Growing Use In Furniture and Construction Industry of Soft Touch Polyurethane Coatings Market
The soft touch polyurethane coatings market is estimated to be valued at US$ 7.71 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soft touch polyurethane coatings provide a silk-smooth texture and matte finish that mimics the appearance and feel of premium fabrics. These coatings are widely used to enhance the aesthetic appeal of household furniture, consumer electronics, automotive interior components and more. Their non-glare property also makes them suitable for construction applications such as wall paneling.
Market Dynamics:
Growing demand from the furniture industry is a major driver for the soft touch polyurethane coatings market. Soft touch furniture enhances the home décor and offers a pleasant tactile experience. Additionally, increasing urbanization and construction of commercial buildings is also fueling the use of these coatings in wall paneling and other interior applications. Their easy-to-clean property help maintaining hygiene in public spaces. Manufacturers are focused on developing bio-based and low-VOC soft touch polyurethane coatings to cater to rising sustainability needs of end-users.
SWOT Analysis
Strength: Soft touch polyurethane coatings offer high durability and abrasion resistance which makes them suitable for indoor and outdoor applications. Their soft and smooth textures provide slip resistance and protection against scratches. They also offer excellent flexibility and adhesion to various substrates.
Weakness: The cost of soft touch polyurethane coatings is higher than conventional coatings. Strict environmental regulations around the world limit the use of certain chemicals in polyurethane coatings.
Opportunity: Growing construction and automotive industries in Asia Pacific and Middle East & Africa are creating high demand for polyurethane coatings. Increasing consumer preference for smooth textured and anti-fingerprint coatings on home appliances and electronics is another opportunity.
Threats: Stringent environmental norms around VOC emissions during coating production pose challenges. Substitute materials like thermoset powder coatings also threaten the market. Fluctuations in raw material prices can negatively impact the costs.
Key Takeaways
The Global Soft Touch Polyurethane Coatings Market Size is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing demand from construction and automotive industries. Manufacturers are introducing environment-friendly polyurethane coatings with lower VOCs.
Regional analysis: Asia Pacific dominates the global market and is estimated to grow at over 10% CAGR owing to rapid infrastructure development and rising automotive production in China, India. North America and Europe are also significant markets backed by presence of major automakers and coating suppliers in the regions.
Key players operating in the Soft Touch Polyurethane Coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum - RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. These key players are focusing on developing sustainable polyurethane coating technologies and expanding into developing markets.
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