The global Soft Touch Polyurethane Coatings Market is poised for remarkable growth in the coming years, propelled by an increasing demand for high-quality, durable, and aesthetically appealing coatings across various industries. These coatings, known for their superior softness, tactile appeal, and outstanding resistance to wear and tear, are becoming increasingly popular in applications ranging from automotive and furniture finishes to electronics and consumer goods.
According to Future Market Insights, the Soft Touch Polyurethane Coatings Market size is expected to reach USD 17,429 million by 2033, growing at a 9% CAGR. Polyurethane coatings are used extensively in coating interior components in automobiles and aircraft such as armrests, front control panels, door trims, and door surrounds to protect them from constant wear and tear. In the upcoming years, soft-touch polyurethane coatings will become increasingly popular as ABS plastics are used to make automotive interiors.
Market Growth Drivers
Several key factors are contributing to the expansion of the Soft Touch Polyurethane Coatings Market:
- Rising Consumer Demand for Premium Products: As consumers continue to prioritize quality and aesthetics, the demand for products with enhanced finishes, such as soft-touch coatings, is surging. These coatings offer a tactile experience that appeals to a broad range of consumers, especially in luxury goods and high-end automotive sectors.
- Technological Advancements in Coating Formulations: Innovations in polyurethane coating technology have led to the development of products that not only offer superior touch feel but also feature improved scratch resistance, durability, and weathering performance. These advancements make Soft Touch Polyurethane Coatings an attractive choice for manufacturers across various industries.
- Growing Automotive Industry: Soft touch coatings are increasingly used in automotive interiors, particularly for dashboard and trim applications. Their ability to provide a soft, matte finish and reduce glare has made them a sought-after option in the automotive sector. The expanding automotive industry, particularly in emerging markets, is expected to drive the demand for these coatings.
- Furniture and Consumer Goods Applications: With rising consumer interest in premium furniture and personal goods, soft touch coatings are being utilized for their aesthetic appeal and high-performance attributes. The global furniture industry’s shift towards more premium products is likely to further boost demand.
- Environmental and Regulatory Push for Low-VOC Products: Increasing regulations concerning volatile organic compounds (VOCs) are encouraging manufacturers to develop low-VOC and environmentally friendly soft-touch coatings. This trend aligns with the global movement towards sustainability, contributing to the market’s growth as manufacturers look to meet eco-friendly standards.
- Increased Use in Electronics: The growing electronics market, particularly in high-end devices like smartphones, tablets, and laptops, is a significant contributor to the demand for Soft Touch Polyurethane Coatings. These coatings provide a premium tactile feel and are used to enhance the finish of devices, making them more attractive to consumers.
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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 are:
- 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
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).
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