Polyurethane (PU) Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Polyurethane (PU) Coatings Market is segmented by Technology (Powder, Solvent-borne, Water-borne, and Radiation Cured), End-user Industry (Automotive, Transportation, Construction, Electrical and Electronics, Wood and Furniture, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Polyurethane (PU) Coatings in terms of revenue (USD million) for all the above segments.

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Polyurethane Coatings Market Size

Polyurethane Coatings Market Summary
Study Period 2018 - 2028
Base Year For Estimation 2021
CAGR > 4.80 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Polyurethane Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Polyurethane Coatings Market Analysis

The polyurethane (PU) coatings market was estimated at over USD 18 billion in 2021, and the market is expected to register a CAGR of over 5% during the forecast period (2022-2027).

The market was negatively impacted due to COVID-19 in 2020. Owing to the pandemic scenario, several countries around the world went into lockdown, which halted all the manufacturing and construction activities, thus creating a negative impact on the demand for polyurethane coatings. However, the condition is expected to recover in 2021, thereby restoring the growth trajectory of the market studied.

  • Over the short term, the burgeoning wood coatings industry and growing demand from the transportation industry are driving the market's growth.
  • On the flip side, the declining automotive industry and the negative impact of the COVID-19 pandemic are likely to hinder the market's growth.
  • In addition, the shift to water-borne PU coatings and the development of lignin-based polyurethanes are expected to provide opportunities for polyurethane coatings over the forecast period.
  • Asia-Pacific holds the major share in the consumption of polyurethane coatings. The region is also expected to witness the fastest growth during the forecast period.

Polyurethane Coatings Market Trends

This section covers the major market trends shaping the Polyurethane Coatings Market according to our research experts:

Automotive Industry to Dominate the Market

  • The automotive industry is the largest consumer of polyurethane coatings across the world. The majority of the primers used in automotive coatings utilize a cathodic electric deposit process which constitutes almost 90% cathode electrophoretic paint. Polyurethane electrophoretic paint plays an excellent role in the process.
  • PU coatings are used for both OEM and refinish applications. Epoxy polyamide polyurethane and acrylic polyurethane coats are the commonly preferred coatings in the industry.
  • Despite an encouraging term of growth in the automotive sector during the past decade, the momentum slowed down in recent years. 
  • The sales and production of new vehicles are going down in various parts of the world, including Europe, Asia-Pacific, and the United States. This affected the previously growing automotive production in most nations. Business models, the markets, and the competitive landscape are undergoing changes.​​ This is slowing the demand for polyurethane coatings.
  • According to the OICA data, global automotive production declined by around 16% in 2020. In the first 9 months of 2021, 57,262,777 units of automotives were produced globally, an increase of 10% when compared to the same period in 2020. 
  • All the aforementioned factors are expected to affect the usage of polyurethane coatings in automotive applications.
Polyurethane (PU) Coatings Market, Revenue Share (), by End-user Industry, Global, 2021

China to Dominate the Market in the Asia-Pacific Region

  • China is the largest market for PU materials, and this strong consumer base enables it to take a key position in the global PU coatings market.
  • In recent years, due to the improvement of environmental protection requirements and awareness, China's water-borne PU coatings industry has developed rapidly, with the growth rate far exceeding the overall PU materials industry.
  • In November 2019, the Chinese Ministry of Industry and Information Technology issued “Limit of Harmful Substances in Wood Coatings”, which puts forward higher requirements for VOC emission of PU coatings.
  • Strict environmental supervision has opened up a new development space for water-borne PU coatings in the country.
  • All the aforementioned factors, in turn, are projected to increase the demand for polyurethane coatings in the region during the forecast period.
Polyurethane (PU) Coatings Market- Growth Rate by Region, 2022-2027

Polyurethane Coatings Industry Overview

The polyurethane coatings market is a consolidated market, as there are very few players who are able to control major market share. Key players in the market (not in any particular order) include Akzo Nobel NV, Jotun, Axalta Coating Systems, PPG Industries Inc., and The Sherwin-Williams Company, among others.

Polyurethane Coatings Market Leaders

  1. Akzo Nobel N.V.

  2. Axalta Coating Systems

  3. The Sherwin-Williams Company

  4. Jotun

  5. PPG Industries, Inc.

*Disclaimer: Major Players sorted in no particular order

Polyurethane Coatings Market Concentration
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Polyurethane Coatings Market News

  • In Feb 2021, PPG Industries, Inc. announced that the company has completed the acquisition of VersaFlex from DalFort Capital Partners. VersaFlex provides polyurethane, and other coatings for different applications including water and wastewater infrastructure, transportation, industrial, and others.
  • In Feb 2021, The Sherwin-Williams Company acquired Tennant Coatings, the coating business of Tennant Company, which offers indoor and outdoor coatings systems for various applications and different end-user industries., thereby has enhanced the company’s coatings business.
  • In Feb 2021, The Sherwin-Williams Company signed an agreement to divest Wattyl, a paint and coatings manufacturer of the company based in Australia and New Zealand, to Hempel A/S, thereby is expected to enhance the coatings business of Hempel A/S.

Polyurethane Coatings Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Burgeoning Wood Coatings Industry

      2. 4.1.2 Growing Demand from the Transportation Industry

    2. 4.2 Restraints

      1. 4.2.1 Declining Automotive Industry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Technology

      1. 5.1.1 Powder

      2. 5.1.2 Solvent-borne

      3. 5.1.3 Water-borne

      4. 5.1.4 Radiation Cured

    2. 5.2 End-user Industry

      1. 5.2.1 Automotive

      2. 5.2.2 Transportation

      3. 5.2.3 Construction

      4. 5.2.4 Electrical and Electronics

      5. 5.2.5 Wood and Furniture

      6. 5.2.6 Others End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/ Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel NV

      2. 6.4.2 Asian Paints

      3. 6.4.3 Axalta Coating Systems

      4. 6.4.4 BASF SE

      5. 6.4.5 IVM Chemicals SRL

      6. 6.4.6 Jotun

      7. 6.4.7 Polycoat Products

      8. 6.4.8 PPG Industries Inc.

      9. 6.4.9 RPM International Inc.

      10. 6.4.10 The Sherwin-Williams Company

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Shift to Water-borne PU coatings

    2. 7.2 Development of Lignin-based Polyurethanes

**Subject to Availability
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Polyurethane Coatings Industry Segmentation

The global polyurethane coatings market is segmented by technology, end-user industry, and geography. By technology, the market is segmented into powder, solvent-borne, water-borne, and radiation cured. By end-user industry, the market is segmented into automotive, transportation, construction, electrical and electronics, wood and furniture, and other end-user industries. The report offers the market size of and forecasts for major countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD million).

Technology
Powder
Solvent-borne
Water-borne
Radiation Cured
End-user Industry
Automotive
Transportation
Construction
Electrical and Electronics
Wood and Furniture
Others End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Polyurethane Coatings Market Research FAQs

The Polyurethane (PU) Coatings Market is projected to register a CAGR of greater than 4.8% during the forecast period (2023-2028).

Akzo Nobel N.V., Axalta Coating Systems, The Sherwin-Williams Company, Jotun and PPG Industries, Inc. are the major companies operating in the Polyurethane (PU) Coatings Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the Asia Pacific accounts for the largest market share in the Polyurethane (PU) Coatings Market.

Polyurethane (PU) Coatings Industry Report

Statistics for the 2023 Polyurethane (PU) Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polyurethane (PU) Coatings analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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