Polyurethane Resins Paints and Coatings Market Stimulated by the Strong Demand from Various End-use Industries
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| Polyurethane Resins Paints and Coatings Market |
Polyurethane resins paints and
coatings are advanced paints and coatings manufactured using polyurethane
resins as their primary raw material. They offer properties such as high
durability, weather resistance and elasticity. They are commonly used for architectural,
automotive, industrial and other applications. The global polyurethane resins
paints and coatings market is estimated to be valued at US$ 35306.54 Mn in 2023
and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to
2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand from construction
industry is estimated to be a major driver for the polyurethane resins paints
and coatings market over the forecast period. Polyurethane resins paints and
coatings have become a popular choice over conventional paints and coatings in
construction industry owing to their higher durability and weather resistance
properties. They form a protective layer on buildings and infrastructures and
can withstand harsh weather conditions for longer durations with fewer repairs
or maintenance requirements. This leads to lower overall costs and higher
operational efficiency for commercial and residential properties. Furthermore,
growing infrastructure development projects especially in emerging nations of
Asia Pacific and Latin America have boosted the demand for polyurethane resins
based paints and coatings.
The impact of the above driver is
estimated to be high over the forecast period, owing to increasing investment
in infrastructure development globally to boost economic growth. However,
volatility in raw material prices especially crude oil which is a key feedstock
for manufacturing polyurethane resins may pose challenges for market players.
Fluctuations in crude oil prices directly impact the prices of polyurethane
resins thereby pressuring margins for paints and coatings manufacturers.
SWOT Analysis
Strength: Polyurethane resins
paints and coatings have high durability, flexibility and weather resistance.
They create protective barriers and can withstand extreme weather conditions
like high temperatures, rain, sun exposure for long periods without cracking or
peeling. Polyurethane resins also have better abrasion and chemical resistance
compared to other coating materials.
Weakness: Polyurethane resins
paints have higher costs compared to other coating materials. Strict
environmental regulations around the world limit the use of certain toxic
isocyanates used in the manufacture of polyurethane resins.
Opportunity: Growing
infrastructure sector in emerging economies boosts the demand for polyurethane
resins in applications like bridge coatings, pipe coatings etc. Rise in the
automotive industry expands opportunities in automotive coatings. Development
of bio-based polyurethane resins reduces dependency on petroleum-based raw
materials.
Threats: Volatility in raw
material prices especially crude oil impacts production costs. Strong
competitive pressure from alternative coating materials reduces market share. Stringent
environmental laws in different regions affect manufacturing.
Key Takeaways
The Global
Polyurethane Resins Paints And Coatings Market Size is expected to
witness high growth.
Regional analysis: Asia Pacific
dominates the global market and is expected to maintain its lead during the
forecast period. Expanding construction activities, infrastructure development
projects and growing automotive sector in China, India drives the polyurethane
resins demand.
Key players: Key players operating in the polyurethane resins
paints and coatings market are F. Hoffmann-La Roche Ltd, Becton Dickinson &
Company, Cepheid, Siemens Healthineers, Abbott, Diasorin S.p.a., Thermo Fisher
Scientific Inc., Qiagen, BIOMÉRIEUX, Hologic Inc., Bio Rad Laboratories, Quidel
Corporation, EKF Diagnostics, SEKISUI Diagnostics, DiaSys-Diagnostic Systems
GmbH, InBios International, Inc., Jiangsu Mole Bioscience Co., Ltd., ACON
Laboratories, Inc., Visby Medical, Inc. and UNIMA, INC.
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