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 the wooden furniture industry, automobiles, aircraft, industrial marcher & equipment, electrical goods & industrial structures. Despite the relatively high cost of urethane coating, it has been one of the fastest-growing coating sectors in the global paints & coatings industry. The ultimate factor that creates a huge demand for urethane coating in high-performance applications 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 the automotive & industrial sectors. In the present scenario, the global urethane coatings market is growing at a higher pace when compared to the global coatings market.
Urethane Surface Coatings Market Dynamics
Since urethane coatings have the ability to formulate coatings with lower content of organic solvent, it’s been used widely in multiple industries. The ability of urethanes surface coatings to formulate lower organic content is likely to boost the demand for urethane surface coatings in the automotive & industrial sectors along with others. However, urethane has experienced some decline during the global recession, especially in developed regions. This decline is followed by a quick recovery within 2-3 years of recession. In the current scenario, the 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 equipment, construction equipment, industrial machinery, marine body, wooden products among others is likely to accelerate the demand for urethane surface coatings.
In recent years, consumer preference for coatings is 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 are likely to hinder the growth of the market.
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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.
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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
Regional analysis for Urethane Surface Coatings Market includes:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of Latin America)
- Europe (EU-4, BENELUX, Nordic, U.K., Eastern Europe, Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia (India, Malaysia, Thailand, Indonesia & rest of South Asia)
- Oceania (Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa, Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Urethane Surface Coatings market segments and geographies.
An Adaptive Approach to Modern-day Research Needs
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Urethane Surface Coatings market performance
- Must-have information for market players to sustain and enhance their market footprint
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
On the basis of application, global urethane surface coatings market is segmented as
- automotive & transportation
- industrial machinery & equipment
- electrical & electronics
- wood & furniture
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