Urethane Surface Coatings Market size is projected to experience a healthy growth during 2023 to 2032, on account of the increasing demand from the paints & coatings sector. Some of the beneficial characteristics of urethane surface paints include low curing temperature, high flexibility, and superior abrasion & outdoor weathering resistance which might accelerate the industry growth.
Urethane surface coatings are high-performance paints made from polyurethane resins. They find major usage in a wide range of industry verticals including transportation, automotive, industrial, construction, electrical & electronics, textile, and wood & furniture. The automotive sales are growing at a considerable rate every year. In 2021, sales of new vehicles in the U.S. surpassed 15 million units, representing an increase of 3.4% from 2020. This factor is expected to fuel the market trends.
The urethane surface coatings market size from the powder coating segment is anticipated to register an appreciable CAGR through 2032. Urethane powder coatings are being extensively used in exterior coating applications, such as lighting fixtures, agricultural & construction equipment, stadium seating, site furnishing, garage doors, fencing & marine body, and automotive equipment.
The product has many positive attributes, such as great exterior durability, smooth finish, and excellent chemical & corrosion resistance. Several companies are launching the latest versions of powder coatings for different industrial applications. For instance, in November 2022, PPG Industries introduced its latest range of powder coatings for the metal fabrication sector – the PPG Envirocron Extreme Protection Edge, Envirocron HTE, and Envirocron LUM retroreflective powder coatings. Such innovations will drive the product adoption.
The urethane surface coatings market from wood & furniture application might capture a sizeable market share by 2032. Factors, such as urbanization have bolstered the demand for furniture as the construction of residential buildings is gaining notable momentum each year.
According to the U.S. Census Bureau, in November 2022, privately-owned housing completions touched 1.49 million, which was 6% higher than the rate of November 2021. This product is majorly utilized for coating wooden pieces owing to its properties, such as excellent adhesion, color retention, and resistance to UV, heat, domestic spills, humidity as well as moisture. These features may stimulate the industry trends.
North America urethane surface coatings market revenue is projected to increase significantly during the analysis timeline. The region’s oil & gas sector is expanding at a robust pace every year as the demand and production of crude oil and gas is high in countries, such as the U.S. According to the U.S. Energy Information Administration (EIA), crude oil production reached its highest level in August 2022 with 11.87 million barrels/day. This product is majorly used as a protective coating for industrial equipment as they possess anti corrosion characteristics, thereby further stimulating the industry growth.
Some of the reputed companies involved in urethane surface coatings market include BASF, Sherwin Williams, Axalta Coating System, PPG, Asian Paints, AkzoNobel, Covestro Jotun, and Evonik Industries, among many others.These industry participants are increasing their focus on implementing a wide range of inorganic growth strategies, such as mergers, acquisitions, novel product developments, partnerships, and expansion of manufacturing capacities to cater to the global market.
The Russia-Ukraine war had a negative impact on global urethane surface coatings industry outlook as several end-user sectors, such as automotive, construction, and electronics were forced to shut down their operations. Moreover, the scenario caused frequent supply chain disruptions, resulting in shortage of raw materials and further restricting the market progress.
This urethane surface coatings market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032, for the following segments:
Market, By Type
Market, By Application
The above information is provided for the following regions and countries: