The global soft touch polyurethane coatings market is projected to reach a valuation of USD 7,361.85 million by 2023 and is expected to grow significantly, reaching USD 17,429.0 million by 2033, with a compound annual growth rate (CAGR) of 9%. These coatings are widely utilized in the automotive and aviation industries to coat interior components like armrests, control panels, door trims, and surrounds, providing protection from wear and tear. As the use of ABS plastics in automotive interiors increases, the demand for soft touch polyurethane coatings is anticipated to rise.
Soft touch polyurethane coatings also offer scratch resistance and enhanced aesthetics for mobile phones, laptops, and other electronics. Due to their aging, scratch, and abrasion resistance, these coatings are increasingly being used for high-quality covers. The growing electronics production in several countries, coupled with stringent regulations aimed at reducing VOC emissions, has fueled market growth. Additionally, the increasing popularity of luxury interiors among car enthusiasts is expected to further boost demand for soft touch polyurethane coatings.
China’s SAMR (State Administration for Market Regulation) and the Standardization Administration have introduced new standards to restrict the use of VOCs and chemicals in adhesives manufacturing. Meanwhile, India’s smartphone market is booming, with ICEA estimating 829 million users by 2022, driving demand for phone cases and covers and, in turn, increasing the need for soft touch polyurethane coatings.
Key Takeaways from the Soft Touch Polyurethane Coatings Market:
- North America holds a substantial market share due to rising housing construction and demand for wood protection from pests and termites, driving the use of soft touch PU coatings. Additionally, water-based PU coatings are gaining traction for their quicker curing properties.
- Europe is led by Germany, where leading automotive manufacturers use acrylonitrile butadiene styrene (ABS) plastics in various vehicle components like door trims and airbags, helping reduce overall vehicle weight. In 2019, Germany produced over 4.6 million passenger vehicles, including 224,009 luxury cars.
- Asia-Pacific is expected to experience rapid growth, particularly in India and China. China’s SAMR and the Standardization Administration have introduced new standards limiting VOCs and other chemicals in adhesives and coatings. Meanwhile, India’s booming smartphone market, with over 829 million users in 2022, is driving demand for phone cases and covers, fueling the soft touch polyurethane coatings market.
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
Key Segments Covered in Soft touch polyurethane coatings Market Study
By Base Types:
- Water-based
- Solvent-based
By Product Types:
- 2K
- UV (Ultra Violet)
By End-use industry:
- Transport and automotive
- Electrical and electronics
- Wood and furniture
- Others (packaging, measuring devices)
Report Preview: https://www.futuremarketinsights.com/reports/soft-touch-polyurethane-coatings-market
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