The Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.71 Bn or Mn 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.
Soft touch polyurethane coatings are used to provide a smooth matte or velvety finish on plastics, metals, woods, and other surfaces. They impart a silky, luxurious tactile feel while protecting the substrate from scratches and other wear and tear. These coatings find widespread application in automotive interior and exterior trims, consumer electronics, furniture, leather goods, and medical devices where they enhance aesthetic appeal and durability.
Growing automotive production is a key driver for the soft touch polyurethane coatings market. Automakers are increasingly using these coatings on interior and exterior automobile parts like dashboards, door panels, consoles etc. to offer premium look and feel to customers. Rising disposable incomes in developing nations is boosting automobile sales which in turn is propelling the demand for soft touch polyurethane coatings. Another driver is the increasing penetration of consumer electronics like smartphones, laptops, tablets etc. Consumer electronics brands use these coatings on devices to differentiate their products and attract customers with enhanced user experience.
The global soft touch polyurethane coatings market is dominated by the furniture segment. This segment accounts for over 30% of the total market share owing to the high usage of soft touch polyurethane coatings on furniture for improved aesthetics and feel. Polyurethane coatings provide furniture with properties like scratch resistance, durability and a smooth matte finish which enhances the appearance and touch feel.
Political: There are no significant political risks affecting the soft touch polyurethane coatings market.
Economic: The growth of the construction and automotive industries is positively impacting the market. Rise in disposable incomes is driving demand for furniture and consumer goods.
Social: Changing preferences towards smooth, non-sticky and luxurious textures is fueling adoption of soft touch polyurethane coatings in various end-use industries.
Technological: Advancements in polyurethane chemistry are helping manufacturers develop innovative coatings with improved properties like self-healing and anti-microbial characteristics.
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 the furniture and automotive industries.
The Asia Pacific region is expected to be the fastest growing as well as the dominating region in the soft touch polyurethane coatings market. Countries like China, India, and Japan are driving the growth in this region supported by the expansion of end-use industries and rising disposable income levels.
Key players operating in the soft touch polyurethane coatings market are The 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. Sherwin Williams and AkzoNobel are the major players due to their wide product portfolio and geographical presence across regions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it