by Soft touch polyurethane coatings are extensively used for various end-use applications owing to their unique tactile properties and durability. They provide a smooth, silky-soft appearance and texture to surfaces without being tacky. Soft touch polyurethane coatings are notably used in the automotive industry for interior and exterior parts, mainly instrument panels, consoles, door trims, leather seats etc. as they offer long-lasting protection and esthetic appeal to vehicles.
The global 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 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The automotive industry has emerged as a major end-user for soft touch polyurethane coatings owing to their superior performance characteristics such as resistance to UV radiation, scratches, impacts and fungal/bacterial attacks. They provide a luxurious appeal to the interior of automobiles while retaining protection against wear & tear even under adverse conditions. Aesthetic components in vehicles require high-quality finishes that are touch-sensitive. Hence, the growing automotive industry worldwide especially in developing regions is driving significant demand for soft touch polyurethane coatings. Their ability to impart an elegant soft touch while providing longevity makes them preferred materials for automotive parts manufacturing. This is expected to continue propelling the growth of soft touch polyurethane coatings market over the forecast period.
SWOT Analysis
Strength: Soft touch polyurethane coatings exhibit properties like good flexibility, durability and chemical resistance. They provide a premium luxurious feel to the surfaces.
Weakness: These coatings have limited applications as they can only be used on surfaces that requires a soft feel. They also have high production costs.
Opportunity: Growing demand for soft textured functional coatings from automotive and footwear industries offers huge opportunities. Increasing consumer spending on premium products further boost the market.
Threats: Presence of alternatives like thermoplastic polyurethane coatings and strict environmental regulations related to VOC emissions pose threats.
Key Takeaways
Global Soft Touch Polyurethane Coatings Market Size is expected to witness high growth. The market size is projected to reach US$ 7.71 Billion by 2023, growing at a CAGR of 6.3% during the forecast period of 2023 to 2030.
Regional analysis
Asia Pacific dominates the global market and is projected to continue its dominance owing to high demand from automotive, construction and footwear industries in China, India, Japan and other developing nations. Growing vehicle production and increasing consumer spending is propelling the regional market growth.
Key players
Key players operating in the soft touch polyurethane coatings market are Sovereign S.p.A, Cristal, BCM Coatings LLC, Textrega s.r.o, Soft Touch Coatings Ltd., Hexis UK Ltd., and Dura Coat Products Inc. among others. Increasing R&D investments and new product launches are the major strategies adopted by leading market players to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
