by Polyurethane resins are widely used in paints and coatings applications due to their excellent durability, wear resistance and flexibility properties. Polyurethane paints and coatings provide long-lasting protection against weathering for surfaces like walls, floors, metal structures and vehicles. They not only resist moisture and UV light but also stretch, contract and flex with the substrate without peeling or cracking. The increasing construction activities across the globe has boosted the demand for polyurethane resins in infrastructure projects. The construction industry utilizes polyurethane coatings on surfaces to safeguard them from corrosion, temperature fluctuations, chemicals and impact damage.
The global Polyurethane Resins Paints and Coatings Market is estimated to be valued at US$ 35306.54 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the polyurethane resins paints and coatings market is the rising popularity of water-based polyurethane coatings. Water-based polyurethane coatings have very low volatile organic compound (VOC) emissions and are considered environment-friendly. They eliminate the use of harmful solvents and provide an eco-friendly alternative to solvent-based polyurethane coatings. Moreover, water-based polyurethane coatings dry faster and have good flow and leveling properties. They can be easily cleaned using water. Owing to stringent environmental regulations regarding VOC emissions, many manufacturers are focusing on developing advanced water-based polyurethane coating technologies. This has augmented the demand for water-based polyurethane resins from the coatings industry.
Porter’s Analysis
Threat of new entrants: The polyurethane resins paints and coatings market requires large capital investments and technology which poses a barrier for new entrants.
Bargaining power of buyers: The presence of numerous buyers in the market along with availability of substitute products provides moderate bargaining power to buyers.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of substitutes and insignificant switching costs.
Threat of new substitutes: New substitute products pose moderate threat as polyurethane resins have established applications and performance advantages.
Competitive rivalry: The market is competitive due to presence of major players.
Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Size is expected to witness high growth. North America dominated the market owing to high demand from construction and automotive industries in the US and Canada.
Regional analysis: Asia Pacific is expected to grow at the fastest pace during the forecast period supported by increasing construction activities and automobile production in China and India.
Key players: Key players operating in the polyurethane resins paints and coatings market are F. Hoffmann-La Roche Ltd, Becton Dickinson & Company, Cepheid (Danaher),Siemens Healthineers, Abbott, Diasorin S.p.a., Thermo Fisher Scientific Inc. , Qiagen, BIOMÉRIEUX, Hologic Inc., Bio Rad Laboratories, Quidel Corporation, EKF Diagnostics, SEKISUI Diagnostics, DiaSys-Diagnostic Systems GmbH, InBios International, Inc., Jiangsu Mole Bioscience Co., Ltd., ACON Laboratories, Inc., Visby Medical, Inc., UNIMA, INC.
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