PUBLISHER: The Business Research Company | PRODUCT CODE: 1425826
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425826
Soft Touch Polyurethane Coatings Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on soft touch polyurethane coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for soft touch polyurethane coatings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The soft touch polyurethane coatings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Soft-Touch Polyurethane Coatings are innovative coatings crafted from polyurethane dispersion, available in solvent-based and water-based formulations. These coatings provide a velvety texture to surfaces while offering exceptional scratch, heat, and chemical resistance. Widely used across automotive, interior wood, aircraft interiors, and other applications, they elevate objects by delivering a premium feel and added protection against UV damage and scratches.
These coatings primarily come in two base types such as water-based and solvent-based. Water-based variants utilize water as their primary solvent, showcasing an eco-friendly approach. The Soft-Touch Polyurethane Coatings are available in 2K and UV versions, suitable for diverse applications including automotive, aerospace, electronics, furniture, packaging, and more.
The soft touch polyurethane coatings market research report is one of a series of new reports from The Business Research Company that provides soft touch polyurethane coatings market statistics, including soft touch polyurethane coatings industry global market size, regional shares, competitors with a soft touch polyurethane coatings market share, detailed soft touch polyurethane coatings market segments, market trends and opportunities, and any further data you may need to thrive in the soft touch polyurethane coatings industry. This soft touch polyurethane coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The soft touch polyurethane coatings market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. In the historic period, the growth of Soft-Touch Polyurethane Coatings was propelled by various factors. These include heightened consumer preferences for premium finishes, particularly in consumer electronics design. There was a growing awareness and appreciation for textures among consumers, leading to a heightened sensitivity towards tactile experiences. Additionally, the coatings' ability to offer anti-scratch properties and wear resistance significantly contributed to their popularity. They were also instrumental in enhancing the aesthetics of packaging, aligning with evolving consumer expectations. Moreover, a favorable regulatory landscape further facilitated their adoption and market growth.
The soft touch polyurethane coatings market size is expected to see strong growth in the next few years. It will grow to $14.69 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the upcoming period is driven by a surging automotive industry, expanded utilization within electronics, the development of sustainable formulations, and the rising demand for luxury packaging. Moreover, the coatings are expected to find increased applications in the building and construction sectors, as well as in aerospace interiors. Significant trends projected in this period include ongoing advancements in UV-curable soft touch coatings, a strong focus on enhancing scratch and abrasion resistance, technological innovations in application techniques, strict adherence to regulatory standards, collaborative ventures, and increased investments in research and development to enhance coating properties.
The growth of the soft-touch polyurethane coatings market is poised to benefit from the expanding automotive industry. The industry's expansion, driven by rapid urbanization and global automakers' penetration into emerging markets, is supported by strong government backing. Government initiatives provide a distinct path for the automotive sector among manufacturing segments. For instance, in line with this trend, the Indian government anticipates the automobile sector attracting US$ 8-10 billion in domestic and foreign investment by 2023, as per a February 2022 report by the India Brand Equity Foundation. Additionally, the cumulative equity FDI inflows into the Indian automobile industry reached approximately US$ 30.78 billion between April 2000 and September 2021. This expansion in the automotive industry is expected to compel the soft-touch polyurethane coatings market to enhance its product offerings, ensuring superior customer service and meeting the evolving needs of the sector.
The growth of the soft-touch polyurethane coatings market is further propelled by the increasing prominence of consumer electronics. Consumers today prioritize products with a sleek feel, reduced fingerprints, and scratch resistance. This consumer demand prompts manufacturers to incorporate soft-touch coatings for brand differentiation and customization. As an illustration, data from the Japan Electronics and Information Technology Industries Association in May 2023 reveals a substantial increase in electronic equipment and consumer electronics production in Japan. The surge in consumer electronics production, reaching 32,099 units in May 2023 compared to 25,268 units in May 2022, highlights the growing significance of soft-touch polyurethane coatings in this sector.
Technological innovations stand out as a key trend in the soft-touch polyurethane coatings market. Companies operating in this market have introduced various technological advancements, including waterborne polyurethane solutions, emulsion-free coatings, anti-yellowing coatings, and more, to sustain their market positions and enhance customer services. For example, in January 2021, Allnex, a German manufacturer of coating resins, launched the DAOTAN 7061/35WA, a polyurethane dispersion designed for the automotive OEM and vehicle refinish coating markets. This emulsifier-free dispersion with a high molecular weight is a urethane-acrylic-hybrid aqueous dispersion offering excellent stability, high performance, and versatility, resulting in transparent, crack-free surfaces. Such innovations contribute to the continual evolution and competitiveness of the soft-touch polyurethane coatings market.
Major companies in the soft-touch polyurethane coatings market are focusing on the development of innovative paint protection film solutions to enhance their competitiveness. Paint Protection Film (PPF) is a thermoplastic urethane film applied to a vehicle's exterior surfaces, serving as a protective layer against various elements such as stone chips, bug splatter, road debris, and contaminants like bird droppings. This strategy aims to offer comprehensive protection for automotive surfaces. In May 2023, Covestro AG, a prominent Germany-based chemicals company, introduced the Desmopan UP TPU series, emphasizing the concept of complete protection. This high-performance Thermoplastic Polyurethane (TPU) series is specifically engineered for paint protection films (PPF). The Desmopan UP TPU series is designed to provide durability, adaptability, and aesthetics for automotive surface coatings. Notable features of Desmopan UP include high UV durability, resistance to hydrolysis and chemicals, and high optical clarity. The TPU's properties contribute to long-lasting performance, weather resistance, and impact resistance, ensuring effective protection for automotive surfaces. Furthermore, Desmopan UP's versatility allows it to adapt to complex designs and surfaces of different vehicles with ease, providing a comprehensive solution for paint protection.
In June 2021, PPG Industries, a leading US-based supplier of paints, coatings, and specialty materials, strategically expanded its capabilities in the industry by acquiring Tikkurila for an undisclosed amount. This acquisition positions PPG to leverage Tikkurila's complementary geographic footprint and robust portfolio of decorative brands, driving future growth in the soft-touch polyurethane coatings market. Tikkurila, a Finland-based manufacturer of paints and lacquers, brings valuable assets and expertise to enhance PPG's offerings in the market, allowing for increased competitiveness and innovation.
Major companies operating in the soft touch polyurethane coatings market report are The Sherwin Williams Company, Akzo Nobel NV, PPG Industries Inc., RPM International Inc., Aexcel Corporation, Hunan Sokan New Materials Co., Jotun AS, Axalta Coating Systems Limited, BASF SE, Allnex Inc., Hempel A/S, Arkema SA, Hexion Inc., Lanxess AG, Covestro AG, Huntsman Corporation, Dow Inc., Wanhua Chemical Group Co. Ltd., Acme Polymers Co. Ltd., Advanced Polymer Coatings Inc., Cargill Inc., Koninklijke DSM N.V., Evonik Industries AG, ICL Industries Ltd., Lubrizol Corporation, Merck Group, Momentive Performance Materials Inc., Nippon Steel Chemical Co. Ltd., Reichhold Chemicals Inc., Teijin Chemical Corporation
Asia-Pacific was the largest region in the soft-touch polyurethane coatings market in 2023. The regions covered in the soft touch polyurethane coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the soft touch polyurethane coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The soft-touch polyurethane coatings market consists of sales of soft-touch polyurethane coatings that provide excellent scratch and stain resistance. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.