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Global polyurethane coatings Market InsightJanuary 4, 2022 Comments
Global polyurethane coatings market is forecast to grow at a low rate this year because the impact of COVID-19. Thereafter,according to the World Knowledge Information (WKI) Global polyurethane coatings market research report, the market is expected to recover,trailing a post-COVID-19 CAGR of 6.2% over the analysis period 2020 to 2027.
“Polyurethane coatings can’t just focus on the development of coating technology.” said Agatha Brown, Senior analyst, Consumer Goods Market Research Center in WKI. “For the purpose of environmental protection, we need to develop new environmentally friendly coatings.”
The automotive industry has a huge demand for polyurethane coatings. With the increasing impact of gasoline and diesel vehicles on the environment, countries will accelerate the production and popularization of new energy vehicles in the future, and the mass production of new energy vehicles will bring new growth opportunities to the polyurethane coatings market. . Protective coatings are used in civil construction and infrastructure industries, for floors, wood veneers, interior and exterior walls, bridges, swimming pools, doors and ceilings. The protective coating forms a thin layer on the surface to which it is applied to increase the life and stability of the structure. Bridges, highways, and infrastructure projects essentially require long-term stability and the ability to withstand severe weather conditions, such as acid rain.
Increasingly stringent regulations for the use of protective coatings are forcing manufacturers to develop products with low volatile organic compounds (VOC), high solids content, and low pesticidal agents. Chemical Registration, Evaluation, Authorization and Restriction (REACH), Green Seal, Solvent Emissions Directive (SED) and Biocidal Products Directive (BPD) are to limit VOC (Volatile Organic Compounds) and HAP (Hazardous Air Pollutants) emissions Strict environmental regulations). This leads to technical difficulties when using solvent-based coatings. These regulations have also led the industry to switch to environmentally friendly coatings. However, there are challenges in developing new products that comply with these strict regulations and make them economically efficient for the industry.
This WKI market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading polyurethane coatings companies that include Akzo Nobel NV, Jotun, Axalta Coating Systems, PPG Industries, and Sherwin-Williams Company.
Segmentation of Polyurethane (PU) Coatings Market:
The global polyurethane coatings market is segmented by technology, composition, and end-user industry. According to technology, the market is divided into light curing polyurethane coatings and room temperature curing waterborne polyurethane coatings. Room temperature curing waterborne polyurethane coatings occupies a major market share. For some heat-sensitive substrates and large parts, heating cannot be used to crosslink, and room temperature crosslinked waterborne polyurethane coatings must be used. According to the composition, the market is divided into one-component polyurethane coatings and two-component polyurethane coatings. Two-component polyurethane coatings occupies the main market share. Two-component polyurethane coatings have the advantages of low film forming temperature, strong adhesion, good wear resistance, high hardness, chemical resistance, and good weather resistance. They are widely used as industrial protection and woodware. Furniture and automotive coatings. According to the end-user industry, the market is segmented into automotive, transportation, construction, electrical and electronics, wood and furniture, and other end-user industries. The automotive industry is the world’s largest consumer of polyurethane coatings. Most primers used in automotive coatings use cathodic electrodeposition, and almost 90% are cathodic electrophoretic paints. Polyurethane electrophoretic paint has played an excellent role in this process.
Polyurethane (PU) Coatings Market: Regional Analysis
In terms of geography, the global polyurethane coatings market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The Asia-Pacific region is expected to become the fastest growing market during the forecast period. In the Asia-Pacific region, China is the economy with the largest gross domestic product. With the increase in investment and construction activities in China, the demand for polyurethane coatings is expected to grow during the forecast period. China has the world’s largest production base for electronic products. Electronic products, such as smartphones, televisions, wires, cables, portable computing devices, gaming systems and other personal electronic devices, recorded the highest growth in the electronics sector. China not only meets the domestic demand for electronic products, but also exports electronic products to other countries. In China, with the increase in the disposable income of the middle-class population and the rising demand for electronic products, countries that import electronic products from China are expected to increase the production of electronic products, thereby benefiting the polyurethane coatings market.
In December 2019, Jotun has made a joint venture with the shipment leading company of Hong Kong i.e., COSCO shipping. This venture delivers the mutual value to both the parties. The company marries the innovative, high-performance coatings technology of Jotun with the infrastructure, industry, and expertise whereas Jotun will enjoy the COSCO valued reputation in the key market, China.
In December 2018, Jotun and Kansai have signed an agreement forming the SeaStar Alliance 2002, they had already worked together for many years, and the alliance was a development. The partnership has led to the development of anti-fouling brands such as SeaQuantum, which is now the world leader in antifouling based on Silyl technology. The alliance between both the companies enables the widest coverage of the global market and the plans are to work towards more exciting innovations, solutions, and services together.
Largest share area：Asia Pacific
Largest share country：China