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Global Polyurethane Coating Market – Industry Trends and Forecast to 2029

Chemical and Materials

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Global Polyurethane Coating Market – Industry Trends and Forecast to 2029

  • Chemical and Materials
  • Upcoming Report
  • Nov 2022
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Polyurethane Coating Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 18.00 Billion
Diagram Market Size (Forecast Year) USD 27.62 Billion
Diagram CAGR %

Major Markets Players

  • Akzo Nobel N.V.
  • PPG Industries
  • The SherwinWilliams Company
  • DOW
  • Axalta Coating System

Global Polyurethane Coating Market, By Application Method (Spray, Brush, and Roller), Substrate Material (Concrete, Metal, Wood, Plastic, Fabric, others), Grade (Technical Grade and Industrial Grade), Packaging (Cans, Plastic Drums, and Others),  Product Type (Water-Based, Solvent-Based, Powder-Based, and Others), Application ( Pavement, Industrial Flooring, Metal Roofs, Pipeline Externals, Automotive Finishes, Wind Turbines, Industrial Equipment, Airport Hanger Floors, and Others), End Use Industry (Construction, Automotive, Electronics, Textile, Power and Energy Industry) – Industry Trends and Forecast to 2029.

Polyurethane Coating Market

 Polyurethane Coating Market Analysis and Size

As per the analysis of United Nations (UN), development in the population will create a clear requirement for building and construction all over the globe in sequence to meet infrastructural necessities. Polyurethane coatings appear to be extensively utilized for chemical resistance, abrasion resistance and weathering across exterior and interior coatings. The water based polyurethane coatings is the fastest growing product type due to its properties such as high performance in low temperature, surface hardness, and user-friendliness, among other during the forecast period.

Global polyurethane coating market was valued at USD 18.00 billion in 2021 and is expected to reach USD 27.62 billion by 2029, registering a CAGR of 5.50% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Polyurethane Coating Market Scope and Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Application Method (Spray, Brush, and Roller), Substrate Material (Concrete, Metal, Wood, Plastic, Fabric, others), Grade (Technical Grade and Industrial Grade), Packaging (Cans, Plastic Drums, and Others),  Product Type (Water-Based, Solvent-Based, Powder-Based, and Others), Application ( Pavement, Industrial Flooring, Metal Roofs, Pipeline Externals, Automotive Finishes, Wind Turbines, Industrial Equipment, Airport Hanger Floors, and Others), End Use Industry (Construction, Automotive, Electronics, Textile, Power and Energy Industry)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), DOW (U.S.), Axalta Coating System (U.S.), BASF SE (Germany), Jotun (Norway), Covestro AG (Germany), Huntsman International LLC. (U.S.) Mitsubishi Chemical Corporation (Japan), Mapei S.p.A (Italy), Eastman Chemical Company (U.S.), Tosoh Corporation (Japan), Asahi Kasei Chemicals Corporation (Japan), Mascoat (U.S.), Asian Paints (India), The Valspar Corporation (U.S.), VCM Polyurethanes Pvt. Ltd (India), Tuff Coat Polymers Pvt. Ltd (India), deckencoatings (India)

Market Opportunities

  • Rising application of polyurethane coating in the automotive and transportation industry
  • High spending on environmentally friendly materials
  • Growing technological advancement

Market Definition

Polyurethane coating is defined as a polymer that includes a chain of organic components. This chain is applied on the surface of a substrate for the purpose of protecting the surface. Polyurethane coating aids a substrate from abrasion, corrosion, weathering and other deteriorating processes. Moreover, polyurethane coatings have a high-tensile strength, shore hardness, modulus and percent elongation.

Global Polyurethane Coating Market Dynamics

Drivers

  • High Usage of Polyurethane coating due to unique properties

 Polyurethane coatings are high in demand due to their unique properties such as high elongation, UV resistance, abrasion resistance, impact resistance, low odor, low-temperature flexibility, water resistance, mar-resistant, non-flammable, alkali resistant, highly compatible with acrylic emulsions, high tensile strength, chemical resistance, and low VOC's. As a result, the polyurethane coatings are used in several industries such as demand for the automotive & transportation, aerospace, wood & furniture, construction, industrial, textile, electrical & electronics, and other which are expected to drive the market growth rate during the forecast period.

  • Increased requirements of polyurethane coating across marine industry

The marine industry is expected to dominate their respective markets owing to stringent laws requiring the use of polyurethane coating to increase operational efficiency and save energy. The polyurethane coating is mainly used due to its advantages, such as energy-saving capabilities, high thermal coefficient  and low thermal conductivity, which are used by several marine equipment to protect them from environmental effects.  Thus, the rising demand for polyurethane coating is anticipated to propel the market's growth.

Opportunities

  • Rising application of polyurethane coating in the automotive and transportation industry

The increasing application of polyurethane coating in transportation and the automotive industry is expected to generate lucrative opportunities for market growth. Polyurethane coatings are extensively used as an intermediate coat, automobile primer and finishing paint in the automotive industry. Furthermore, the rapid urbanization and industrialization is further enhancing the growth of the polyurethane coating market. Moreover, the growing sales of passenger and commercial cars in emerging economies are expected to create ample and new opportunity for the growth of polyurethane coating during the forecast period.

Moreover, the increasing demand of water borne polyurethane coating along with growing technological advancement will further bring various opportunities for the polyurethane coating market growth in the above mentioned forecast period.

Restraints/Challenges

  • High initial and overall costs of polyurethane coating

The high initial price of polyurethane coating will create limitations for polyurethane coating market growth. This is because the high prices further generate affordability issues, which reduces the adoption rate. Since surface preparation is essential before application to prevent corrosion which is more expensive in case of polyurethane coating. Therefore, volatility in costs of raw material and cost intensive nature of new technologies will likely to hamper the growth of the polyurethane coating market during forecast period.

This polyurethane coating market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the polyurethane coating market, contact Data Bridge Market Research for an Analyst Brief; our team will help you make an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Polyurethane Coating Market

Polyurethane coating owing to its rich abrasion and corrosion resistance nature is majorly used in sectors such as oil & gas, automotive, and construction sector for surface coating. The lockdown implemented by nations caused restrictions on the functioning of these regions which reduced their productivity all across the world. For instance, in 2020, according to International Organization of Motor Vehicles Manufacturer, the global vehicle manufacture was 77.7 million units compared to 92.1 million units in 2019 worldwide. Moreover, according to Eurostat in March & April of 2020, construction manufacture declined by 25.9%. Polyurethane is used in in construction sector it is sprayed on concrete and steel to make them less vulnerable to rust, automotive coating as scratch resistant paint, and while in oil & gas sector it is used in pipeline coating. The drop in productivity of construction, automotive, and oil & gas sectors, reduced the use of polyurethane coating in them, adversely obstructing the polyurethane market growth.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

  • In Feb 2021, PPG Industries, Inc. announced that the company had completed its acquisition with VersaFlex from DalFort Capital Partners. This company provides polyurethane, and other coatings for different applications such as transportation, industrial, water and wastewater infrastructure and others.
  • In Feb 2021, The Sherwin-Williams Company acquired Tennant Coatings, which offers outdoor and indoor coatings systems for different end-user industries and several applications. This has boosted the company’s coatings business.

Global Polyurethane Coating Market Scope

The polyurethane coating market is segmented on the basis of application method, substrate material, grade, packaging, product type, application and end use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Application Method

  • Spray
  • Brush
  • Roller

Substrate Material

Grade

  • Technical Grade
  • Industrial Grade

 Packaging

  • Cans
  • Plastic Drums
  • Others

 Product Type

  • Water-Based
  • Solvent-Based
  • Powder-Based
  • Others

Application

  • Pavement
  • Industrial Flooring
  • Metal Roofs
  • Pipeline Externals
  • Automotive Finishes
  • Wind Turbines
  • Industrial Equipment
  • Airport Hanger Floors
  • Others

 End Use Industry

  • Construction
  • Residential Construction
  •  Commercial Construction
  • Automotive
  • Commercial Vehicle
  • Passenger Vehicle
  • Electronics
  • Circuit Board
  • Transformer
  • Relays
  • Textile
  • Fashion Garments
  • Leather Items
  • Power and Energy
  • Ind
  • Solar
  • Hydro
  • Others

Polyurethane Coating Market Regional Analysis/Insights

The polyurethane coating market is analyzed and market size insights and trends are provided by country, application method, substrate material, grade (), packaging, product type, application and end use industry as referenced above.

The countries covered in the polyurethane coating market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the polyurethane coating market in terms of market share and revenue. The market growth over this region is attributed to the increasing applications from numerous industries such as automotive, aerospace, construction, and others within the region.

Middle East and Africa is estimated to show lucrative growth during the forecast period of 2022-2029, due to the development of the construction industry in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Polyurethane Coating Market Share Analysis

The polyurethane coating market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to polyurethane coating market.

Some of the major players operating in the polyurethane coating market are

  • Akzo Nobel N.V. (Netherlands)
  • PPG Industries, Inc. (U.S.)
  • The Sherwin-Williams Company (U.S.)
  • DOW (U.S.)
  • Axalta Coating System (U.S.)
  • BASF SE (Germany)
  • Jotun (Norway)
  • Covestro AG (Germany)
  • Huntsman International LLC. (U.S.)
  • Mitsubishi Chemical Corporation (Japan)
  • Mapei S.p.A (Italy)
  • Eastman Chemical Company (U.S.)
  • Tosoh Corporation (Japan)
  • Asahi Kasei Chemicals Corporation (Japan)
  • Mascoat (U.S.)
  • Asian Paints (India)
  • The Valspar Corporation (U.S.)
  • VCM Polyurethanes Pvt. Ltd (India)
  • Tuff Coat Polymers Pvt. Ltd (India
  • deckencoatings (India)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Polyurethane Coating Market is projected to grow at a CAGR of 5.50% during the forecast period by 2029.
The future market value of the Polyurethane Coating Market is expected to reach USD 27.62 billion by 2029.
The major players in the Polyurethane Coating Market Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), DOW (U.S.), Axalta Coating System (U.S.), BASF SE (Germany), Jotun (Norway), Covestro AG (Germany), Huntsman International LLC. (U.S.) Mitsubishi Chemical Corporation (Japan), etc.
The countries covered in the Polyurethane Coating Market are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, etc.
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