Polyurethane resins are synthetic polymers that are widely used in paints and coatings owing to their excellent properties such as long-lasting adhesion, abrasion resistance, flexibility, toughness and high durability. Polyurethane paints and coatings made from resins offer outstanding corrosion protection and find extensive applications in automotive, construction and industrial sectors. They provide a protective coating on metals and other substrates owing to their ability to extend the service life of surfaces. The growing demand for lightweight and durable materials from automotive and aerospace industries has increased the adoption of polyurethane resins in coatings and paints that can withstand harsh environmental conditions and chemicals.
The global Polyurethane Resins Paints and Coatings Market is estimated to be valued at US$ 35306.54 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand from automotive industry: Polyurethane resins based automotive paints provide exceptional weatherability, durability, gloss retention and corrosion resistance, which has increased their adoption for use in automotive refinish applications and OEM coatings. The booming automotive sales especially in Asia Pacific region is a key driver augmenting the growth of this market.
Eco-friendly waterborne polyurethane coatings: Stringent environmental regulations are prompting manufacturers to focus on developing sustainable products. Thus, waterborne polyurethane coatings that emit lower volatile organic compounds are gaining popularity in automotive, construction and other industries. This trend is expected to continue over the forecast period.
Porter’s Analysis
Threat of new entrants: Low economies of scale and differentiated products in the polyurethane resins paints and coatings market act as a deterrent for new players. Bargaining power of buyers: Large buyers can negotiate lower prices from established players in the polyurethane resins paints and coatings market. Bargaining power of suppliers: Established chemical companies supplying key raw materials for polyurethane resins have more bargaining power vis-a-vis smaller manufacturers. Threat of new substitutes: Alternate technologies like powder coatings and water-based systems pose a potential threat for substitution. Competitive rivalry: The global polyurethane resins paints and coatings market remains consolidated with major players competing on the basis of product differentiation.
Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Share is expected to witness high growth.
Regional analysis: Asia Pacific accounts for the largest share of the global polyurethane resins paints and coatings market and is projected to witness the fastest growth during the forecast period. China, India, Japan, and South Korea are major consumers in the region. Key players
Key players operating in the polyurethane resins paints and coatings market are F. Hoffmann-La Roche Ltd, Becton Dickinson & Company, Cepheid (Danaher),Siemens Healthineers, Abbott, Diasorin S.p.a., Thermo Fisher Scientific Inc. , Qiagen, BIOMÉRIEUX, Hologic Inc., Bio Rad Laboratories, Quidel Corporation, EKF Diagnostics, SEKISUI Diagnostics, DiaSys-Diagnostic Systems GmbH, InBios International, Inc., Jiangsu Mole Bioscience Co., Ltd., ACON Laboratories, Inc., Visby Medical, Inc., UNIMA, INC.
For more details on the report, Read- https://www.insightprobing.com/polyurethane-resins-paints-and-coatings-market-demand-analysis/
