Urethane Surface Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4094
Urethane Surface Coatings Market size is likely to witness a significant gain owing to growing product demand from paints and coatings industry. These coatings are predominantly utilised in paints & coatings industry owing to beneficial characteristics including high flexibility, low curing temperature, superior outdoor weathering and abrasion resistance which should accelerate industry growth.
It is a high-performance coating which made from polyurethane resins consisting of organic units joined by carbamate. Urethane is produced from a chemical reaction between diisocyanate and polyol. The raw materials utilised for product manufacturing includes isocyanates, polyols, bio-derived materials, chain extenders & cross linkers, catalysts and surfactants. This product finds major applications in automotive, transportation, construction, industrial, textile, electrical & electronics and wood & furniture sectors which should promote industry growth.
Urethane surface coatings market from powder type may experience appreciable growth in the projected time frame. Rising product demand for exterior coating applications including agricultural & construction equipment, lighting fixtures, site furnishing, stadium seating, automotive equipment, garage doors, fencing and marine body should accelerate industry growth. This product offers smooth finish, superior exterior durability and excellent chemical & corrosion resistance which should stimulate product demand. Shift in consumer preference from liquid to powder coating owing to thicker surface coating and uniform visual appearance irrespective of orientation should propel industry growth.
Urethane surface coatings from water borne type may witness a steady demand over forecast period owing to rising floor and wall coatings demand. Growing product utilisation owing to persuading characteristics including superior mixing ratio tolerance, easy to mix, faster drying, scratch & acid resistance and weathering should stimulate industry growth. Shifting consumer preference towards eco-friendly products should support product demand owing to low VOC emission characteristics, thus driving market growth.
Urethane surface coatings market size from wood and furniture sector may experience appreciable growth in the projected time frame. Rising furniture demand owing to increasing residential space development supported by growing population and migration should accelerate industry growth. This product is majorly utilised for wood coatings owing to excellent adhesion, non-yellowing, colour retention and UV, heat, domestic spills, humidity & moisture resistance should stimulate industry growth.
Global passenger car market may surpass USD 1.5 trillion by 2023 owing to rising share mobility demand and purchasing parity among population. Rising product demand for car exterior coatings owing to high gloss, longevity and scratch & corrosion resistance characteristics should promote industry growth. This product is predominantly utilised to glaze windows and wind shields to enhance strength and fog resistance which should accelerate urethane surface coatings market growth.
Solvent based urethane surface coatings possess high VOC emissions, strong odour and fire/explosion hazard which make it unsuitable for interior application, thus hindering product demand. High cost for urethane owing to complex manufacturing processes should hamper industry profitability, thus affecting market price trends.
North America, led by Mexico, Canada and the U.S. urethane surface coatings market size is anticipated to rise significantly in the projected time period. Rising oil & gas industry owing to growing shale oil & gas production in U.S. should accelerate product demand. This product is majorly used as a protective coating for industrial equipment owing to anti corrosion characteristics should stimulate industry growth.
Europe, driven by UK, Spain, Italy, France and Germany urethane surface coatings market may observe steady gains. Affirmative government initiatives including Construction 2020 action plan aiming to boost European construction sector should promote product demand. This product is used in construction applications including building floors, concrete supports & steel trusses owing to low maintenance cost and easy usability, thus driving regional industry growth.
Asia Pacific led by, Australia, Japan, South Korea, India and China urethane surface coatings market share is anticipated to experience significant growth. Rising presence of major automotive manufacturers including Mercedes Benz, BMW, Toyota, Hyundai, Honda, Renault, Mitsubishi, Jaguar and Nissan in India and China should accelerate product demand. Supportive government initiatives including “Make In India” should promote regional manufacturing driving automobile industry, thus driving industry growth.
Urethane surface coatings market share is moderately fragmented. The key players operating in the market includes Sherwin Williams, BASF, PPG, Axalta Coating System AkzoNobel, Asian Paints, Jotun, Covestro and Evonik Industries.
Companies are majorly focusing on acquisitions, mergers, novel product development and boosting production capacities to cater worldwide product demand. In 2017, Sherwin-Williams Protective & Marine Coatings launched its latest product named AquArmour TM WBU water borne urethane flooring coatings which is a next generation, superior performance, water based aliphatic urethane coatings. This product offers excellent hot tire staining resistance and no hot tire pickup. This product launch would help the company to cater vast customer base and attain strong market position.
Urethane Surface Coatings Market, By Type, 2014-2025 (Kilo Tons) (USD Million)
Urethane Surface Coatings Market, By Application, 2014-2025 (Kilo Tons) (USD Million)
- Electrical and Electronics
- Wood and Furniture
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Evonik Industries
- Asian Paints
- Sherwin Williams
- Axalta Coating System
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