A recent study conducted by FMI offers detailed insights into current market trends and opportunities facilitating the growth in the soft touch polyurethane coatings market. The report uncovers opportunities across key market segments in terms of base type, product type, and end use industry
DUBAI, U.A.E, Sept. 20, 2021 /PRNewswire/ — As per the latest analysis by FMI, the global soft touch polyurethane coatings market is projected to grow at a robust CAGR of 7% during the forecast period 2021 to 2031. On account of the surging demand for environmentally safe and wear resistant coatings, the sales of soft touch polyurethane (PU) coatings is estimated to top 313 KT, registering a year-on-year (YoY) growth of 3.5% in 2021.
Increasing sales of mobile and laptop is one of the chief drivers, facilitating the market growth. According to the study report by the India Cellular and Electronics Association (ICEA), the number of smartphone users in India is estimated to total nearly 829 million by 2022. This rise in smartphone users will create high demand for phone cases and covers, thereby, providing remunerating sales opportunities for market player in the coming years.
Growing number of consumers and manufacturers are shifting towards the use of soft touch PU coatings due to their excellent features, which include temperature, fungi, abrasion, and chemical resistance. Several automotive manufacturers are extensively using this PU coating for offering comfortable and aesthetic interiors. Driven by this, the market sales is anticipated to total US$ 6.4 Bn by the end of 2021.
Favored by the implementation of stringent environment regulations, restricting the use of conventional coatings due to their high volatile organic compounds emissions, the UV soft touch polyurethane coating segment is projected to expand at a CAGR of over 8.1% during the assessment period.
“Increasing adoption of ultraviolet (UV) curable polyurethane dispersions and rising preference for water based formulations across various industries are expected to drive the sales of soft touch polyurethane coatings,” says the FMI analyst.
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Key Takeaways from Soft Touch Polyurethane Coatings Market Study
- Favored by rising government emphasis on limiting the volatile organic compound (VOC) emissions, the market in China is expected to project a rapid growth.
- Germany is estimated to emerge as a highly remunerative market in Europe, owing to increasing sales of automotive vehicles in the country.
- The U.S. is projected to hold a dominant share in the North America market, driven by the high demand for water based polyurethane coatings.
- India is forecast to contribute a significant share in the Asia Pacific through 2031, on the back increasing number of smartphones users.
- Based on end use, transport and automotive segment is predicted to account more than 37% of the overall market share by 2031.
- Increasing sales of passenger car across the countries such as Germany, the U.S., and China is propelling the demand for soft touch polyurethane coatings
- Rising usage of soft touch polyurethane coatings in electronic products industry like laptop and smartphone coating is boosting the market growth.
- Growing application across furniture sector to protect wood from decay and molding is expected to spur the sales of soft touch polyurethane coatings.
As per FMI, the market is estimated to be dominated by leading players naming RPM International Inc., the Sherwin Williams Company, PPG Industries Inc., Axalta Coating Systems Ltd., Jotun AS, AkzoNobel N.V., Aexcel Corporation, and Sokan New Materials. These companies are expected to collectively hold over 35% of global market share.
Leading player are aiming adopting strategies such as developing novel products and strategic merger, collaboration, and acquisition to expand their product portfolio and increase their market share, For instance,
- In October 2018, AkzoNobel N.V., announced launching its new “Awlgrip high definition technology” (HDT) based polyurethane transparent coating for marine applications. It is made using novel AkzoNobel coatings technology and is more abrasion and durable resistant.
- In July 2021, RPM International Inc., an American multinational company, announced acquiring, a U.S. based leading high performance coating manufacturer, Dudic Inc. through its Carboline subsidiary. The acquisition will assist the company to expand its sales across East Asia market.
Some of the leading players market profiled by FMI 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.
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More Valuable Insights on Soft Touch Polyurethane Coatings Market
FMI, in its new report, offers an unbiased analysis of the global soft touch polyurethane coatings market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on the soft touch polyurethane coatings market with detailed segmentation:
By Base Types:
By Product Types:
- UV (Ultra Violet)
By End-use industry:
- Transport and automotive
- Electrical and electronics
- Wood and furniture
- Others (packaging, measuring devices)
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
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Key Questions Covered in the Report
- The report offers insight into soft touch polyurethane coatings market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for soft touch polyurethane coatings market between 2021 and 2031
- Soft touch polyurethane coatings market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Soft touch polyurethane coatings market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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