July 21, 2024
Soft Touch Polyurethane Coatings Market

Advancing Applications In Consumer Goods To Drive The Growth Of Soft Touch Polyurethane Coatings Market

The global Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.71 Bn 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.

Market Overview:

Soft touch polyurethane coatings are smooth textured coatings that provide a soft, silky and a non-glare finish to products. These coatings offer key advantages such as high transparency, weather resistance, durability and flexibility. They are widely used to impart an appearance of richness and quality to consumer goods. Some common applications of soft touch polyurethane coatings include surfaces of mobile phones, laptops, televisions, plastics parts in automotive interiors and exteriors of home appliances. The expanding consumer goods industry and growing demand for premium products are expected to drive the demand for soft touch polyurethane coatings over the forecast period.

Market key trends:

One of the key trends in the soft touch polyurethane coatings market is the rising use of bio-based polyurethane coatings. Bio-based polyurethane are renewable and considered environmentally sustainable alternative to conventional polyurethane coatings. They are made using plant-based materials like vegetable oils, starch and plant polyols. Manufacturers are increasingly focusing on developing bio-polyurethane formulations for soft touch coatings to cater to preferences of environmentally conscious consumers. Another vital trend is the customization of soft touch polyurethane coatings according to specific surface characteristics and appearance needs of end-use products. This has enabled broader applicability of these coatings across diverse consumer goods.

Porter’s Analysis

Threat of new entrants: Low cost of production equipment and availability of raw materials pose a moderate threat of new entrants in the soft touch polyurethane coatings market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple vendors providing customized soft touch polyurethane coatings as per requirements.

Bargaining power of suppliers: The presence of a large number of raw material suppliers provides suppliers with low bargaining power in the global market.

Threat of new substitutes: Low threat from substitutes as soft touch polyurethane coatings provide unparalleled protection from scratches, scuffs, and abrasions.

Competitive rivalry: High due to presence of numerous international and domestic players competing on pricing and product quality.

Key Takeaways

The Global Soft Touch Polyurethane Coatings Market Growth is expected to witness high, exhibiting CAGR of 8.9% over the forecast period, due to increasing demand from automotive and furniture industries.

Regional analysis: Asia Pacific dominates the global soft touch polyurethane coatings market and is expected to grow at the fastest rate during the forecast period. This can be attributed to rapid industrialization and growing automotive sector in countries such as China and India.

Key players: Key players operating in the soft touch polyurethane coatings market are 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 Company is a global leader in manufacturing and distribution of coatings and related products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it