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Soft Touch Polyurethane Coatings Market Trends 2024-2033: Key Trends, Size, Outlook
Soft Touch Polyurethane Coatings Market Trends
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According to The Business Research Company's, The soft touch polyurethane coatings market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to consumer demand for premium finishes, consumer electronics design, consumer sensitivity to texture, anti-scratch and wear resistance, aesthetic enhancement in packaging, favorable regulatory landscape.
The soft touch polyurethane coatings market size is expected to see strong growth in the next few years. It will grow to $14.69 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to growing automotive industry, increased use in electronics, sustainable formulations, growth in luxury packaging, expansion in building and construction, demand in aerospace interiors. Major trends in the forecast period include advancements in uv-curable soft touch coatings, focus on scratch and abrasion resistance, technological innovations in application methods, compliance with regulatory standards, collaborations and partnerships, r&d investments for enhanced properties.
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Market Drivers and Trends:
The increase in consumer electronics is expected to propel the growth of soft-touch polyurethane coatings market going forward. Consumers seek products with a sleek feel, reduced fingerprints, and scratch resistance, prompting manufacturers to incorporate soft-touch coatings for brand differentiation and customization. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the total electronic equipment production in Japan reached 771,457 units. In addition, consumer electronics production reached 32,099 units in May 2023, compared to 25,268 units in May 2022. Therefore, the increase in consumer electronics is driving the growth of the soft-touch polyurethane coatings market.
Technological innovations are a key trend in the soft-touch polyurethane coatings market. Companies operating in the soft-touch polyurethane coatings market have developed various technological innovations such as waterborne polyurethane solutions, emulsion-free coatings, anti-yellowing coatings, and others to sustain their position in the market and provide better services to their customers. For instance, in January 2021, Allnex, a German manufacturer of coating resins, announced the launch of their polyurethane dispersion, especially for the automotive OEM and vehicle refinish coating markets, named the DAOTAN 7061/35WA. This polyurethane dispersion is emulsifier-free, has a high molecular weight, and is a urethane-acrylic-hybrid aqueous dispersion with excellent stability. DAOTAN 7061/35WA provides high performance and is versatile, giving transparent, crac*k-free surfaces.
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Major Key Players of the Market:
The Sherwin Williams Company, Akzo Nobel NV, PPG Industries Inc., RPM International Inc., Aexcel Corporation, Hunan Sokan New Materials Co., Jotun AS, Axalta Coating Systems Limited, BASF SE, Allnex Inc., Hempel A/S, Arkema SA, Hexion Inc., Lanxess AG, Covestro AG, Huntsman Corporation, Dow Inc., Wanhua Chemical Group Co. Ltd., Acme Polymers Co. Ltd., Advanced Polymer Coatings Inc., Cargill Inc., Koninklijke DSM N.V., Evonik Industries AG, ICL Industries Ltd., Lubrizol Corporation, Merck Group, Momentive Performance Materials Inc., Nippon Steel Chemical Co. Ltd., Reichhold Chemicals Inc., Teijin Chemical Corporation
Soft Touch Polyurethane Coatings Market 2024 Key Insights:
• The soft touch polyurethane coatings market size is expected to see strong growth in the next few years. It will grow to $14.69 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Automotive Industry Expansion Fuels Growth In Soft-Touch Polyurethane Coatings Market
• Advancements In Soft-Touch Polyurethane Coatings Transforming The Market
• Asia-Pacific was the largest region in the soft-touch polyurethane coatings market in 2023
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