Polyurethane Coatings Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 21.15 Billion |
| Market Size (2029) | USD 26.88 Billion |
| CAGR (2024 - 2029) | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players_Coatings_Market.webp "Polyurethane (PU) Coatings Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
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Polyurethane Coatings Market Analysis
The Polyurethane Coatings Market size is estimated at USD 21.15 billion in 2024, and is expected to reach USD 26.88 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The market was negatively impacted due to COVID-19 in 2020. Owing to the pandemic scenario, several countries around the world went into lockdown. It halted all manufacturing and construction activities, thus creating a negative impact on the demand for polyurethane coatings. However, the condition recovered, thereby restoring the growth of the polyurethane coatings market.
- The construction industry is driving the market's growth as PU coatings are used as exterior coatings, interior coatings, flooring, roofing, and insulation. Moreover, the increasing popularity of lightweight construction materials such as wood and metal is also driving the PU coatings market.
- The prices of raw materials used in the production of PU coatings, such as isocyanates and polyols, are volatile and can fluctuate significantly. It can impact the profitability of PU coatings manufacturers.
- In addition, PU coatings are being used to coat medical devices, such as implants and catheters. They are also being used to make medical devices more biocompatible.
- 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
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 were affected in various parts of the world, including Europe, Asia-Pacific, and the United States. It affected the previously growing automotive production in most nations. However, with the improving global scenario, production is recovering around the globe.
- According to the OICA data, global automotive sales increased by around 5% in 2021 compared to 2020. In 2022, there was only a 1.3% decline when compared to 2021, with sales of 8,16,28,533 and 8,27,55,197 in 2022 and 2021, respectively.
- As per OICA, the global production of automotive accounted for 85.01 million units in 2022, which is an increase of 6% compared to the previous year by 80.14 million units.
- All the factors above are expected to affect the usage of polyurethane coatings in automotive applications.
China to Dominate the Market in the Asia-Pacific Region
- China is the largest market for PU materials. This strong consumer base enables it to take a key position in the global PU coatings market.
- According to the China Association of Automobile Manufacturers (CAAM) 2002 report, despite the recent decline in passenger car sales in China during the COVID-19 pandemic, total passenger car sales in the market bounced back. In 2022, the sales exceeded 23.5 million units, making it the highest figure in the past four years. It includes the potential to drive the PU coating market as it is used to protect cars from corrosion and other damage. They are also being used to improve the appearance of cars.
- In 2022, as per the National Bureau of Statistics of China, the construction industry in China generated an output of over CNY 31 trillion (USD 4.6 trillion) with an increase of 6% from the previous year, accounting for CNY 29.31 trillion (USD 4.36 trillion). It also represented an increase of almost 100 % from a decade ago, with a positive impact on the PU coating market and the growing technological trends in the construction industry to protect buildings from the elements. They are also being used to improve the energy efficiency of buildings.
- Moreover, in recent years, due to the improvement of environmental protection requirements and awareness, China's water-borne PU coatings industry developed rapidly, with the growth rate far exceeding the overall PU materials industry.
- In October 2023, according to European Coatings, researchers demonstrated the synthesis of vanillin-based UV-curable polyurethane dispersions for wood coating applications.
- Covestro in China recently completed a polyurethane dispersion facility in Shanghai to meet rising demand in the Asia Pacific region.
- Strict environmental supervision opened up a new development space for water-borne PU coatings in the country.
- All the factors above, in turn, are projected to increase the demand for polyurethane coatings in the region during the forecast period.
Polyurethane Coatings Industry Overview
The polyurethane coatings market is consolidated in nature. The major players (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
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Akzo Nobel N.V.
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The Sherwin-Williams Company
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Jotun
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PPG Industries, Inc.
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Axalta Coating Systems
*Disclaimer: Major Players sorted in no particular order
_Coating_-_Market_Concentration.webp "Polyurethane (PU) Coatings Market Concentration")
Polyurethane Coatings Market News
- October 2023: SKC sold its 100% shares of SK pucore, a polyurethane manufacturer, to Glenwood Private Equity, a Seoul-based private equity firm. SKC (petrochemical subsidiary) sold to a private equity firm at the price of KRW 410.3 billion (USD 304.1 million) in a bid to streamline its portfolio with a focus on semiconductor and EV battery materials.
- August 2023: Covestro began production of polyurethane elastomer systems in its new Shanghai plant. The investment is in the double-digit million Euro range. It is part of a series of investments in the elastomer's raw materials taken by the business in the past years with sites in Thailand and Spain.
Polyurethane Coatings Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Demand from the Construction Industry
- 4.1.2 Increase in Demand from the Automotive Industry
- 4.1.3 Growing Demand from the Transportation Industry
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4.2 Restraints
- 4.2.1 Volatile Raw Material Prices
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Technology
- 5.1.1 Powder
- 5.1.2 Solvent-borne
- 5.1.3 Water-borne
- 5.1.4 Radiation Cured
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5.2 End-user Industry
- 5.2.1 Automotive
- 5.2.2 Transportation
- 5.2.3 Construction
- 5.2.4 Electrical and Electronics
- 5.2.5 Wood and Furniture
- 5.2.6 Others End-user Industries (Aerospace, Industrial, and Textile)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/ Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Akzo Nobel NV
- 6.4.2 Asian Paints
- 6.4.3 Axalta Coating Systems
- 6.4.4 BASF SE
- 6.4.5 IVM Chemicals SRL
- 6.4.6 Jotun
- 6.4.7 Polycoat Products
- 6.4.8 PPG Industries Inc.
- 6.4.9 RPM International Inc.
- 6.4.10 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 New applications for PU coatings in Aerospace and Medical Industries
- 7.2 Development in Integration of Nanotechnology and PU coatings
Polyurethane Coatings Industry Segmentation
Polyurethane coatings form tough, chemically resistant coatings and make good, high-gloss cosmetic finishes. They include good abrasion and impact resistance and are particularly useful in high-wear areas.
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(aerospace, industrial and textiles). The report offers the market size and forecasts for major countries across 15 major regions. For each segment, market sizing and forecasts are done on the basis of value (USD).
| Technology | Powder | |
| Solvent-borne | ||
| Water-borne | ||
| Radiation Cured | ||
| End-user Industry | Automotive | |
| Transportation | ||
| Construction | ||
| Electrical and Electronics | ||
| Wood and Furniture | ||
| Others End-user Industries (Aerospace, Industrial, and Textile) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Polyurethane Coatings Market Research FAQs
How big is the Polyurethane Coatings Market?
The Polyurethane Coatings Market size is expected to reach USD 21.15 billion in 2024 and grow at a CAGR of greater than 4% to reach USD 26.88 billion by 2029.
What is the current Polyurethane Coatings Market size?
In 2024, the Polyurethane Coatings Market size is expected to reach USD 21.15 billion.
Who are the key players in Polyurethane Coatings Market?
Akzo Nobel N.V., The Sherwin-Williams Company, Jotun, PPG Industries, Inc. and Axalta Coating Systems are the major companies operating in the Polyurethane Coatings Market.
Which is the fastest growing region in Polyurethane Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Polyurethane Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Polyurethane Coatings Market.
What years does this Polyurethane Coatings Market cover, and what was the market size in 2023?
In 2023, the Polyurethane Coatings Market size was estimated at USD 20.30 billion. The report covers the Polyurethane Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyurethane Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Polyurethane Coatings Industry Report
Statistics for the 2024 Polyurethane Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polyurethane Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
