Polyurethane Coatings Market – Market Overview
Polyurethane is traditionally produced by reacting poly isocyanate with a polyol which are broadly used in applications such as furniture, packaging, electronic appliances, coatings and footwear. The Polyurethane Coating properties can be adjusted by polyols and crosslinkers. They possess properties such as low temperature curing, high abrasion resistance, high flexibility and durability. Paints and coatings industry has witnessed high demand of Polyurethane Coatings owing to its superior properties and increasing applications scope. Rising demand of surface coating in storage tanks, gas pipeline, ships and containers, floor and bridges among others are expected to drive the Polyurethane Coatings Market.
Polyurethane Coatings are highly recommended for surface applications which are exposed to wear and tear. It also offers high corrosion and heat resistance along with inertness to chemicals which is suitable for applications in steel tanks, paper mills, processing equipment’s, oil field machineries and interior and exterior of heavy duty vehicles. Furniture and automotive industry is likely to set as emerging market for Polyurethane Coatings over the forecast period. Increasing demand of polyurethane resins in wood coatings and construction are expected to augment the market growth. Moreover, Polyurethane Coatings provide smooth, glossy finish to the surface which is essential in automotive industry. Apart from aforementioned applications, technology driven water borne, and solvent borne are providing lucrative opportunity for Polyurethane Coatings Market. Solvent borne consist of high VOC content compared to water borne Polyurethane Coatings. Hence, stringent regulations by environmental bodies to lower the VOC emission is anticipated to drive the waterborne based Polyurethane Coatings in coming years.
Additionally, increase in spending on leisure boats and cars coupled with changing standard of living is anticipated to drive the Polyurethane Coatings in marine and automotive industry. Growing construction activities along with supportive government regulation like 100% FDI policy is also anticipated to drive the product demand in coming years. However, volatile in raw material prices leading to high Polyurethane Coatings price compared to other coating would hamper the market growth.
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Polyurethane Coatings are largely consumed in Asia Pacific region owing to robust end use industry growth, favourable government policies and low labor cost. China and India are leading countries owing to increasing demand of Polyurethane Coatings in automotive and construction industry. Construction industry causes major environmental impact owing to demolition waste and consumes large amount of energy thus, to minimize environmental impact polyurethane coatings is expected to exhibit strong market growth. Infrastructural development with modern structure and technology in emerging markets are anticipated to propel the polyurethane coatings market. Germany and UK are leading countries in European regions on account of large automotive hub. Automotive refinishes and rapid industrialization is driving huge demand of polyurethane water borne coatings. Moreover, Middle East & Africa is anticipated to witness high demand of Polyurethane Coatings in construction industry on account of increasing disposable income and growing expenditure on interior of building.
Polyurethane Coatings Market – Competitive Analysis
Polyurethane Coatings Marketis fragmented market with tier 1 and tier 2 companies dominating the overall market. The companies like Akzo Nobel N.V., BASF SE and Covestro are adopting key strategy like partnerships and agreements in order to reduce gap between supplier and manufacturer of polyurethane. Apart from that, various key strategies adopted by key players are expansion, acquisition and product launch. Advancement in technology and increasing presence of significant players has positively impact the growth of Polyurethane Coating Market.
Industry/ Innovation/ Related News:
November 06, 2017 – Covestro is leading player in polyurethane market, has expanded its global capacity of polyurethane dispersions in around the world. They had started new production facility for water based polyurethane dispersions at Dormage site. Currently, company expanded production in Barcelona to meet growing demand of coatings in European region. Moreover, resuming facility in United States and completing production in China with modern facilities are boosting the revenue of company to next level. With this global expansion, they are able to meet demand from adhesives and coating industry. At the same time, maintaining regulations through adoption of waterborne system is key strategy of the company.
October 11, 2017 –Covestro LLC expandedproduction capacity of thermoplastic polyurethane at New Martinsville, West Virginia, by 25%. This will help the company to meet growing demand from end use industry and continue support to North American customers by exploring more opportunities.
June 07, 2017 – AkzoNobel (global leader in polyurethane coatings) expanded coating research facility in Houston, Texas. This expansion would help the company to meet regulatory trends and expand the product portfolio.
July 04, 2017 – AkzoNobel launched a new product in marine coating portfolio known as Alkyd Primer. This would help the boat and shipment industries to meet new flexibility and cost-effective maintenance.
June 1, 2017 – Sherwin-Williams acquired Valspar Corporation, for USD 11.3 billion. This acquisition is expected to create strong foothold in EMEA regions, Asia Pacific and Europe region. The merger is helping company to become leading producer in paints and coatings.
May 27, 2015 – AkzoNobel build a new production facility of performance coating in Thailand. The production capacity is earmarked at 45,000 tons per year initially. The performance coatings include marine coatings, specialty coatings, protective coatings, and metal coatings. This expansion plan is helping the company for continual growth in Thailand as well as to meet their regional growth strategy.
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