Soft Touch Polyurethane Coatings Market Growth Accelerated by Rising Demand from Construction Industry

 

Soft touch polyurethane coatings are used widely in furniture, architectural, automotive, and other industries owing to their properties such as superior scratch and abrasion resistance, improved flexibility and UV resistance. These coatings provide surfaces with a silk-like matte look and feel. Rising urbanization and infrastructure development in emerging economies have propelled the construction industry which is a key end-user of polyurethane coatings. The global Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.08 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 key trends:
One of the major trends driving the growth of the market is increasing usage of soft touch polyurethane coatings in residential and commercial construction. Rapid urbanization coupled with increasing disposable income in developing countries have significantly boosted construction activities in recent years. Soft touch polyurethane coatings are widely used as protective coatings on walls, floorings, furniture etc. in residential and commercial buildings. Their advantages such as scratch and abrasion resistance, flexibility and ease of cleaning have increased their adoption in buildings. Rising construction expenditures especially in Asia Pacific are expected to propel the demand for these coatings during the forecast period.

Segment Analysis

The global soft touch polyurethane coatings market is dominated by the furniture segment, which accounts for over 40% share of the total market. Soft touch polyurethane coatings are increasingly being used to coat furniture for their attractive looks and superior durability. They provide elegant texture and visual appeal to furniture surfaces. Moreover, soft touch polyurethane coatings do not degrade the quality of furniture over long term use and are resistant to abrasion, scratches, and other forms of physical damage. This has driven their demand from the furniture industry.

Key Takeaways
The global soft touch polyurethane coatings market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: The Asia Pacific region currently dominates the global market and is expected to maintain its leading position during the forecast years. Rapid growth of end-use industries such as furniture and automotive in China, India, Indonesia, and Vietnam is driving the demand for soft touch polyurethane coatings in the region.

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.

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