June 13, 2024
Soft Touch Polyurethane Coatings Market

Rising Demand from Automotive Industry Propels Growth of the Global Soft Touch Polyurethane Coatings Market

Soft touch polyurethane coatings are widely used in the automotive industry due to their appealing appearance and durability. These coatings impart a soft, velvety finish and provide enhanced protection from scratches, abrasions, fingerprints and other damages on exterior automobile parts like bumpers, grills and trim components. The soft feel and premium look offered by soft touch polyurethane coatings make vehicles aesthetically appealing and help automakers to enhance their brand image. Moreover, soft touch polyurethane coatings are scratch and abrasion resistant which helps to maintain the attractive finish of vehicles for long durations. They also provide UV protection and resist color fading when exposed to sunlight. Such superior properties of soft touch polyurethane coatings have propelled their demand from automotive manufacturers globally.

The global Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Development of Bio-based Polyurethanes- One of the major trends gaining traction in the soft touch polyurethane coatings market is the development of bio-based and sustainable polyurethane coating solutions. Growing environmental concerns are propelling research activities to develop bio-based polyols from renewable resources like plant oils, sugars and lactic acid which can replace petroleum-derived polyols in polyurethane formulations. Leading coating manufacturers are investing in R&D to offer bio-based polyurethane coatings with superior performance. For instance, Sovereign S has developed bio-based aliphatic isocyanate coatings using plant-oil derived polyols which exhibit comparable soft touch properties. Such sustainable solutions are expected to witness increasing adoption.

Porter’s Analysis

Threat of new entrants: Low barriers to entry due to lack of IP protection and need for significant capital investments.

Bargaining power of buyers: Large buyers have more negotiating power on pricing and raw material purchases.

Bargaining power of suppliers: Industry relies on a limited number of raw material suppliers increasing supplier power.

Threat of new substitutes: Alternate coating materials like paints, epoxies, and powder coatings pose a threat.

Competitive rivalry: Intense competition exists among established players to capture market share.

Key Takeaways

The Global Soft Touch Polyurethane Coatings Market Size is expected to witness high growth. The global Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.

Regional analysis related content comprises Regional analysis related content. The Asia Pacific region is expected to be the fastest growing market and hold the largest share due to the high adoption of Soft Touch Polyurethane Coatings in industries such as automotive, textiles and consumer goods.

Key players related content comprises Key players related content. Key players operating in the Soft Touch Polyurethane Coatings market are Sovereign S , BASF SE, Hempel A/S, Chembond Chemicals Limited, Nippon Paint Company Ltd.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it