Driven by adoption of ultra violet (UV) curable polyurethane (PU) dispersion coatings and growing preference for water based formulations, the soft touch polyurethane coatings market is forecast to reach valuation of US$ 6430 million by the end of 2021.
As per newly released data by Future Market Insights (FMI), global sales of overall soft touch polyurethane coatings market enjoyed year-on-year (YoY) growth of 3.50% in 2021 to total 313 kilotons. The sales are expected to grow 1.97X and reach 617 kilotons by the end of 2031, says Future Market Insights.
Soft touch polyurethane coatings are all-rounder in terms of application as they are extensively used in coating automotive and aircraft interior components like arm rest, door trims and front control panels to protect them from constant wear and tear.
Increasing adoption of ABS plastics in making automotive interiors will accelerate the demand for soft touch polyurethane coatings in upcoming years. They also play an integral role in improving overall look and design of consumer electronic devices like mobiles and laptops while simultaneously protecting them from scratches.
Competitive Landscape
Future Market Insights reports that, leading market players are focusing on employing organic and inorganic strategies to expand their market shares and enter new and emerging markets. These strategies include strategic merger and acquisition, partnership, and new product launches.
For instance, in June 2021, AkzoNobel announced to acquire Colombia-based paints and coatings company Grupo Orbis to strengthen its long term market position in South and Central America. This will allow AkzoNobel to expand its product portfolio and solidify its position as the market leader in the region.
In January 2021, Allnex launched new polyurethane coating “DAOTAN 7061/35WA” especially designed for automotive OEM and vehicle refinish coating segments.
Prominent players operating in the soft touch polyurethane coatings market 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.
More Insights on the Global Soft Touch Polyurethane Coatings Market
In its latest report, FMI offers an unbiased analysis of the global soft touch polyurethane coatings market, providing historical data for the period of 2015-2025 and forecast statistics for the period of 2021-2031.
In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of base type (water-based and solvent-based coatings), product type (2K and ultraviolet polyurethane coatings), end use (transport and automotive, electrical and electronics, wood and furniture, and others (packaging, measuring devices)), across seven major regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa).
Get More Information@ https://www.futuremarketinsights.com/reports/soft-touch-polyurethane-coatings-market
