Global Soft Touch Polyurethane Coatings Market – Industry Trends and Forecast to 2029

Global Soft Touch Polyurethane Coatings Market, By Base Type (Water-based, Solvent-based), Product Types (2K, UV), End-use industry (Transport and automotive, Electrical and electronics, Wood and Furniture)- Industry Trends and Forecast to 2029

Market Analysis and Size

Over the recent years, there has been growth in the building and construction industry. The government of developed and developing countries is predicted to increase expenditure on the building sector, which will be a prominent trend on the market. The construction industry is expected to grow at a CAGR of 15.7 percent to reach US$ 738.5 billion by 2022, according to Invest India. Consequently, the market is projected to grow at an accelerated pace during the forecast period.

Global Soft Touch Polyurethane Coatings Market was valued at USD 12972.00 million in 2021 and is expected to reach USD 24188.70 million by 2029, registering a CAGR of 8.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Soft-touch polyurethane coatings are a type of advanced coating made from polyurethane dispersions. These coatings provide a softer feel to the surface as well as improved scratch, heat, and chemical resistance. There are two types of coatings: solvent-based and water-based. Furthermore, these coatings are extremely robust and dry quickly. Soft-touch polyurethane coatings are commonly utilized on interior wood surfaces such as trim, furniture, and doors in automobiles and aero planes, as well as consumer electronic gadgets such as televisions, laptops, and mobile phones.

Soft Touch Polyurethane Coatings Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Surge in Aesthetic as well as Soft-touch products Trends

The market for soft touch polyurethane coatings is being propelled by the growing demand for soft-touch goods across a wide range of industries. This trend of aesthetics—color combination, tactile feeling, and sheen—is greatly praised in today's consumer markets, broadening the canvas for players in the soft touch polyurethane coatings business. Soft-touch coating methods, in essence, provide consumers with a rich tactile experience while also preventing hand slippage. The use of coating techniques to give plastics a more appealing appearance has boosted the use of soft touch polyurethane coatings in the industry. The quest for a coating technology that can endow plastic surfaces with a leather-like texture at a low cost is driving their acceptance.

• Increased Usage across Industries

Soft-touch polyurethane coatings are widely utilized in automobiles, and one of the primary causes driving the soft-touch polyurethane coatings industry growth is the packaging business. To lower chemical and abrasion resistance, soft-touch polyurethane coatings are utilized. Soft-touch coatings' flexibility and drag may also prevent part slippage and offer a matte finish, making them excellent for numerous end-use industries such as electrical and electronics, automotive, and packaging, which is boosting the soft-touch polyurethane coatings market.

Additionally, the soft-touch polyurethane coatings are becoming increasingly popular in the electronics industry due to their great durability and good resistance to weathering and UV radiation. The expansion of the automotive industry along with the increase in defense budgets are other market growth determinants which are projected to bolster the growth of the market.

Opportunities

• Implementation of Regulations

The implementation of strict restrictions for furniture finishing products that contain volatile organic compounds would have a favorable impact on market growth. The soft touch PU coatings are environmentally safe and sustainable because they do not emit any VOCs and are formaldehyde free. This will contribute to the soft touch PU coatings market's revenue growth and will open up new opportunities for players in the soft touch polyurethane coatings market in the forecast period of 2022 to 2029.

• Surge in Investments

Additionally, the growing investments for various research and development activities will further expand the future growth of the soft touch polyurethane coatings market.

Restraints/Challenges

• Lack Of Awareness

Over the projected period, a lack of understanding about the benefits of soft touch PU coatings among developing industrial producers is expected to limit market expansion.

• Availability of Masterbatches

Furthermore, master batches give uniform color and eliminate the need for further coating and running costs. Masterbatches are most commonly utilized as a polyurethane alternative in interior furnishings and automotive interior parts. It is a better polyurethane because it allows for better coating penetration on complicated shapes for both indoor and outdoor applications. As a result, master batch’s long-term benefits are likely to limit the expansion of the soft-touch polyurethane coatings market. This factor will challenge the soft touch polyurethane coatings market growth rate.

This soft touch polyurethane coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, 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 soft touch polyurethane coatings market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Soft Touch Polyurethane Coatings Market

The recent outbreak of coronavirus had a negative impact on the soft touch polyurethane coatings market. The automotive sector's production activities were halted during the COVID epidemic, which could stifle market growth. Passenger car registrations are expected to drop by roughly 25% by 2020, according to the European Automobile Manufacturers Association (ACEA). Toyota's automotive sales in China decreased 70.2 percent to 24,000 units in February 2020, according to Asian Automobile Analysis (AAA). Vehicle production in Europe, North America, and South America declined by 21%, 20%, and 30%, respectively, in March 2021, according to the International Organization of Motor Vehicle Manufacturers (OICA). The global soft-touch polyurethane coatings industry, on the other hand, has been severely impacted, impeding market growth.

Recent Development

• In June 2020, BASF has introduced ten new versions of its "Haptex 2.0" polyurethane (PU) solution for synthetic leather manufacture. This new technology will aid designers in achieving superior quality and desired aesthetic look in a wide range of synthetic leather applications.

Global Soft Touch Polyurethane Coatings Market Scope

The soft touch polyurethane coatings market is segmented on the basis of base type, product type 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.

Base Type

• Water-based
• Solvent-based

Product Types

• 2K
• UV

End-use industry

• Transport and automotive
• Electrical and electronics
• Wood and Furniture

Soft Touch Polyurethane Coatings Market Regional Analysis/Insights

The soft touch polyurethane coatings market is analyzed and market size insights and trends are provided by country, base type, product type and end-use industry as referenced above.

The countries covered in the soft touch polyurethane coatings 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 market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing production of consumer electronic within the region.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rise in housing construction activities coupled with the rising consumer awareness regarding the usage of eco-friendly coating products 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 Soft Touch Polyurethane Coatings Market Share Analysis

The soft touch polyurethane coatings 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 soft touch polyurethane coatings market.

Some of the major players operating in the soft touch polyurethane coatings market are

• DuPont (U.S.)
• Solvay (Belgium)
• DAIKIN (Japan)
• Dow (U.S.)
• Huntsman International LLC (U.S.)
• Bostik (France)
• H.B. Fuller Company (U.S.)
• Sika AG (Switzerland)
• Cardolite Corporation (U.S.)
• Kukdo Chemical Co., Ltd., (South Korea)
• BASF SE (Germany)
• Freudenberg SE (Germany)
• Covestro AG (Germany)
• LANXESS (Germany)
• Mitsui Chemicals Inc. (Japan)
• Wanhua (China)
• Arkema (France)
• Hexion (U.S.)
• Woodbridge (Canada)