May 26, 2024
Polyurethane Resins Paints and Coatings Market

Polyurethane Resins Paints And Coatings Market Growth Is Driven By High Demand For Durable And Eco-Friendly Coatings

Polyurethane resins paints and coatings are extensively used across various end-use industries owing to their properties such as high durability, chemical and corrosion resistance, and weatherability. These coatings are increasingly being adopted in industries such as construction, automotive, and furniture due to their eco-friendly nature. They provide long-lasting protection and gloss retention. Their resistance to UV radiation and weathering makes them suitable for outdoor applications as well. The growing infrastructure development activities along with the expanding automotive industry are fueling the demand for polyurethane resins paints and coatings globally.

The Global Polyurethane Resins Paints And Coatings Market Size is estimated to be valued at US$ 40673.14 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends gaining traction in the market is the increasing usage of water-based polyurethane coatings. Water-based polyurethane coatings are environment-friendly and emit lower volatile organic compounds (VOCs) as compared to solvent-based coatings. Stringent environmental regulations regarding VOC emissions are propelling the demand for water-based polyurethane coatings. Moreover, advancement in water-based coating technology has improved the performance characteristics of these coatings. They provide excellent gloss, durability, and chemical resistance comparable to solvent-borne polyurethane coatings. Owing to their eco-friendly nature and superior performance, water-based polyurethane coatings consumption is expected to rise considerably over the forecast period.

Porter’s Analysis

Threat of new entrants: The global polyurethane resins paints and coatings market has moderate threat of new entrants due to established production facilities and long term contracts with major end-use industries.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple options from various domestic and international manufacturers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from few suppliers across the globe.

Threat of new substitutes: Threat from substitutes is low as polyurethane resins paints and coatings have enhanced properties and performance advantages over other products.

Competitive rivalry: The global market is consolidated in nature with key players adopting strategies like product differentiation, capacity expansion and partnerships.

Key Takeaways

The global polyurethane resins paints and coatings market is expected to witness high growth over the forecast period supported by increasing applications in construction and automotive industries. The global Polyurethane Resins Paints and Coatings Market is estimated to be valued at US$ 40673.14 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific dominated the market in 2021 owing to high economic growth and increasing manufacturing & construction activities in major countries like China and India. Moreover, growing automotive production is also expected to drive the demand.

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 expansions to gain higher market share.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it