The Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soft touch polyurethane coatings provide smooth and supple texture, resistance to scratches and abrasion, and UV resistance properties to substrates. They are used on a wide range of substrates such as wood, plastic, and metal for various end-use applications. The increase in usage of soft touch polyurethane coatings in automotive interiors is driving the growth of this market.
Market key trends:
The rising applications of soft touch polyurethane coatings in automotive interiors is a major trend driving the growth of this market. Soft touch polyurethane coatings are increasingly being used on automotive panels, consoles, door panels, and other interior parts to provide attractive aesthetics, scratch and abrasion resistance, and better touch and feel to car occupants. According to recent reports, global vehicle production is estimated to grow at a CAGR of over 3% during the forecast period, thereby propelling the demand for soft touch polyurethane coatings from the automotive industry. Growing automobile sales and increasing preference of OEMs and customers towards better interior aesthetics and touch properties are fueling the adoption of soft touch polyurethane coatings in automotive applications.
Porter’s Analysis
Threat of new entrants: The high capital requirement and stringent regulations increase the barrier for new players to enter the soft touch polyurethane coatings market.
Bargaining power of buyers: The presence of multiple options for buyers give them a stronger position in negotiating lower prices from manufacturers.
Bargaining power of suppliers: The raw material suppliers have moderate bargaining power due to availability of substitute materials that can be used by coatings producers.
Threat of new substitutes: Alternative coating materials like solvent-based acrylic and alkyd coatings pose threat of substitution.
Competitive rivalry: Fierce competition exists between established global players.
SWOT Analysis
Strength: Superior properties like scratch and abrasion resistance along with gloss retention of soft touch polyurethane coatings increase its demand.
Weakness: Volatility in raw material prices and stringent environmental regulations increase production costs.
Opportunity: Growing infrastructure and automotive sectors in Asia Pacific provides growth opportunities. Rapid urbanization increases demand for durable paints and coatings.
Threats: Economic slowdowns can negatively impact the construction and automotive industries thereby affecting market demand.
Key Takeaways
The global Soft Touch Polyurethane Coatings Market Share is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing demand from construction and automotive industries. Asia Pacific dominates the market and is projected to be the fastest growing region owing to rising construction activities and increasing vehicle production in China, India. Key players operating in the soft touch polyurethane coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum - RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS.
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