April 18, 2024

Construction Segment Is The Largest Segment Driving The Growth Of Soft Touch Polyurethane Coatings Market

Market Overview:
Soft Touch Polyurethane coatings are protective coatings used on construction elements such as doors, windows and other wooden surfaces that provide an aesthetically pleasing soft and smooth matte finish along with scratch and abrasion resistance. These coatings offer advantages such as durability, ease of cleaning and UV protection.

The global Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.08 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the growth of the soft touch polyurethane coatings market is increasing consumer preference for modern aesthetics and texture in home décor and furniture. Soft touch polyurethane coatings offer an elegant finish and texture that blend well with contemporary interior designs. These coatings mimic the appearance and feel of materials like wood, leather and stone without compromising on durability and easy maintenance, thereby finding wide usage in residential and commercial construction for decorative applications.

SWOT Analysis
Strength: Soft touch polyurethane coatings provide superior scratch and chemical resistance which enhances the durability of substrates. They offer good adhesion to various surfaces.
Weakness: These coatings have a high material and production cost compared to conventional coatings. Environmental regulations regarding VOCs emissions during the production process are becoming stringent.
Opportunity: Growing construction and infrastructure industries in developing nations will drive the demand for durable and protective coatings. Increasing manufacturing activities will also boost the market.
Threats: Strict environmental norms may disrupt the supply chain of coatings manufacturers. Fluctuations in raw material prices can increase the overall costs.

Key Takeaways

The global soft touch polyurethane coatings market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing application in consumer goods industry. Soft touch coatings provide a smooth matte finish and protection to products like mobile phones, laptops, and other consumer electronic devices.

Regional analysis

Asia Pacific region is expected to dominate the global market owing to strong presence of coatings manufacturers and rapid industrialization in China and India. China is the largest consumer of soft touch polyurethane coatings owing to huge manufacturing sector. In Europe, Germany and UK hold major shares of the regional market.

Key players

Key players operating in the soft touch polyurethane coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. Sherwin Williams and AkzoNobel are recognized as the market leaders due to their diverse product portfolio and extensive distribution network across regions.