Polyurethane Coatings Market Historical Analysis, Industry Size, Growth Forecast, Future Trend, Share, Key Players and Current Scenario by 2023
Polyurethane Coatings Market Overview:
Polyurethane Coatings Market is expected to witness a significant growth in terms of consumption of USD 3781.2 KT by 2023 with CAGR of 7.3% between by 2023.
Additionally, increase in spending on leisure boats and cars coupled with changing standard of living is anticipated to drive the polyurethane coatings in marine and automotive industry. Growing construction activities along with supportive government regulation like 100% FDI policy is also anticipated to drive the product demand in coming years. However, volatile in raw material prices leading to high polyurethane coatings price compared to other coating would hamper the market growth.
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Polyurethane Coatings Market Key Players:
The major players shaping the competitive landscape of the market include Valspar Corporation (US), Akzo Nobel N.V. (Europe), Sherwin Williams Company (US), Axalta Coating Systems, LLC (US), PPG Industries, Inc. (US), Evonik Industries (Europe), Asian Paints Limited (India), BASF SE (Europe), Covestro AG (Europe), Jotun A/S (Europe) and others.
Polyurethane Coatings Market Segment Analysis:
The segmentation of the polyurethane coatings industry globally is broadly segmented on the basis of end users, technology and region. The technology-based segmentation of the market comprises of spray, powder, solvent-borne, water-borne, and others such as high solids and acrylic based. The end user segment of the market consists of aerospace industry, automotive, construction, household industry, electronics industry among others such as transportation, textile. Finally, on the basis of region the market is segmented into Europe, APAC, Latin America, North America and Middle East & Africa.
Polyurethane Coatings Market Regional Analysis:
Polyurethane Coatings are largely consumed in Asia Pacific region owing to robust end use industry growth, favourable government policies and low labour cost. China and India are leading countries owing to increasing demand of polyurethane coatings in automotive and construction industry. Construction industry causes major environmental impact owing to demolition waste and consumes large amount of energy thus, to minimize environmental impact polyurethane coatings is expected to exhibit strong market growth.
Infrastructural development with modern structure and technology in emerging markets are anticipated to propel the polyurethane coatings market. Germany and UK are leading countries in European regions on account of large automotive hub. Automotive refinishes and rapid industrialization is driving huge demand of polyurethane water borne coatings. Moreover, Middle East & Africa is anticipated to witness high demand of polyurethane coatings in construction industry on account of increasing disposable income and growing expenditure on interior of building.
Polyurethane Coatings Market Competitive Landscape:
Polyurethane Coatings Market is one of the highly mature markets in the coatings industry, which is mainly driven by the surging demand from in automotive industry, along with the growing building & construction industry around the world. The market consist of significant number of tier 1 manufacturers, yet Axalta Coating Systems, LLC, Pidilite Industries Limited, Evonik Industries AG, and Covestro AG are the key players operating in this market. According to the study conducted by MRFR, almost all of them are majorly adopting the product launch and an expansion tactics to augment their production capacities and market share. This is anticipated to help them sustain the growing competition in coming years.
Polyurethane Coatings Market Table of Content:
1 Executive Summary
2 Scope of the Report
3 Market Research Methodology
4 Market Landscape
5 Industry Overview of Global Polyurethane Coatings Market
Polyurethane Coatings Market Table of Content to be Continue……,
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