Market Size of Polyurethane (PU) Coatings Industry
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*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 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).
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Powder | |
Solvent-borne | |
Water-borne | |
Radiation Cured |
End-user Industry | |
Automotive | |
Transportation | |
Construction | |
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Wood and Furniture | |
Others End-user Industries (Aerospace, Industrial, and Textile) |
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Polyurethane (PU) Coatings Market Size Summary
The polyurethane coatings market is poised for significant growth, driven by its extensive applications across various industries. The construction sector is a major contributor to this expansion, as polyurethane coatings are increasingly utilized for exterior and interior coatings, flooring, roofing, and insulation. The trend towards lightweight construction materials, such as wood and metal, further propels the demand for these coatings. Additionally, the automotive industry remains the largest consumer of polyurethane coatings, with their use in both original equipment manufacturing and refinish applications. Despite recent challenges in automotive production and sales, the market is recovering, which is expected to positively influence the demand for polyurethane coatings. The Asia-Pacific region, particularly China, holds a dominant position in the market, benefiting from robust construction and automotive sectors, as well as advancements in environmental protection standards that favor water-borne polyurethane coatings.
The market landscape is characterized by a consolidated structure, with key players such as Akzo Nobel NV, Jotun, Axalta Coating Systems, PPG Industries Inc., and The Sherwin-Williams Company leading the industry. The volatility in raw material prices, such as isocyanates and polyols, poses a challenge to manufacturers, impacting profitability. However, innovations and investments, such as Covestro's new facility in Shanghai and the development of vanillin-based UV-curable polyurethane dispersions, are expected to drive market growth. The increasing use of polyurethane coatings in medical devices for enhanced biocompatibility also presents new opportunities. Overall, the market is set to experience steady growth, supported by diverse applications and regional demand, particularly in Asia-Pacific.
Polyurethane (PU) Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand from the Construction Industry
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1.1.2 Increase in Demand from the Automotive Industry
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1.1.3 Growing Demand from the Transportation Industry
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1.2 Restraints
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1.2.1 Volatile Raw Material Prices
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Technology
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2.1.1 Powder
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2.1.2 Solvent-borne
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2.1.3 Water-borne
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2.1.4 Radiation Cured
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2.2 End-user Industry
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2.2.1 Automotive
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2.2.2 Transportation
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2.2.3 Construction
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2.2.4 Electrical and Electronics
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2.2.5 Wood and Furniture
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2.2.6 Others End-user Industries (Aerospace, Industrial, and Textile)
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Polyurethane (PU) Coatings Market Size 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.