NEWARK, Del, April 06, 2023 (GLOBE NEWSWIRE) -- The global soft touch polyurethane coatings market is expected to witness a CAGR of 7% between 2021 and 2031. Soft touch polyurethane coatings come across as advanced coatings derived from polyurethane dispersions. They do offer a soft feel to surface through resistance against chemicals, heat, and scratch.
The soft touch polyurethane coatings are broadly used across aircraft and automotive interior components and consumer electronic devices like laptops, mobile phones, TV, and interior wood surfaces including furniture, trim, and doors. The other end-use applications include cosmetic cases and kitchenware.
At the same time, the fact that soft touch polyurethane coatings are facing threat from the substitutes like masterbatches can’t be ignored. This factor could act as a restraint to soft touch polyurethane coatings market in the forecast period.
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Future Market Insights has walked through these facts with insights in its latest market study entitled ‘Soft Touch Polyurethane Coatings Market’. It has its team of analysts and consultants to deploy an eagle’s eye view in its primary, secondary, and tertiary modes of research.
“With exponential demand for automobiles with aesthetic and comfortable interiors coupled with demand for laptop and mobile cases, the global soft touch polyurethane coatings market is expected to witness splendour in the forthcoming period”, says an analyst from Future Market Insights.
Key Takeaways from Soft Touch Polyurethane Coatings Market
- North America holds a significant market share due to increase in housing construction activities with higher demand for wood to suffice soft touch PU coatings for rendering protection from pest, insect, and termite infestations. Water-based PU coatings are being asked for due to quicker curing of the UV polyurethane coatings.
- Europe is led by Germany with presence of leading automotive giants who are using acrylonitrile butadiene styrene (ABS) plastics in door trims, armrest, steering vessels, airbags compartments, and front panels for reducing the vehicle’s overall weight. The year 2019 witnessed production of over 4.6 Million passenger vehicles with 224,009 luxury cars.
- The Asia-Pacific is expected to grow at a rapid pace in the soft touch polyurethane coatings market on the back of India and China. China’s SAMR (State Administration for Market Regulation) and Standardization Administration of the People’s Republic of China has issued novel standards regarding putting limitations on usage of VOCs and the other chemicals in adhesive manufacturing and coatings. Coming to India, India Cellular and Electronics Association (ICEA) states that number of smartphone users in India surpassed 829 Million in the year 2022. This would result in growing demand for cases and covers of smartphones, thereby keeping the cash registers ringing for soft touch polyurethane coatings market.
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Competitive Coatings
- RPM International Inc., in July 2021, completed acquisition of Dudic Inc. through ‘Carboline’ subsidiary. The latter one is known for manufacturing high-performance coatings with sales in South Korea, Taiwan, and the US. The basic purpose of acquisition would let RPM Internationals make an entry into the East Asian market for expanding sales including soft touch polyurethane coatings.
- AkzoNobel N.V., in October 2018, did launch a novel ‘Awlgrip HDT (high definition technology) polyurethane transparent coating for marine operations. This coating claims to be all the more durable as well as resistant to abrasion and is easily reparable.
- Allnex, in January 2021, came up with polyurethane coating called ‘DAOTAN 7061/35WA, which comes across as a high molecular weight, emulsifier-free, aliphatic urethane-acrylic-hybrid aqueous dispersion with exceptional shear stability designed for vehicle finish coatings and automotive OEMs.
- BASF, in June 2020, came up with 10 variations of Haptex 2.0 PU (polyurethane) solution to produce synthetic leather. The application areas include footwear, furniture, apparel, automotive, and accessories.
Key Companies Profiled
- RPM International Inc.
- The Sherwin Williams Company
- PPG Industries Inc
- Axalta Coating Systems Ltd.
- Jotun AS
- AkzoNobel N.V.
- Aexcel Corporation
- Sokan New Materials.
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)
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What does the Report coat?
- The research study is based on base types (solvent-based and water-based), by product type (2K and UV (Ultra Violet)), and by end-use industry (transport and automotive, electrical and electronics, wood and furniture, and others (measuring devices, packaging)).
- With growing sales of automobiles with aesthetic interiors coupled with demand for laptop and mobile cases, the global soft touch polyurethane coatings market is bound to grow inadvertently in the near future.
Table of Content
1. Executive Summary
2. Research Methodology and Scope
3. Assumptions and Acronyms Used
4. Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Soft touch Polyurethane Coatings – Overview
4.3. Global Soft Touch Polyurethane Coatings Market: End-use Industry comparison based on properties
4.4. Global Soft Touch Polyurethane Coatings - End-use Industry Overview
4.5. Global Soft Touch Polyurethane Coatings Market Size and Forecast
4.5.1. Y-o-Y Growth
4.5.2. Absolute $ Opportunity
4.6. Global Soft Touch Polyurethane Coatings Market Dynamics
4.6.1. Drivers
4.6.2. Challenges
4.6.3. Opportunity
4.6.4. Trends
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Explore FMI’s Extensive Ongoing Coverage on Chemicals & Materials Domain
Water Proof Coatings Market Demand: The global Water Proof Coatings Market is set to thrive at a CAGR of 4.02% between 2022 and 2032 while holding a value of US$ 15.81 Billion in 2022. The anticipated value of US$ 23.45 Billion by 2032.
PU Coatings Market Outlook: According to the latest market survey conducted by Future Market Insights, the global PU Coating market is relishing a market valuation of US$ 17,769.5 Million in 2022 and is all set to expand with a CAGR of 5.2% during the 2022 to 2032 period.
Wood Coatings Market Trends: The wood coatings market is anticipated to garner a modest strength with a CAGR of 5.9% during 2022-2032. It usually consists of several coats of shellac, drying oil, paint, wax or lacquer.
Polyurethane Adhesives Market Value: According to Future Market Insights research, during the projected period, the global polyurethane (PU) adhesives market is set to top a valuation of US$ 9.63 Bn in 2022, and further expand at a CAGR of 6.1% during 2022-2032.
Polyurethane Foam Market Growth: The polyurethane foam market was valued at US$ 49,340.3 Mn in 2022, and from 2022 and 2032, it is expected to rise at a CAGR of 6.3%. In 2032, the market is anticipated to reach US$ 90893.84 Mn.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce, headquartered in Delaware, USA. As a recipient of the Clutch Leaders Award 2022 for a high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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Source: Soft Touch Polyurethane Coatings Market Driven by Strong Demand From Transport and Automotive Industry: Future Market Insights (FMI)
