Global Soft touch Polyurethane Coatings Market Worth US$ 5.5 Bn
Key Factors Driving the Global Soft touch Polyurethane Coatings Market
Soft touch polyurethane coatings find wide-ranging applications in automotive and aircraft interior components, interior wood surfaces (furniture, trim, doors) and consumer electronic devices such as mobile phones, TV, laptop and computer cases. These coatings also find applications in cosmetic cases and kitchenware.
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Over the last decade, increasing consumer demand for fuel-efficient vehicles and various environmental regulations regarding carbon emissions has influenced automakers to opt for lighter materials. Most metal interior components of automobiles are being replaced by plastic materials, such as Acetonitrile Butadiene Styrene (ABS). These plastic materials need to be coated in order to have organoleptic properties. This increased use of plastics in automobile interiors has led to an increase in demand for soft touch polyurethane coatings as a suitable option, owing to properties such as resistance to yellowing, scratching, abrasion and chemicals. Soft touch polyurethane coatings are widely used in the automobile industry to coat interior components such as arm rest, door trims, airbags compartments, steering wheel and front panels.
Government regulations and environmental concerns around the world is influencing coating industry players to develop coating with low or no volatile organic content (VOC). Until recently, solvent-based, two component system, was the most widely used coating. However, it has high VOC content as compared to water-based coating. Water-based low VOC content coating is formulated using low molecular weight polymers and reactive diluents. This has led to increase in development of water-based PU soft feel coatings customised as per requirements in various end-use industries such as automotive, wood & furniture and electronics.
The global soft touch polyurethane coatings market is segmented on the basis of base type, product type and end-use industry.
On the basis of base type, the global soft touch polyurethane coatings market is segmented into water-based and solvent-based soft touch polyurethane coatings.
Among base types, the solvent-based soft touch polyurethane coatings segment accounts for a major share in the global market. However, water-based soft touch polyurethane coatings segment is expected to gain traction and expand at highest CAGR in terms of value over the forecast period. Key players in this market are also shifting their focus from solvent-based to water-based soft touch polyurethane coatings due to the stringent environmental regulations pertaining to limit the volatile organic compound (VOC) emissions. In Asia Pacific, solvent-based soft touch polyurethane coatings are mainly preferred.
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On the basis of product type, the global soft touch polyurethane coatings market is segmented into 2K and UV coating systems. Each of this product type is further segmented in water-based and solvent-based coatings.
On the basis of end-use industry, the global soft touch polyurethane coatings market is segmented into transport and automotive, electrical and electronics, wood and furniture and others (measuring devices, packaging).
In 2014, the transport and automotive segment accounted for the 37% market value share. Most industries such as automotive, electronics and packaging are much focused towards offering products with improved surface properties such as warm touch and rich look. These properties play an important role in buying behaviour of customers. Increasing disposable income in developed and developing countries is driving consumer spending on high end premium goods.
Key playersin the global soft touch polyurethane coatings market include PPG Industries Inc., AkzoNobel N.V., RPM International Inc., The Sherwin Williams Company, Aexcel Corporation, Axalta Coatings Systems Ltd., Sokan New Materials and Jotun AS.
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