The Soft Touch Polyurethane Coatings market is estimated to be valued at US$ 7.71 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soft touch polyurethane coatings are commonly used as a protective and aesthetically pleasing finish on various surfaces including plastics, woods, and metals. These coatings provide anti-scratch properties, resistance to abrasion, and silk matte finish. They are primarily used in furniture, vehicle interiors, electronics, flooring, and construction applications where a smooth finish that is not slippery is desired.
Market Dynamics:
The key drivers fueling the growth of soft touch polyurethane coatings market include increasing demand from the furniture industry and growth of construction sector. The furniture industry has been witnessing significant growth owing to rising disposable income and changing lifestyle patterns. Soft touch polyurethane coatings provide durability and protection to wood and plastic based furniture from scratches, scuffs and abrasion. This has increased their use in furniture manufacturing. Moreover, rapid urbanization in developing economies has boosted construction activities, thereby augmenting the demand for soft touch polyurethane coatings in flooring, walls, and other construction applications.
SWOT Analysis
Strength: Soft touch polyurethane coatings provide a smooth and textured finish to surfaces. They have good durability, chemical and abrasion resistance. Soft touch polyurethane coatings can be applied easily using spray, roll or brush. They offer excellent adhesion to various substrates like metals, woods and plastics.
Weakness: Soft touch polyurethane coatings have higher production costs compared to other coating types. They also require special application equipment and skilled labor for application. High VOC content in some soft touch polyurethane coatings is an environmental concern.
Opportunity: Growth in automotive, consumer goods and building & construction industries will drive the demand for soft touch polyurethane coatings. Increasing preference for non-slip and anti-microbial surfaces in hospitals and healthcare facilities presents new opportunities. Rapid urbanization in developing nations is another growth driver.
Threats: Stringent environmental regulations regarding VOC emissions can restrict the market. Substitution threat from powder coatings and UV-cured coatings. Fluctuations in raw material prices impact the overall cost of soft touch polyurethane coatings.
Key Takeaways
The global Soft Touch Polyurethane Coatings Market Share is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period, due to increasing demand from automotive and consumer goods industries.
The market size for Soft Touch Polyurethane Coatings is expected to reach US$ 7.71 Bn in 2023. Asia Pacific accounts for the largest share of the global market currently owing to rapid industrialization in China and India. The region is projected to exhibit the fastest growth going forward as well.
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 companies are focusing on new product launches, partnerships and capacity expansion to gain market share.
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