitable for diverse applications. Polyurethane resins provide tough protective coatings that are resistant to weather, chemicals and corrosion and can extend the life of materials that they coat. They are used in architectural, industrial, automotive, furniture, electronics and various other sectors. The global Polyurethane Resins Paints and Coatings Market is estimated to be valued at US$ 35306.54 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers of growth in the polyurethane resins paints and coatings market is their versatility which allows them to be tailored for a wide variety of applications. Their properties can be modified by altering the chemical structure or adding additives to suit specific performance requirements. This has led to their increasing use in new applications such as transportation coatings for aircraft and ships where durability and corrosion resistance are critical. Their increasingly customizable nature is helping polyurethane resins gain share from other resin types and expand into new market segments. Innovation in polyurethane resin chemistry is expected to further increase their versatility and suitability for diverse applications over the forecast period.
Segment Analysis
The polyurethane resins paints and coatings market is dominated by the architectural segment. Polyurethane resins find wide application in architectural coatings owing to their durability and weather resistant properties. These coatings are applied on roofs, walls, floors, and other exterior and interior architectural structures to protect them from wear and tear, UV radiation, moisture, chemicals, and other environmental factors. The growing construction industry, thereby increasing the demand for durable and aesthetical roof and wall coatings, is driving the architectural segment.
Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Share is expected to witness high growth over the forecast period.
Regional analysis: Asia Pacific accounts for the largest and fastest growing regional market. The booming construction industry in countries like China and India is driving the demand for polyurethane resins paints and coatings in architectural applications. Moreover, the growing automotive manufacturing in countries like China, Japan, South Korea, and India is augmenting the market growth.
Key players: Key players operating in the polyurethane resins paints and coatings market are F. Hoffmann-La Roche Ltd, Becton Dickinson & Company, Cepheid (Danaher),Siemens Healthineers, Abbott, Diasorin S.p.a., Thermo Fisher Scientific Inc. , Qiagen, BIOMÉRIEUX, Hologic Inc., Bio Rad Laboratories, Quidel Corporation, EKF Diagnostics, SEKISUI Diagnostics, DiaSys-Diagnostic Systems GmbH, InBios International, Inc., Jiangsu Mole Bioscience Co., Ltd., ACON Laboratories, Inc., Visby Medical, Inc., UNIMA, INC. These players are focusing on new product launches and expansion strategies to gain leading position in the market.
