The global Soft Touch Polyurethane Coatings Market Growth Accelerated by Wide Range of End-Use Applications
![]() |
Soft Touch Polyurethane Coatings Market |
Soft touch polyurethane coatings
are commonly used in the construction of furniture, automotive interiors, and
other applications where a comfortable yet durable finish is required. These
coatings provide surfaces with a smooth, silky feel while protecting them from
abrasion, chemical exposure, and other threats. They are applied as a topcoat
over other paints or clearcoats and produce a matted appearance while
maintaining the aesthetics of the substrate. Some key use cases include coating
furniture such as beds, sofas, cabinets, and tables to make them pleasant to
touch. In the automotive industry, soft touch polyurethane coatings are
increasingly used inside vehicles to coat dashboard surfaces, door panels, and
trim components.
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 Dynamics:
Rising construction activities
are driving demand for furniture and other interior applications where soft
touch polyurethane coatings provide an appealing texture and feel. According to
the Global Construction Perspectives and Oxford Economics report, the global
construction industry is forecast to grow by 85% to $15.5 trillion by 2030.
Rapid urbanization and infrastructure development projects across developing
nations are fueling growth of residential and commercial construction. This
rising construction output is translating to increased consumption of soft
touch coatings for furnishings and décor elements. The smooth, silky finishes
provided by these coatings enhance the aesthetics and comfort of interior
spaces. In the automotive industry as well, soft touch polyurethane coatings
are gaining popularity for coating interior components and producing a luxury
appeal inside vehicles. With growing automobile production worldwide,
particularly in Asia Pacific, demand for these coatings from the automotive
sector is expected to rise substantially over the forecast period.
SWOT Analysis
Strength: Soft touch polyurethane
coatings offer high durability and abrasion resistance. These coatings provide
a matte or satin finish to surfaces and hence find wide applications. They are
easy to clean and maintain. Soft touch polyurethane coatings form a protective
barrier and shields surfaces from scratches, stains, moisture, and UV damage.
Weakness: Polyurethane coatings
are more expensive than other coating types. Strict environmental regulations
regarding the use of volatile organic compounds in coatings can hamper market
growth.
Opportunity: Growing construction
and automotive industries worldwide present significant opportunities.
Increasing demand for aesthetically appealing surfaces from various end-use
industries will drive the market. Demand is expected to rise from the
electronics and medical industries.
Threats: Fluctuations in raw
material prices may increase the overall cost of soft touch polyurethane
coatings. Stringent environmental norms can restrict the use of certain chemicals.
Rise of alternate coating technologies also poses a threat.
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.
Asia Pacific is currently the
largest as well as the fastest growing regional market. Factors such as rapid
industrialization, rising construction spending, and growing automotive
production are driving demand. The region is home to emerging economies like
China and India with high economic growth.
Key players operating in the soft touch polyurethane coatings
market are Sovereign S Line, Hexpol Compounding, Huntsman International LLC,
Dow, Axalta Coating Systems LLC, and PPG Industries. These companies focus on
new product launches, expansion into fast-growing markets and strategic
partnerships with end-use industries to gain market share.
Get More Insights Here
Comments
Post a Comment