According to Future Market Insights, the soft touch polyurethane coating market size is expected to reach US$ 7,361.85 million by 2023 and US$ 17,429 million by 2033, growing at a 9% CAGR. Polyurethane coatings are used extensively in coating interior components in automobiles and aircraft such as armrests, front control panels, door trims, and door surrounds to protect them from constant wear and tear. In the upcoming years, soft-touch polyurethane coatings will become increasingly popular as ABS plastics are used to make automotive interiors.
Mobile phones and laptops also benefit from their scratch resistance and improved appearance. Due to characteristics such as aging resistance, scratch resistance, and abrasion resistance, soft-touch polyurethane coatings are becoming more popular with high-quality covers. A combination of increased electronics production in various countries and strict regulations targeting VOC emissions has pushed up emissions. Luxury and rich interiors are becoming increasingly popular among car enthusiasts which will further create a market for soft touch polyurethane coating in the market.
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SAMR (State Administration for Market Regulation) and the Standardization Administration of the People’s Republic of China have developed new standards to limit the use of VOCs and a wide range of chemicals in adhesive manufacturing. ICEA estimated that there will be 829 million smartphone users in India by 2022. Hence, smartphones would be better protected, resulting in increased demand for cases and covers, thereby driving demand for soft touch polyurethane coatings.
Key Takeaways
- Increasing infestations of insects among American households and a vibrant woodwork and furniture industry in North America is forecast to drive the soft-touch polyurethane coating market in the region at a CAGR of 6% during the assessment period.
- UV soft touch polyurethane coatings, with their chemical inertness and environmental friendliness, are expected to grow at a CAGR of more than 8.5% over the forecast period.
- The Japanese and South Korean markets are predicted to hold over 18% of the global market share by 2023.
- Transport and automotive industries are expected to account for over 41% of global soft touch polyurethane coatings sales
- The European soft touch polyurethane coatings market is forecast to grow 6.1% CAGR between 2023 and 2033.
- A major market share of over 19% will be held by Japan by 2023.
“A rise in premium electronic product production and increasing interest in aesthetic coatings for automobiles will drive the demand for soft touch polyurethane coatings in the market.,”, says an FMI analyst.
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Competitive Landscape
The soft touch polyurethane coatings industry focuses on inorganic and organic strategies to expand and break into new markets. Among these strategies are mergers and acquisitions, partnerships, and new product launches.
The key industry players 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.
- Huntsman International LLC
- DuPont
Market Developments Include:
- In March 2023, Ingevity Corporation will show its high-performance polyol Capa® Caprolactone technology as a new vegetable oil-based option, which can be used to improve coating formulations at the European Coating Show 2023. Engineered polymers team at Ingevity will show how Capa polyols can be applied in both solid coatings and waterborne coatings. The study will focus on the benefits of polycaprolactone-based polyols used in 2K polyurethane coatings presented by Amanda Tosh, coatings application manager at Ingevity
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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