by The Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soft touch polyurethane coatings are premium coatings used to provide textured and matte finish on various surfaces. They provide a silky smooth feel with rich visual appeal. These coatings are widely used in automotive interiors, consumer electronics, furniture and appliances to provide an elegant look and feel. They offer excellent abrasion and chemical resistance along with durability. Variants like water-based and solvent-based polyurethane coatings are available based on the substrate material and coating application.
Market Dynamics:
Rising automotive production is a key factor driving the growth of soft touch polyurethane coatings market. As per OICA, global passenger car production increased from around 69 million units in 2017 to over 75 million units in 2021. Growing emphasis on interior aesthetics and premiumization is prompting automakers to use soft touch coating for interior trims, door panels and instrument panels. Secondly, increasing demand for consumer electronics and home appliances is also supporting market growth. Rapid urbanization, improving standards of living and growing inclination towards modern interior aesthetics are fueling the sales of coated home furniture which in turn is boosting the demand for soft touch polyurethane coatings.
Segment Analysis
The global soft touch polyurethane coatings market is dominated by the furniture segment. Soft touch polyurethane coatings have high preference in furniture manufacturing due to their smooth finish and resistance to scratches. These coatings provide a silky smooth texture to furniture along with protecting it from marks and abrasions. This has resulted in furniture emerging as the largest application segment in the market.
Pest Analysis
Political: Any changes in environmental regulations regarding VOC emissions can impact the market. Many regions have stringent regulations for coating products used in industries.
Economic: Growth of the construction and furniture industries will drive the demand for soft touch polyurethane coatings. Rapid urbanization in developing nations is augmenting infrastructure development.
Social: Increasing consumer preference for premium and durable furniture will influence coatings manufacturers to provide advanced polyurethane coatings.
Technological: Manufacturers are investing in developing bio-based polyurethane coatings through new techniques to reduce dependency on petroleum-derived raw materials.
Key Takeaways
The Global Soft Touch Polyurethane Coatings Market Demand is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing infrastructural activities and construction spending globally. The market size for 2023 is estimated to be US$ 7.71 Bn.
The Asia Pacific region dominates the global market and is expected to maintain its lead over the forecast period due to high presence of paints & coatings manufacturers and rapidly expanding construction and automotive industries in China, India, and other Asian countries.
Key players operating in the soft touch polyurethane coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. These players are focusing on new product launches to expand their global presence. For instance, Sherwin Williams launched several polyurethane coating ranges for furniture protection.
Regional analysis
The Asia Pacific region is the fastest growing market for soft touch polyurethane coatings. Countries like China, India, Japan, and South Korea are major contributors to the Asia Pacific market. This can be attributed to high production of automobile & electronic goods and increasing disposable income leading to uptake of durable furniture.
Key players
Key players operating in the soft touch polyurethane coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
