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 the government based on polyurethane (PU) coatings have 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.
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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 refinishing 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, the 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 the 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
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“Growing application of polyurethane (PU) coatings in various end-user industries are key drivers of the polyurethane (PU) coatings market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of polyurethane (PU) coatings with every passing year are anticipated to register impressive growth in the 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 make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Polyurethane (PU) Coatings Market.
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Table of Content-Polyurethane (PU) Coatings Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Polyurethane (PU) Coatings Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Substrate (Metal, Ceramic, Composite, Others)
4.2.2. By End User (Electronics, Industrial, Medical, Automotive, Others)
4.2.3. By Region
4.2.4. By Company (2022)
4.3. Market Map
4.3.1. By Substrate
4.3.2. By End User
4.3.3. By Region
- Asia Pacific Polyurethane (PU) Coatings Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Substrate
5.2.2. By End User
5.2.3. By Country
5.3. Asia Pacific: Country Analysis
5.3.1. China Polyurethane (PU) Coatings Market Outlook
5.3.1.1. Market Size & Forecast
5.3.1.1.1. By Value
5.3.1.2. Market Share & Forecast
5.3.1.2.1. By Substrate
5.3.1.2.2. By End User
5.3.2. India Polyurethane (PU) Coatings Market Outlook
5.3.2.1. Market Size & Forecast
5.3.2.1.1. By Value
5.3.2.2. Market Share & Forecast
5.3.2.2.1. By Substrate
5.3.2.2.2. By End User
5.3.3. Australia Polyurethane (PU) Coatings Market Outlook
5.3.3.1. Market Size & Forecast
5.3.3.1.1. By Value
5.3.3.2. Market Share & Forecast
5.3.3.2.1. By Substrate
5.3.3.2.2. By End User
5.3.4. Japan Polyurethane (PU) Coatings Market Outlook
5.3.4.1. Market Size & Forecast
5.3.4.1.1. By Value
5.3.4.2. Market Share & Forecast
5.3.4.2.1. By Substrate
5.3.4.2.2. By End User
5.3.5. South Korea Polyurethane (PU) Coatings Market Outlook
5.3.5.1. Market Size & Forecast
5.3.5.1.1. By Value
5.3.5.2. Market Share & Forecast
5.3.5.2.1. By Substrate
5.3.5.2.2. By End User
- Europe Polyurethane (PU) Coatings Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Substrate
6.2.2. By End User
6.2.3. By Country
6.3. Europe: Country Analysis
6.3.1. France Polyurethane (PU) Coatings Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Substrate
6.3.1.2.2. By End User
6.3.2. Germany Polyurethane (PU) Coatings Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Substrate
6.3.2.2.2. By End User
