APAC to Dominate Polyurethane (PU) Coatings Market through 2025

According to TechSci Research report, “Global Polyurethane (PU) Coatings Market By Technology (Chemical Vapor Deposition Vs Physical Vapor Deposition), By Substrate (Metal, Ceramic, Composite, Others), By End Use (Electronics, Mechanical, Industrial. Medical, Automotive, Others), By Region, Forecast & Opportunities, 2025”, global polyurethane (PU) coatings market is expected to witness significant CAGR during the forecast period. Rapidly growing shipbuilding industry is one of the major factors accounting for the growth of global polyurethane coatings market. Moreover, surging demand for polyurethane coatings from numerous end-use industries such as electronic, automotive, construction, among others, which is further expected to bode well for the growth of global polyurethane coatings market through the forecast years. In addition to this, exploitation of water-borne polyurethane coating to be used for more and more applications, which in turn is anticipated to positively influence the growth of global polyurethane coatings market in the years to come. Also, the benefits offered by the PU coatings such as excellent adhesion, flexibility, hardness, better durability are making headway for the growth of global polyurethane coatings market, globally. Along with this, burgeoning wood coatings industry is anticipated to positively contribute to the market growth during the next five years. However, there are some factors that might act as major impediment to the growth of global polyurethane coatings market through 2025 such as high investment and requirement of a qualified workforce for operation.

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Global polyurethane (PU) coatings market can be segmented based on type, end industry, company and region. The automotive & transportation segment dominated the global polyurethane coatings market in terms of largest market share until 2019 and is further anticipated to hold its dominance during the forecast years as well which can be accredited to rising demand for water-borne and 1-K PU coating. Along with this, the construction segment is anticipated to register highest CAGR during the forecast period. This high growth is because water-borne polyurethane coatings are used for both floor and wall coatings. Moreover, the key market players are focusing more on performance improvement, because of which the polyurethane coatings is slowly emerging as the go-to-stop for applications, like high-performance architectural coatings, which is responsible for aiding the growth of segment across the globe. In addition to this, PU coatings are used as a topcoat in floor coatings. The areas of application are offices, showrooms, lobbies, warehouses, schools, supermarkets, tennis courts, industrial workshops, among others. This is further expected to bolster the segment growth through 2025.

Akzo Nobel N.V., PPG Industries, Sherwin William, RPM International In, Axalta Coating Systems, Asian Paints Limited, BASF Se, Bayer Materialscience, Jotun A/S, Valspar Corporation, Evonik Industries AG, Covestro AG, Solvosol, Endura are among others are the leading players operating in global polyurethane coatings market. The players are adopting several growth strategies to enhance the market scenario of polyurethane coatings. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position.

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“Asia-Pacific is forecast to dominate the global polyurethane coatings market through 2025 on account of easy availability of raw materials in the region. Furthermore, growing foreign investments is also contributing to the growing trend. Additionally, existence of policies for mandating the use of environment-friendly and low-VOC products is further anticipated to boost the market growth in the region until 2025. Also, increase in construction activities is further boosting the market in the region”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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