Polyurethane Resins Paints and Coatings Market Dynamics, Segments and Supply Demand 2020
Paints perform the vital role of protecting the surfaces from rust and weathering, increasing durability and also increasing the visual appeal of the products. Polyurethane resin paints are used in various applications such as wood coatings, aircraft coatings, construction etc. The demand for polyurethane resin paints is expected to witness strong growth from the furniture segment where polyurethane resin paints are used to paint the surface of wooden furniture. Interiors and furniture coating is one of the major end-user industry of polyurethane resin paints. Polyurethane resin paints are used are used for applying protective layer over wooden furniture in order to protect the wooden surfaces.
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Economic growth in Asia Pacific and Latin America coupled with growing disposable income in these regions, have led to an increase in demand for furniture products and this in turn is expected to drive the demand for polyurethane resin paints and coatings used in furniture applications. Polyurethane resins coatings are also used for marine applications across the globe. Other applications where polyurethane resin paints and coatings can be used include heavy duty exterior and interior structural coating, exterior surfaces of steel tanks, clean rooms, conveyors, chemical processing equipments, paper mills, power plants, offshore structures, oil field machinery, handrails, etc.
The demand for polyurethane resin paints and coatings is also expected to see robust growth from the marine industry. Increasing demand and sales of leisure boats globally is expected to drive the demand for polyurethane resin paints and coatings market in the near future. The demand for boats has seen a significant increase in countries such as U.S further adding to the demand for polyurethane resin paints and coatings. Growing construction activities globally is also expected to increase the demand for polyurethane resin paints and coatings in the next few years. Polyurethane resin paints and coatings are also used for applying protective base layers to various products. The demand for polyurethane resin paints and coatings from automobile sector is also anticipated to exhibit strong growth in the next few years.
In terms of consumption Asia Pacific was the highest consumer of polyurethane resin paints and coatings followed by North America, Europe and Latin America. In Asia Pacific, China and India were the major markets for polyurethane resin paints and coatings. The demand for polyurethane resin paints and coatings is higher in these countries on account of growing disposable income in this region and growing expenditure on furniture and interiors. In Latin America, Brazil is the major market for polyurethane resin paints and coatings. The demand for polyurethane resin paints and coatings is also expected to be high in Middle East and African countries on account of growing construction activities in these regions.
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Some of the major companies operating in the global polyurethane resin paints and coatings market are BASF SE, Sherwin Williams, Henkel, Lubrizol, DSM, and Arkema among others.
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