According to Future Market Insights, the soft touch polyurethane coatings industry is projected to reach USD 7,361.85 million by 2023 and USD 17,429 million by 2033, growing at a 9% CAGR. These coatings are widely used in automotive and aircraft interiors, such as armrests, front control panels, door trims, and door surrounds, to protect against constant wear and tear.
In the coming years, the popularity of soft-touch polyurethane coatings is expected to increase due to their use in ABS plastics for automotive interiors. Mobile phones and laptops also benefit from these coatings, which offer scratch resistance and enhanced appearance. The growing preference for characteristics like aging resistance, scratch resistance, and abrasion resistance has made soft-touch polyurethane coatings increasingly popular for high-quality covers.
The rise in electronics production across various countries, combined with strict regulations targeting VOC emissions, has driven the demand for these coatings. Additionally, the increasing popularity of luxury and rich interiors among car enthusiasts will further boost the market for soft touch polyurethane coatings.
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SAMR (State Administration for Market Regulation) and the Standardization Administration of the People’s Republic of China have developed new standards to limit the use of VOCs and a wide range of chemicals in adhesive manufacturing. ICEA estimated that there will be 829 million smartphone users in India by 2022. Hence, smartphones would be better protected, resulting in increased demand for cases and covers, thereby driving demand for soft touch polyurethane coatings.
Key Takeaways
- Increasing infestations of insects among American households and a vibrant woodwork and furniture industry in North America is forecast to drive the soft-touch polyurethane coating market in the region at a CAGR of 6% during the assessment period.
- UV soft touch polyurethane coatings, with their chemical inertness and environmental friendliness, are expected to grow at a CAGR of more than 8.5% over the forecast period.
- The Japanese and South Korean markets are predicted to hold over 18% of the global market share by 2023.
- Transport and automotive industries are expected to account for over 41% of global soft touch polyurethane coatings sales
- The European soft touch polyurethane coatings market is forecast to grow 6.1% CAGR between 2023 and 2033.
- A major market share of over 19% will be held by Japan by 2023.
“A rise in premium electronic product production and increasing interest in aesthetic coatings for automobiles will drive the demand for soft touch polyurethane coatings in the market.,”– says an FMI analyst.
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Competitive Landscape
The soft touch polyurethane coatings industry focuses on inorganic and organic strategies to expand and break into new markets. Among these strategies are mergers and acquisitions, partnerships, and new product launches.
The key industry players
- RPM International Inc.
- The Sherwin Williams Company
- PPG Industries Inc.
- Axalta Coating Systems Ltd.
- Jotun AS
- AkzoNobel N.V.
- Aexcel Corporation
- Sokan New Materials.
- Huntsman International LLC
- DuPont
Market Developments Include:
- In March 2023, Ingevity Corporation will show its high-performance polyol Capa® Caprolactone technology as a new vegetable oil-based option, which can be used to improve coating formulations at the European Coating Show 2023. Engineered polymers team at Ingevity will show how Capa polyols can be applied in both solid coatings and waterborne coatings. The study will focus on the benefits of polycaprolactone-based polyols used in 2K polyurethane coatings presented by Amanda Tosh, coatings application manager at Ingevity
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global soft touch polyurethane coatings market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the soft touch polyurethane coatings market, the market is segmented on the basis of base types (water-based and solvent-based), product types (2K and UV), and end use industry (transport and automotive, electrical and electronics, wood and furniture, and others) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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