Soft Touch Polyurethane Coatings Market Size, Share, Demand & Growth by 2031
Driven by adoption of ultra violet (UV) curable polyurethane (PU) dispersion coatings and growing preference for water based formulations, the soft touch polyurethane coatings market is forecast to reach valuation of US$ 6430 million by the end of 2021.
As per newly released data by Future Market Insights
(FMI), global sales of overall soft touch polyurethane coatings
market enjoyed year-on-year (YoY) growth of 3.50% in 2021 to
total 313 kilotons. The sales are expected to grow 1.97X and reach 617 kilotons
by the end of 2031, says Future Market Insights.
Soft touch polyurethane coatings are all-rounder in
terms of application as they are extensively used in coating automotive
and aircraft interior components like arm rest, door trims and front
control panels to protect them from constant wear and tear.
Increasing adoption of ABS plastics in making automotive
interiors will accelerate the demand for soft touch polyurethane coatings in
upcoming years. They also play an integral role in improving overall look and
design of consumer electronic devices like mobiles and laptops while
simultaneously protecting them from scratches.
The cover and body of consumer electronics are
required to have organoleptic properties. Increased demand for high quality
covers has led to an increase in demand for soft touch polyurethane coatings
for its properties like resistance to yellowing, scratching, and abrasion.
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Key Takeaways from FMI’s Soft Touch
Polyurethane Coatings Market Study
- North
America soft touch polyurethane coatings market is forecast to expand at
5.10% CAGR during the assessment period owing to rising cases of insect
infestation among American household and thriving wood work and furniture
industry in U.S. and Canada.
- Europe
soft touch polyurethane coatings market will grow at 5.8% CAGR from 2021
to 2031, driven by rising production of automotive interiors made from
acrylonitrile butadiene styrene (ABS) and elevated export and
production of soft touch polyurethane coatings in the region.
- Japan
and South Korea will hold more than 14% of the global market share in
2021, backed by increasing production and demand of electronic components
made in these countries and strict regulations regarding control emission
of VOCs in these regions.
- Ultraviolet
soft touch polyurethane coating segment is expected to grow at more than
8.1% CAGR throughout the forecast period due to its high demand of such
coatings in packaging industry due to its chemical inertness and
eco-friendly characteristics.
- The
transport and automotive segment is predicted to account for more than 37%
of global soft touch polyurethane coatings market share due to increasing
demand for luxurious and rich look interior among car enthusiasts.
“Rising production of premium electronic
products and increasing demand for scratch resistant and drop resistant
coatings to protect these products is expected to spur the soft touch
polyurethane coatings sales,” says the FMI
analyst.
Soft touch polyurethane coatings are
highly effective in protecting wooden items from decaying and pest
infestation.
Stringent government regulations imposed to reduce the
emission of volatile organic content (VOC) is prompting the market players to
develop environment friendly coatings. In 2019, Environment Protection Agency
New England has mandated manufacturing facilities to reduce its VOC emission by
making process changes and installing air pollution control equipment’s.
This is expected to bode well with the market growth
in upcoming years. Many market players are switching from solvent based coating
to producing water based coating as solvent based coatings has high VOC
content. Increasing research and development for sustainable water based
coating production while eliminating side reactions will boost the market
growth over the forecast period.
Competitive
Landscape
Future Market Insights reports that, leading market
players are focusing on employing organic and inorganic strategies to expand
their market shares and enter new and emerging markets. These strategies
include strategic merger and acquisition, partnership, and new product
launches.
For instance, in June 2021, AkzoNobel announced to
acquire Colombia-based paints and coatings company Grupo Orbis to strengthen
its long term market position in South and Central America. This
will allow AkzoNobel to expand its product portfolio and solidify its position
as the market leader in the region.
In January 2021, Allnex launched new polyurethane
coating “DAOTAN 7061/35WA” especially designed for automotive OEM and vehicle
refinish coating segments.
Prominent players operating in the soft
touch polyurethane coatings market are:-
- RPM
International Inc.
- The
Sherwin Williams Company
- PPG
Industries Inc.
- Axalta
Coating Systems Ltd.
- Jotun
AS
- AkzoNobel
N.V.
- Aexcel
Corporation
- Sokan
New Materials.
More Insights on the Global Soft Touch
Polyurethane Coatings Market
In its latest report, FMI offers an unbiased analysis
of the global soft touch polyurethane coatings market, providing historical
data for the period of 2015-2025 and forecast statistics for the period of
2021-2031.
In order to understand the global market potential,
its growth, and scope, the market is segmented on the basis of base type
(water-based and solvent-based coatings), product type (2K and ultraviolet
polyurethane coatings), end use (transport and automotive, electrical and
electronics, wood and furniture, and others (packaging, measuring devices)),
across seven major regions (North America, Latin America, Eastern Europe,
Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and
Africa).
Browse
Full Report: https://www.futuremarketinsights.com/reports/soft-touch-polyurethane-coatings-market
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