Soft touch polyurethane coatings are extensively used on interior and exterior surfaces to provide protection from abrasion, chemicals and moisture while maintaining an aesthetic appeal. They offer properties like excellent durability, flexibility and resistance to weathering.
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:
Growth in the construction industry has been a major driver for the soft touch polyurethane coatings market. Rising infrastructure projects and investments in commercial buildings have increased the demand for these coatings. They are widely used in flooring, walls, facades and other surfaces in residential as well as non-residential construction to provide protection and aesthetic appeal. Expansion of the real estate sector in developing nations is expected to continue fueling the market over the forecast period.
Strength: Soft touch polyurethane coatings provide a smooth matt finish and are water resistant. They protect surfaces from scratches, abrasions and moisture.
Weakness: These coatings are more expensive than regular paints. They have a stronger odour during application which requires proper ventilation.
Opportunity: Growing construction and automotive industries in Asia Pacific are driving the demand for these coatings. Increasing spending on home décor and improvements also provides opportunities.
Threats: Stringent environmental regulations around VOC emissions can hamper market growth. Fluctuating raw material prices impact the overall costs.
The global soft touch polyurethane coatings market is expected to witness high growth.
Regional analysis comprises Asia Pacific region dominates the market currently due to rapid industrialization and infrastructure development activities in countries like China and India. The soft touch polyurethane coatings market in Asia Pacific is projected to grow at the highest CAGR during the forecast period.
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 Company and AkzoNobel N.V. are the top two players contributing over 30% of the total market share.