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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Polyurethane Coating Market Outlook
The global polyurethane coating market stood at a value of more than USD 19.36 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.5% to reach over USD 31.34 billion by 2032.
Water-Borne Type to Hold a Significant Share of the Global Polyurethane Coating Industry
The desirable properties of water-borne polyurethane coatings such as its surface hardness, high performance in low temperature, and user-friendliness, among others are propelling the demand for the product in various end use industries. In addition to this, the rising application of water-borne polyurethane coatings on substrates sensitive to solvents is anticipated to bolster the market growth in the forecast period.
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The Asia Pacific Accounts for a Significant Share in the Polyurethane Coating Industry
The polyurethane coating industry in the Asia Pacific is driven by the rising investments in protective coatings and the increasing construction activities in the region owing to the rapid urbanisation and rising standards of living. The significant increase in indigenous manufacturing in countries like India and China has further propelled the market. Furthermore, a strong presence of several manufacturers in the region is anticipated to offer lucrative opportunities to the market in the forecast period.
Polyurethane Coating: Market Segmentation
Polyurethane coating is defined as a polymer that contains a chain of organic units and is applied on the surface of a substrate for the purpose of protecting it. Polyurethane coating helps a substrate from corrosion, weathering, abrasion, and other deteriorating processes. Moreover, polyurethane coatings have a high-tensile strength, modulus, percent elongation, and shore hardness.
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Based on type, the market can be segmented into:
- Solvent-Borne
- Water-Borne
- High Solids
- PU Powder Coating
- Others
The segmentation of the market based on end user industry is as follows:
- Automotive and Transportation
- Aerospace
- Wood and Furniture
- Construction
- Textile and Apparels
- Electrical and Electronics
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Rising Application of Polyurethane Coating in the Automotive Sector to Boost the Growth of the Polyurethane Coating Industry
The rising application of polyurethane coating in the automotive and transportation industry is driving the market growth. Polyurethane coatings are widely utilised as an automobile primer, intermediate coat, and finishing paint in the automobile industry. In addition to this, the rapid industrialisation and urbanisation is further augmenting the growth of the market. Moreover, the increasing sales of commercial and passenger cars in emerging economies are likely to provide a further impetus to the market growth in the forecast period.
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Key Industry Players in the Global Polyurethane Coating Market
The report gives a detailed analysis of the following key players in the global polyurethane coating market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Akzo Nobel N.V.
- BASF SE
- Sherwin-Williams Company
- PPG Industries, Inc.
- Axalta Coating Systems, LLC
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by End User Industry |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global polyurethane coating market attained a value of more than USD 19.36 billion.
The market is estimated to grow at a CAGR of 5.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach over USD 31.34 billion by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the industry, such as the increasing product demand in the automotive and building and construction industries, growing industrialisation and urbanisation, and the increasing focus of major manufacturers on market expansion, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the growing research and development activities by the manufacturers to provide improved coating solutions.
Solvent-borne, water-borne, high solids, and PU powder coating, among others are the major polyurethane coating types in the market.
Automotive and transportation, aerospace, wood and furniture, construction, textile and apparels, and electrical and electronics, among others are the different applications of polyurethane coatings.
The major players in the industry are Akzo Nobel N.V., BASF SE, Sherwin-Williams Company, PPG Industries, Inc., and Axalta Coating Systems, LLC, among others.
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