The soft touch polyurethane coatings market size is expected to see strong growth in the next few years. It will grow to $14.69 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to growing automotive industry, increased use in electronics, sustainable formulations, growth in luxury packaging, expansion in building and construction, demand in aerospace interiors. Major trends in the forecast period include advancements in uv-curable soft touch coatings, focus on scratch and abrasion resistance, technological innovations in application methods, compliance with regulatory standards, collaborations and partnerships, r&d investments for enhanced properties.
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Segmentation & Regional Insights
The soft touch polyurethane coatings market covered in this report is segmented –
1) By Base Type: Water-based, Solvent-based
2) By Product Type: 2K, UV
3) By End-Use: Automotive, Aerospace, Electrical and Electronic, Furniture, Packaging, Other End-users
Asia-Pacific was the largest region in the soft-touch polyurethane coatings market in 2023. The regions covered in the soft touch polyurethane coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expansion of the automotive industry is expected to propel the growth of the soft-touch polyurethane coatings market. Rapid urbanization and global automakers’ expansion into emerging markets drive industry growth. The development has been fueled by strong government support, allowing it to carve a distinct path among manufacturing sectors. Such support and expansion of the automotive industry compel the soft-touch polyurethane coatings market to develop better products to provide greater customer service. For instance, according to a February 2022 automobile industry report by India Brand Equity Foundation, the Indian government expects the automobile sector to attract US$ 8-10 billion in domestic and foreign investment by 2023. Furthermore, the automobile industry received approximately US$ 30.78 billion in cumulative equity FDI inflows between April 2000 and September 2021. Therefore, the rise in the automotive industry will drive the growth of the soft-touch polyurethane coatings market.
Key Industry Players
Major companies operating in the soft touch polyurethane coatings market report are The Sherwin Williams Company, Akzo Nobel NV, PPG Industries Inc., RPM International Inc., Aexcel Corporation, Hunan Sokan New Materials Co., Jotun AS, Axalta Coating Systems Limited, BASF SE, Allnex Inc., Hempel A/S, Arkema SA, Hexion Inc., Lanxess AG, Covestro AG, Huntsman Corporation, Dow Inc., Wanhua Chemical Group Co. Ltd., Acme Polymers Co. Ltd., Advanced Polymer Coatings Inc., Cargill Inc., Koninklijke DSM N.V., Evonik Industries AG, ICL Industries Ltd., Lubrizol Corporation, Merck Group, Momentive Performance Materials Inc., Nippon Steel Chemical Co. Ltd., Reichhold Chemicals Inc., Teijin Chemical Corporation
The soft touch polyurethane coatings market report table of contents includes:
1. Executive Summary
2. Soft Touch Polyurethane Coatings Market Characteristics
3. Soft Touch Polyurethane Coatings Market Trends And Strategies
4. Soft Touch Polyurethane Coatings Market – Macro Economic Scenario
5. Global Soft Touch Polyurethane Coatings Market Size and Growth
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31. Global Soft Touch Polyurethane Coatings Market Competitive Benchmarking
32. Global Soft Touch Polyurethane Coatings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Soft Touch Polyurethane Coatings Market
34. Soft Touch Polyurethane Coatings Market Future Outlook and Potential Analysis
35. Appendix
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