Global PU Coatings Market: Overview
Polyurethane coating refers to a polymer comprising a chain of organic units that is linked by urethane links. The latter is an outcome of the reaction between a resin blend made of resin containing only hydroxyl and isocyanate component. The chemistry of polyurethane coating is based on the mixture of polyols, such as polyethers, polyacrylates, and polyesters with combination of polyisocyanates, mainly MDI and TDI. There are different types of PU coatings that are based on different technologies, such as high solids PU coating, PU powder coating, water-borne PU coating, and solvent-borne polyurethane coating. These coatings find extensive use in various end-use industries, such as textile, construction, electronics and electrical, wood and furniture, and automotive and transportation. Such diverse and extensive range of applications of the these coatings is likely to foster growth of the global PU coatings market over the timeframe of analysis, from 2024 to 2030.
Automotive and transportation has been one of the leading end use sectors of polyurethane coating. A rise in the demand for 1-K and water-borne PU coating is accelerating the demand for this type of coating.
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The global PU coatings market has been classified based on four significant parameters, which are type, end use, and region. Such segmentation offers better insight into the market.
Global PU Coatings Market: Notable Developments
The global PU coatings market has come across some important, futuristic developments over the last few years.
- In June 2017, US-based The Sherwin-Williams Company made an announcement of another America paints and coatings company, The Valspar Corporation. With this acquisition, The Sherwin-Williams Company is expected to generate a premier innovation and technology platforms, expanded and diverse range of products, and an extensive global reach.
Some of the prominent companies in the global PU coatings market are mentioned below:
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- BASF SE
- VCM Polyurethanes Pvt. Ltd.
- Huntsman International LLC
- Tuff Coat Polymers Pvt. Ltd.
Global PU Coatings Market: Key Trends
The global PU coatings market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
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Widening Scope of Application to Accentuate Demand for PU Coatings in the Market
Growing willingness of the consumers to spend on a wide varieties of consumables together with increasing applications in the automobile and transportation industry are expected to support growth of the global PU coatings market over the timeframe of analysis, from 2024 to 2030. The PU coating comes with anti-corrosion properties, which makes it highly suitable for use across several applications in many of these industries.
There has been an increasing demand for water-borne PU coating together increasing technological advancement, which is likely to open up new growth avenues for the global PU coatings market over the timeframe of assessment, from 2024 to 2030. However, cost intensive nature of brand new technologies together with fluctuations in the price of the raw materials are likely to hinder growth of the global PU coatings market over the timeframe of projection, from 2024 to 2030.
Global PU Coatings Market: Geographical Analysis
On the basis of regions, it is expected that Asia Pacific will account for a considerable share of the global PU coatings market over the timeframe of analysis, from 2024 to 2030. Increasing disposable income of the people together with the economic growth of the various countries in the region is expected to foster growth of the PU coatings market in the Asia Pacific region. With increasing purchase power of the people, various manufacturers are making more investment in research and development works so as to come up with new innovative products.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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