Soft touch polyurethane coatings are commonly used in the construction of furniture, automotive interiors, and other applications where a comfortable yet durable finish is required. These coatings provide surfaces with a smooth, silky feel while protecting them from abrasion, chemical exposure, and other threats. They are applied as a topcoat over other paints or clearcoats and produce a matted appearance while maintaining the aesthetics of the substrate. Some key use cases include coating furniture such as beds, sofas, cabinets, and tables to make them pleasant to touch. In the automotive industry, soft touch polyurethane coatings are increasingly used inside vehicles to coat dashboard surfaces, door panels, and trim components.

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 Dynamics:
Rising construction activities are driving demand for furniture and other interior applications where soft touch polyurethane coatings provide an appealing texture and feel. According to the Global Construction Perspectives and Oxford Economics report, the global construction industry is forecast to grow by 85% to $15.5 trillion by 2030. Rapid urbanization and infrastructure development projects across developing nations are fueling growth of residential and commercial construction. This rising construction output is translating to increased consumption of soft touch coatings for furnishings and décor elements. The smooth, silky finishes provided by these coatings enhance the aesthetics and comfort of interior spaces. In the automotive industry as well, soft touch polyurethane coatings are gaining popularity for coating interior components and producing a luxury appeal inside vehicles. With growing automobile production worldwide, particularly in Asia Pacific, demand for these coatings from the automotive sector is expected to rise substantially over the forecast period.

SWOT Analysis
Strength: Soft touch polyurethane coatings offer high durability and abrasion resistance. These coatings provide a matte or satin finish to surfaces and hence find wide applications. They are easy to clean and maintain. Soft touch polyurethane coatings form a protective barrier and shields surfaces from scratches, stains, moisture, and UV damage.
Weakness: Polyurethane coatings are more expensive than other coating types. Strict environmental regulations regarding the use of volatile organic compounds in coatings can hamper market growth.
Opportunity: Growing construction and automotive industries worldwide present significant opportunities. Increasing demand for aesthetically appealing surfaces from various end-use industries will drive the market. Demand is expected to rise from the electronics and medical industries.
Threats: Fluctuations in raw material prices may increase the overall cost of soft touch polyurethane coatings. Stringent environmental norms can restrict the use of certain chemicals. Rise of alternate coating technologies also poses a threat.

Key Takeaways

Global Soft Touch Polyurethane Coatings Market Size is expected to witness high growth. 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.

Asia Pacific is currently the largest as well as the fastest growing regional market. Factors such as rapid industrialization, rising construction spending, and growing automotive production are driving demand. The region is home to emerging economies like China and India with high economic growth.

Key players operating in the soft touch polyurethane coatings market are Sovereign S Line, Hexpol Compounding, Huntsman International LLC, Dow, Axalta Coating Systems LLC, and PPG Industries. These companies focus on new product launches, expansion into fast-growing markets and strategic partnerships with end-use industries to gain market share.

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