Polyurethane resins impart high durability, strength, flexibility and corrosion resistance properties to paints and coatings. Their environment-friendly and low VOC emission properties make them an ideal choice for various industrial and architectural coatings. The global Polyurethane Resins Paints and Coatings Market is estimated to be valued at US$ 35306.54 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the polyurethane resins paints and coatings market is their low VOC content. Strict environmental regulations regarding VOC emissions from paints and coatings have boosted the demand for environment-friendly polyurethane resins. Major resin manufacturers are developing innovative polyurethane resin technologies to produce resins with minimal or zero VOC content. For instance, Dow Chemical Company offers polyurethane resins under the Enable brand with very low VOC emissions (less than 50 g/L). Strict environmental norms and increasing consumer awareness about toxicity of VOC is a major factor expected to drive the demand for polyurethane resins with low or zero VOC content over the forecast period.
Segment Analysis
The polyurethane resins paints and coatings market is dominated by the automotive sub-segment. Around 1/3rd of total polyurethane resins production is consumed by automobiles annually for manufacturing exterior and interior automobile parts. Polyurethanes provide excellent durability, abrasion and chemical resistance which makes it a preferred choice for automotive applications over other resins.
Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Size is expected to witness high growth during the forecast period.
Regional analysis: Asia Pacific region accounted for the largest revenue share in 2023 owing to robust automobile manufacturing and construction industries in China and India. The region is expected to continue its dominance during forecast period as well due to presence of emerging economies driving infrastructural development and automotive demand in the region.
Key players operating in the polyurethane resins paints and coatings market are F. Hoffmann-La Roche Ltd, Becton Dickinson & Company, Cepheid (Danaher),Siemens Healthineers, Abbott, Diasorin S.p.a., Thermo Fisher Scientific Inc. , Qiagen, BIOMÉRIEUX, Hologic Inc., Bio Rad Laboratories, Quidel Corporation, EKF Diagnostics, SEKISUI Diagnostics, DiaSys-Diagnostic Systems GmbH, InBios International, Inc., Jiangsu Mole Bioscience Co., Ltd., ACON Laboratories, Inc., Visby Medical, Inc., UNIMA, INC. Polyurethane resins provide advantages like durability, resistance to chemicals and abrasion. Roche, Becton Dickinson and Cepheid are investing heavily in R&D to develop innovative polyurethane resins with improved properties.
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