In the recent years, the chemical industry has seen significant changes. It went through a period of technological disruption, which brought with it new opportunities and challenges. Chemical processing innovation has exploded, assisting businesses in improving their bottom lines. The new Isobutyraldehyde market research report outlines the key factors that will impact production, supply, and...
Urethane Surface Coatings Market Overview
Polyurethane surface coatings, often referred as urethane coatings, are high performance and high cost coatings known for their low temperature curing, high abrasion resistance, excellent outdoor weathering characteristic and high flexibility. Urethane surface coatings are used in wooden furniture industry, automobiles, aircrafts, industrial marcher & equipment, electrical goods & industrial structure. Despite relatively high cost of urethane coating, it has been one of the fastest growing coating sector in the global paints & coatings industry. The ultimate factor that creates a huge demand for urethane coating in high performance application is their excellent durability, pleasing optical property, resistance to abrasion & corrosion and flexibility.
The global market for urethane surface coatings is expected to expand at a mid-single digit CAGR during the forecast period, owing to the rising demand for flexible coatings from automotive & industrial sector. In the present scenario, global urethane coatings market is growing at a higher pace when compared to global coatings market.
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Urethane Surface Coatings Market Dynamics
Since urethane coatings have the ability to formulate coatings with lower content of organic solvent, it’s used widely in multiple industries. Ability of urethanes surface coatings to formulate lower organic content is likely to boost the demand for urethane surface coatings in automotive & industrial sector along with others. However, urethane has experienced some decline during the global recession, especially in developed regions. This decline is followed by quick recovery within 2-3 years of recession. In the current scenario, global urethane surface coatings market is growing higher than the global coatings market.
Increasing demand for uniform exterior coating for various applications including automotive, agricultural & construction equipment, industrial machinery, marine body, wooden products among others is likely to accelerate the demand for urethane surface coatings.
In the recent years, consumer preference for coatings are shifting towards powder coating due to its uniform visual appearance and thicker surface coating, which is likely to propel the demand for urethane surface coatings.
However, risks associated with volatile raw material prices and government laws corresponding to the use of urethane surface coatings is likely to hinder the growth of the market.
Urethane Surface Coatings Market Segmentation
For a better understanding of the global urethane surface coatings market, the global market is studied under the product type, application and region. By product type, global urethane surface coatings market is segmented as a powder, solvent-borne and water-borne. On the basis of application, global urethane surface coatings market is segmented as automotive & transportation, aerospace, construction, industrial machinery & equipment, textile, electrical & electronics, wood & furniture and others.
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Urethane Surface Coatings Market Regional Overview
The global market for urethane surface coatings is analyzed under major regions: North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. The Asia Pacific region (including East Asia, South Asia & Oceania) is estimated to be dominating & fastest growing urethane surface coatings market. The high growth in Asia Pacific is attributed to rapid industrialization in the region. China alone holds the maximum market share of global urethane coatings market due to the presence of large manufacturing sector. Rules & regulations regarding the use of urethane coating varies from country-to-country. For Instance, in Japan, only a small amount of urethane surface coatings is used for topcoats, due to high cost and environmental & regulatory pressure. Increasing investment in industrialization in developing countries are likely to boost the demand for urethane surface coatings market. North America is likely to be another prominent region holding a significant share followed by Europe. Both the regions are growing at a moderate CAGR during the forecast period.
Urethane Surface Coatings Market Competition Landscape
The global market for urethane surface coatings is dominated by major players and to enable an in-depth assessment of the competition landscape, the report includes analysis of major players. Some of the prominent players in the market are BASF, AkzoNobel, PPG, Sherwin Williams, Asian Paints, Covestro, Jotun, Evonik Industries and Axalta Coating System among others. Merger with local players along with the contracts & agreements with the end user were one of the key strategies adopted by the market players to support their global presence and offerings.
The research report presents a comprehensive assessment of the Urethane Surface Coatings market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Urethane Surface Coatings market segments such as product type, application & region.
The Urethane Surface Coatings Market report covers exhaustive analysis on:
- Urethane Surface Coatings Market Segments
- Urethane Surface Coatings Market Dynamics
- Urethane Surface Coatings Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
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