by Polyurethane resins are chemical compounds that are used as raw materials in the production of paints and coatings. Paints and coatings containing polyurethane resins exhibit exceptional properties such as wear resistance, weatherability, toughness and gloss retention. They are used across various end-use industries including construction, transportation, industrial, wood and others. In the construction industry, polyurethane resins based paints and coatings are applied on walls, floors and other structures for protection and decorative purposes.
The global Polyurethane Resins Paints And Coatings Market is estimated to be valued at Us$ 35,306.54 Mn in 2023 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth in the construction industry is expected to flourish polyurethane resins paints and coatings market. According to the United Nations, the global construction industry is projected to grow at an annual rate of 3.7% between 2021 and 2025. Rapid urbanization and increasing investments by public and private entities in infrastructure development are key factors driving growth of the construction sector worldwide. Since polyurethane resins based paints and coatings provide long-lasting protective shield against extreme weather conditions and mechanical abrasions, their demand is rising substantially from the construction industry. The other driver is high demand for durable and durable coatings from industrial and automotive sector that require high wear and corrosion resistance. Polyurethane resins based coatings meet these requirements through their exceptional abrasion resistance, toughness and gloss retention properties which is propelling the market growth over the forecast period.
Segment Analysis
The global polyurethane resins paints and coatings market is dominated by the architectural segment followed by the automotive segment. Architectural segment held around 50% of the market share in 2023. This is primarily due to increasing construction activities and growth in infrastructure projects across emerging economies. The segment is poised to grow further during the forecast period supported by rising disposable income and changing lifestyle across developing regions of Asia Pacific and Latin America.
PEST Analysis
Political: Stringent environmental regulations regarding VOC emissions in major economies will positively impact the polyurethane resins paints and coatings market.
Economic: Growth in the construction and automotive industry along with rising per capita income will drive the market.
Social: Changing lifestyle, increasing consumer spending on home improvement and vehicle customization will favor market growth.
Technological: Developments in nano-technologies, self-cleaning and anti-microbial properties will provide new opportunities over coming years.
Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Size is expected to witness high growth at a CAGR of 4.5% during the forecast period of 2023 to 2030.
Asia Pacific dominated the market with over 35% share in 2023 led by China, India and other Southeast Asian countries. The region is estimated to continue its dominance during the forecast period on account of rapid industrialization and infrastructure development projects ongoing in the region.
Key players operating in the polyurethane resins paints and coatings market are The Dow Chemical Company, BASF SE, Covestro A.G., Huntsman Corp., Eastman Chemical Co., Mitsui Chemicals Inc, Recticel S.A., RTP Company Inc., Lubrizol Corp., Rampf Holding GmbH & Co. KG.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
