Driven by adoption of ultra violet (UV) curable polyurethane (PU) dispersion coatings and growing preference for water based formulations, the soft touch polyurethane coatings market is forecast to reach valuation of US$ 6430 million by the end of 2021.
As per newly released data by Future Market Insights (FMI), global sales of overall soft touch polyurethane coatings market enjoyed year-on-year (YoY) growth of 3.50% in 2021 to total 313 kilotons. The sales are expected to grow 1.97X and reach 617 kilotons by the end of 2031, says Future Market Insights.
Soft touch polyurethane coatings are all-rounder in terms of application as they are extensively used in coating automotive and aircraft interior components like arm rest, door trims and front control panels to protect them from constant wear and tear. Increasing adoption of ABS plastics in making automotive interiors will accelerate the demand for soft touch polyurethane coatings in upcoming years.
They also play an integral role in improving overall look and design of consumer electronic devices like mobiles and laptops while simultaneously protecting them from scratches. The cover and body of consumer electronics are required to have organoleptic properties. Increased demand for high quality covers has led to an increase in demand for soft touch polyurethane coatings for its properties like resistance to yellowing, scratching, and abrasion.
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Soft touch polyurethane coatings are highly effective in protecting wooden items from decaying and pest infestation.
Stringent government regulations imposed to reduce the emission of volatile organic content (VOC) is prompting the market players to develop environment friendly coatings. In 2019, Environment Protection Agency New England has mandated manufacturing facilities to reduce its VOC emission by making process changes and installing air pollution control equipments. This is expected to bode well with the market growth in upcoming years.
Many market players are switching from solvent based coating to producing water based coating as solvent based coatings has high VOC content. Increasing research and development for sustainable water based coating production while eliminating side reactions will boost the market growth over the forecast period.
Key Takeaways from FMI’s Soft Touch Polyurethane Coatings Market Study
- North America soft touch polyurethane coatings market is forecast to expand at 5.10% CAGR during the assessment period owing to rising cases of insect infestation among American household and thriving wood work and furniture industry in U.S. and Canada.
- Europe soft touch polyurethane coatings market will grow at 5.8% CAGR from 2021 to 2031, driven by rising production of automotive interiors made from acrylonitrile butadiene styrene (ABS) and elevated export and production of soft touch polyurethane coatings in the region.
- Japan and South Korea will hold more than 14% of the global market share in 2021, backed by increasing production and demand of electronic components made in these countries and strict regulations regarding control emission of VOCs in these regions.
- Ultraviolet soft touch polyurethane coating segment is expected to grow at more than 8.1% CAGR throughout the forecast period due to its high demand of such coatings in packaging industry due to its chemical inertness and eco-friendly characteristics.
- The transport and automotive segment is predicted to account for more than 37% of global soft touch polyurethane coatings market share due to increasing demand for luxurious and rich look interior among car enthusiasts.
“Rising production of premium electronic products and increasing demand for scratch resistant and drop resistant coatings to protect these products is expected to spur the soft touch polyurethane coatings sales,” says the FMI analyst.
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Future Market Insights reports that, leading market players are focusing on employing organic and inorganic strategies to expand their market shares and enter new and emerging markets. These strategies include strategic merger and acquisition, partnership, and new product launches.
For instance, in June 2021, AkzoNobel announced to acquire Colombia-based paints and coatings company Grupo Orbis to strengthen its long term market position in South and Central America. This will allow AkzoNobel to expand its product portfolio and solidify its position as the market leader in the region.
In January 2021, Allnex launched new polyurethane coating “DAOTAN 7061/35WA” especially designed for automotive OEM and vehicle refinish coating segments.
Prominent players operating in the soft touch polyurethane coatings market are:-
- RPM International Inc.
- The Sherwin Williams Company
- PPG Industries Inc.
- Axalta Coating Systems Ltd.
- Jotun AS
- AkzoNobel N.V.
- Aexcel Corporation
- Sokan New Materials.
More Insights on the Global Soft Touch Polyurethane Coatings Market
In its latest report, FMI offers an unbiased analysis of the global soft touch polyurethane coatings market, providing historical data for the period of 2015-2025 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of base type (water-based and solvent-based coatings), product type (2K and ultraviolet polyurethane coatings), end use (transport and automotive, electrical and electronics, wood and furniture, and others (packaging, measuring devices)), across seven major regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa).
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.