Polyurethane (PU) Coatings Market to Grow with a CAGR of 5.21% through 2028
Increased requirements of polyurethane coating across
marine industry is expected to drive the Global Polyurethane (PU) Coatings
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Polyurethane
(PU) Coatings Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Polyurethane (PU) Coatings
Market stood at USD18.26 billion in 2022 and is anticipated to grow with a CAGR
of 5.21% in the forecast period, 2023-2028. The initiatives taken by government
based on polyurethane (PU) coatings has led to favorable market conditions for
the Global Polyurethane (PU) Coatings Market. Several factors contribute to the
growth of various polyurethane (PU) coatings Market products.
There are numerous ongoing projects and research
studies worldwide that focus on the utilization of polyurethane coatings,
receiving substantial support from governments. For example, the National
Natural Science Foundation of China (NSFC), funded by the Chinese government,
conducted an extensive research study to enhance the performance of biobased
polyurethane coatings. The primary objective of this study was to develop
environmentally friendly polyurethane coatings derived from renewable
resources, aiming for exceptional performance standards.
Additionally, recognizing the significance of
bio-based products, the United States Department of Agriculture (USDA)
established the BioPreferred® Program. This program plays a crucial role in
identifying certification categories for voluntary labeling initiatives of
products made from biological sources. By designating specific categories for
federal purchasing, the program aims to amplify the procurement of bio-based
products by the federal government, thus promoting sustainability and
encouraging the adoption of eco-friendly alternatives.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Polyurethane
(PU) Coatings Market”
The marine industry is poised to establish its
dominance in their respective markets. This is attributed to the implementation
of stringent laws mandating the use of polyurethane coating, which has proven
to significantly enhance operational efficiency and conserve energy. The
utilization of polyurethane coating offers a multitude of advantages, such as
energy-saving capabilities, a high thermal coefficient, and low thermal
conductivity. These characteristics make it an ideal choice for numerous marine
equipment, providing protection against environmental factors. Consequently,
the escalating demand for polyurethane coating is projected to drive
substantial growth within the market.
The Global Polyurethane (PU) Coatings Market is
segmented into substrate, end user, regional distribution, and company
Based on its end user, the automotive segment held the
largest share in the market. The automotive industry, known for its significant
role in various sectors, stands out as the largest consumer of polyurethane
coatings worldwide. These coatings, renowned for their versatility and
durability, are extensively utilized in automotive applications. In fact, the
majority of the primers used in automotive coatings rely on a cathodic electric
deposit process, which accounts for nearly 90% of cathode electrophoretic
paint. Among these coatings, polyurethane electrophoretic paint has proven to
play an exceptional role in this intricate process, ensuring superior
performance and protection.
Polyurethane (PU) coatings find extensive use not only
in original equipment manufacturing (OEM) but also in refinish applications.
Within the automotive industry, two commonly preferred types of PU coatings are
epoxy polyamide polyurethane and acrylic polyurethane coats. These coatings are
known for their exceptional properties, such as excellent adhesion, resistance
to chemicals and weathering, and an appealing aesthetic finish. Whether it's a
brand-new vehicle or a refinished one, these quality coatings provide
long-lasting protection and enhance the overall appearance of automotive
surfaces.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
China, with its vast consumer base, holds the top spot
as the largest market for PU materials. This strong position not only
solidifies its influence in the global PU coatings market but also signifies
its pivotal role in driving industry trends and growth.
Over the past few years, China's water-borne PU
coatings industry has experienced remarkable growth, surpassing the overall
growth rate of the PU materials industry. This significant progress can be
attributed to the increasing emphasis on environmental protection, as well as
the growing awareness and adoption of water-borne coatings. As a result, China
has emerged as a leading player in the development and innovation of
eco-friendly PU coatings, setting new industry benchmarks and inspiring global
advancements.
Major companies operating in Global Polyurethane (PU)
Coatings Market are:
- Akzo Nobel NV
- Asian Paints Limited
- Axalta Coating Systems, LLC
- BASF SE
- IVM Chemicals SRL
- Jotun A/S
- Polycoat Products LLC
- PPG Industries Inc.
- RPM International Inc.
- The Sherwin-Williams Company
Download
Free Sample Report
Customers can also request for 10%
free customization on this report
“Growing application of polyurethane (PU) coatings in
various end user industries are key drivers of the polyurethane (PU) coatings market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of polyurethane (PU)
coatings with every passing year are anticipated to register an impressive
growth to Global Polyurethane (PU) Coatings Market in the forecast period.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Polyurethane (PU) Coatings Market By Substrate (Metal,
Ceramic, Composite, Others), By End User (Electronics, Industrial, Medical,
Automotive, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Polyurethane (PU) Coatings Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global
Polyurethane (PU) Coatings Market.
Contact
TechSci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States- 10170
M: +13322586602
Email: [email protected]
Website: https://www.techsciresearch.com