Polyurethane Coatings Market- Explore the 2018 to 2023 trends, analysis, forecas
Posted by Moin Patni on March 8th, 2018
Polyurethane Coatings Market/ Overview:
The Global polyurethane coatings market is expected to witness a significant growth in terms of consumption of USD 3781.2 KT by 2023 with CAGR of 7.3% between 2018 and 2023.
Polyurethane coatings is a flexible, tough, modified type of coating, specifically designed for the protection of electronic circuitry. Polyurethane coatings has excellent mechanical and dielectric properties, it has high abrasion resistance which is useful for in robust coating.
The main driver for the global polyurethane coatings market is because of huge demand in automotive industry. Polyurethane coatings are majorly consumed in automotive and transportation industry particularly, ships and automobile. While, strict environmental regulations and unstable prices of raw materials can cause a major restraint for the polyurethane coatings market in next few years.
Regional Analysis:
The global polyurethane coatings market, by geography, has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and South America. In the global polyurethane coatings market, Asia Pacific is expected to witness comparatively faster growth and hence the growth rate as compared with other regions such as North America, Europe, and others.
In Asia Pacific, automotive and construction industry is anticipated to give the faster growth in terms of consumption and production due to increasing demand of aerospace industry and household industry in countries such as China, Japan, and India. Furthermore, many key players of polyurethane coatings such as Akzo Nobel N.V. (Europe), Valspar Corporation (US), Sherwin Williams Company (US), and others, are entering in the different region to increase the more market size of polyurethane coatings. In APAC region, China has the biggest market of polyurethane paints in terms of production and consumption because in the past years many construction and manufacturing companies have increased in numbers in China, which has additionally increased the demand of polyurethanes coatings.
Owing to this, the local production of polyurethane coatings in China has increased rapidly with both huge multinationals and local producers arriving into the market. On the other hand, Increasing standard of living and rise in per capita incomes of the consumers is expected to be major driving factor for automotive industry, which is further increase the polyurethane coatings market to grow in this region. Other major countries such as India and Japan are likely to exhibit higher demand for polyurethane coatings in few years.
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Segmentation:
The global polyurethane coatings market is majorly segmented on the basis of technology, end users and region. Based on technology of polyurethane coatings the market is segmented into solvent-borne, water-borne, spray, powder, and others (high solids, acrylic based). Based on end user the market segmented into automotive, aerospace industry, household industry, construction, electronics industry, and others (transportation, textile), and based on region market is segmented into North America, Europe, APAC, Latin America, Middle East & Africa.
Asia Pacific is the largest market of polyurethane coatings due to demand in various end user industry such as automotive and aerospace industry in China region followed by Japan. Increasing demand for automotive and in the India, Taiwan, and South Korea has made Asia Pacific largest consumer of the global polyurethane coatings market followed by increasing in the consumption of polyurethane coatings market in North America region. The third largest market of polyurethane coatings is Europe. Latin America and Middle East also witnessed in growth of polyurethane coatings market due to various application such as automotive, aerospace industry, household industry, construction, electronics industry, and others.
Key Players:
Akzo Nobel N.V.(Europe),
Valspar Corporation (US),
Sherwin Williams Company (US),
PPG Industries, Inc. (US),
Axalta Coating Systems, LLC (US),
Asian Paints Limited (India),
BASF SE (Europe),
Covestro AG (Europe),
Jotun A/S (Europe),
Evonik Industries (Europe).
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