by The polyurethane resins are polymers that are formed by reacting isocyanates with polyols. Polyurethane resins find major applications in paints and coatings. They are used as protective coatings for a wide variety of applications like wood, plastics, metals, concrete, and more. They provide excellent corrosion protection, high durability, flexibility and good adhesive properties. The global construction industry is experiencing robust growth which is driving the demand for polyurethane paints and coatings that are used to protect buildings from environmental 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 Dynamics:
The high growth of the construction industry is one of the major drivers for the polyurethane resins paints and coatings market. Rapid urbanization and growth in infrastructure development especially in emerging economies of Asia Pacific is fueling the demand. In addition, growing industrial sector and increasing consumer spending power is also propelling the market growth. Furthermore, polyurethane coatings have superior properties like flexibility, scratch resistance and chemical resistance which makes them suitable for wide range of end-use industries like automotive, aerospace, manufacturing and more. The increasing application scope of these coatings is expected to present lucrative growth opportunities for the market players over the forecast period.
SWOT Analysis
Strength: Polyurethane resins provide excellent chemical resistance, abrasion resistance and weatherability, making them ideal for use in paints and coatings. They form durable films with good adhesion to various substrates. Polyurethane resin based paints and coatings have high flexibility and elasticity allowing them to stretch without cracking.
Weakness: Raw materials required for production of polyurethane resins such as toluene diisocyanate and methylene diphenyl diisocyanate are hazardous in nature and their production, transportation and usage is strictly regulated. Volatility in prices of crude oil from which raw materials are derived can increase production costs.
Opportunity: Growing construction industry in developing economies of Asia Pacific and Latin America driving demand for high quality paints and coatings for use in buildings, infrastructure, etc. Increasing research towards development of bio-based and eco-friendly polyurethane resins to reduce dependency on petroleum-derived chemicals.
Threats: Stringent environmental regulations regarding VOC emissions can restrict polyurethane resin use in certain applications. Alternative resin technologies such as acrylic, epoxy and alkyd gaining traction in specific end-use industries.
Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Share is expected to witness high growth. The market stood at US$ 35306.54 Mn in 2024 and is projected to reach over US$ 55000 Mn by 2030, expanding at a CAGR of 6.8% during the forecast period.
Regional analysis: Asia Pacific currently dominates the global market with over 35% share led by China, India, Japan, Indonesia, Thailand and Vietnam. Growth in the region is facilitated by expanding construction, automotive, manufacturing and other industries. Most multinational paints and coatings companies have established production facilities in Southeast Asian countries to leverage low manufacturing costs. North America and Europe are also major markets driven by recovery in building and construction post COVID-19 pandemic.
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.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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