by 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 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soft touch polyurethane coatings are durable and provide an aesthetic matte or satin appearance to various substrates. They impart properties like resistance to abrasion, chemicals, and weathering. These coatings are used on substrates like plastics, wood, metals, and composites employed in automotive interiors & exteriors, furniture, electronics, and construction. The growing construction and automotive industries are majorly driving the demand for soft touch polyurethane coatings due to their durability and aesthetic appeal.
Market key trends:
One of the key trends in the soft touch polyurethane coatings market is the growing demand for eco-friendly coatings. Manufacturers are focusing on reducing the Volatile Organic Compound (VOC) content in polyurethane coatings by replacing solvent-borne systems with water-borne technologies to meet stringent environmental regulations. Another trend gaining traction is the increasing use of soft touch polyurethane coatings in consumer electronics and appliances. The matte finish provided by these coatings enhances the tactile feel and looks of devices. Rapid industrialization along with growing infrastructure and automotive production across developing nations is expected to contribute to the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and increasing demand for bio-degradable and eco friendly products may attract new players in the market.
Bargaining power of buyers: Growing demand for soft touch polyurethane coatings from end-use industries increases buyer’s bargaining power.
Bargaining power of suppliers: Established supply networks of raw material suppliers decreases supplier’s bargaining power.
Threat of new substitutes: Limited threat due to unique properties offered by soft touch polyurethane coatings.
Competitive rivalry: Intense competition due to presence of major international players.
Key Takeaways
The global Soft Touch Polyurethane Coatings Market Share is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing demand from consumer goods industry.
The Asia Pacific region dominated the global market in 2023 and anticipated to maintain its lead over the forecast period. Increasing demand for consumer goods from India and China propels the regional market growth.
Key players operating in the soft touch polyurethane coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. Sherwin Williams Company is a long established leader in global architectural coatings market with wide product portfolio.
Regional analysis
North America is the second largest region for soft touch polyurethane coatings market on account of presence of major end-use industries. Europe is also a significant consumer owing to high demand from automotive refinishing industry. Growth in South East Asia is projected to be fastest during forecast period due to increasing per capita income and spending on consumer goods.
Key players
Key players operating in the soft touch polyurethane coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. Sherwin Williams Company is the global leader in architectural coatings market with wide product range for soft touch polyurethane coatings. AkzoNobel also offers comprehensive solution for industrial, marine and automotive sectors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
