Polyurethane Coatings Market Overview
The Polyurethane Coatings Market Size was valued at USD 18.55 Billion in 2022. The Polyurethane Coatings industry is projected to grow from USD 19.69 Billion in 2023 to USD 27.67 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.13% during the forecast period (2023 - 2030)
The rapid expansion of the automotive sector that largely utilizes polyurethane coatings can promote the market. The polyurethane market can thrive as application of the product across the transportation industry that also includes shipping, is observed to rise. The high-performance offered by polyurethane coatings due to its excellent corrosion and abrasion resistance, along with low-temperature curing can promote is creating its demand among end-users. In addition, the rise in awareness about other features, such as high flexibility, higher durability, good weathering ability, and high optical properties can boost sales of Polyurethane Coatings Market These are some drivers of the market.
The growing requirement for flexible, modified, and robust type of coating in the expanding semi-conductor domain to specifically design electronic circuits with higher protection can draw in high volume of polyurethane coatings due to its excellent dielectric properties. This can also bolster the expansion of the polyurethane coatings market across the forecast period. On the contrary, the rise and fall in prices of raw materials, cost-intensive nature of modern technologies, and challenges associated with the production process can serve as bottlenecks for the global polyurethane coatings market across the study period.
Segmentation Analysis
The segment analysis of the global polyurethane coatings market is studied by end-use industry, and technology.
The technology-based segments of the polyurethane coatings market are water-borne, solvent-borne, powder, and spray among others. The increase in the adoption of spray technology due to its high efficacy can promote the polyurethane coatings market in the analysis period
The end-use industry-based segments of the global polyurethane coatings market are aerospace, automotive, construction, household, and electronics among others. The need for polyurethane coatings across construction and automotive sectors can promote the polyurethane coatings market in the foreseeable future.
Regional Analysis
In Asia Pacific, the pu coating market is likely to be the largest market across the globe in the analysis period. The growing demand for polyurethane coatings market for aerospace, automotive, construction, and electrical application across India and other APAC regions can support the market expansion. Rapid industrialization and expansion of the construction sector in the region can promote the rise of the market across the assessment period.
In North America, the polyurethane coatings market can secure the second-largest share of global market after Asia Pacific. The high utility of polyurethane coating across the expanding automotive and construction sectors can promote the market growth. In Europe, the polyurethane coatings market can thrive as the regional growth indicators are similar to market drivers in APAC. However, economic slowdown can promote the market rise through the analysis period. In Latin America, the polyurethane coatings market can rise at decent CAGR as economy across the region is observed to revive. In the Middle East and Africa region, the presence of a high number of construction sector can support the expansion of the market across the analysis period.
Key Players
Valspar Corporation (US), Akzo Nobel NV (Netherlands), Axalta Coating Systems, LLC (US), Sherwin Williams Company (US), PPG Industries, Inc. (US), BASF SE (Germany), Asian Paints Limited (India), Covestro AG (Germany), Evonik Industries AG (Germany), and Jotun A/S (Norway) are some well-known players of the polyurethane coatings market that are listed by MRFR. The transforming
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