Polyurethane Resins Paints and Coatings Market Outlook
The polyurethane resins paints and coatings market was valued at US$ 33786.16 million in 2022, with a CAGR of 4.5% expected during the forecast period. The polyurethane resins paints and coatings market is expected to be valued at US$ 52468.87 million by 2032.
The growing middle-class population and rising disposable income have facilitated the expansion of the middle-class housing segment, driving global demand for polyurethane resins paints and coatings in residential construction.
The demand for polyurethane resins paints and coatings in the architectural sector is being driven by increased paints and coatings production and consumption as a result of robust demand in new construction activities and refurbishments of various commercial and residential buildings in many nations.
The furniture segment, where polyurethane resin paints are used to paint the surface of wooden furniture, is expected to drive demand for polyurethane resins paints and coatings. They are widely used in automobiles and industrial applications because they provide high gloss coatings, which have increased their acceptance in such applications.
Rising demand for these resins in commercial projects is expected to drive revenue growth in the polyurethane resins paints and coatings market, owing to their advantage of not losing thickness when dried.
Polyurethane is widely used in many applications, which has increased its usage in various applications. When inhaled, this resin emits toxic fumes that can cause various health problems. Polyurethane overexposure causes allergic reactions, skin rashes, difficulty breathing, unconsciousness, and even blindness. Such morbidity and mortality are expected to slow polyurethane resins paints and coatings market growth.
These products further radiate odours and fumes, which go unnoticed. Prolonged exposure to this odour can cause illness in the patient. Woodworkers who use polyurethane finishes are exposed to smoky fumes. These additional factors may impede polyurethane resins paints and coatings market revenue growth.
Economic growth in Asia Pacific and Latin America, combined with rising disposable income, has resulted in increased demand for furniture products. This is expected to drive demand for polyurethane resin paints and coatings used in furniture applications. Polyurethane resin coatings are widely used in marine applications around the world.
Boat demand has increased significantly in countries such as the United States, adding to the demand for polyurethane resin paints and coatings. Global construction activity is expected to increase demand for polyurethane resin paints and coatings in the coming years. Polyurethane resin paints and coatings coat various products with protective base layers.
Asia Pacific was the leading consumer of polyurethane resin paints and coatings, followed by North America, Europe, and Latin America. China and India were the two most important polyurethane resins paints and coatings markets in the Asia Pacific.
Demand for polyurethane resin paints and coatings is significantly high in these countries due to rising disposable income and increased spending on furniture and interiors. Brazil is the most important polyurethane resins paints and coatings market in Latin America for polyurethane resin paints and coatings.
Demand for polyurethane resin paints and coatings is also predicted to be substantial in the Middle East and Africa, owing to increased construction activity in these regions.
Attributes
Details
Polyurethane Resins Paints and Coatings Market CAGR (2022 to 2032)
4.5%
Polyurethane Resins Paints and Coatings Market Size (2022)
USD 33786.16 million
Polyurethane Resins Paints and Coatings Market Size (2023)
USD 35306.53 million
Polyurethane Resins Paints and Coatings Market Size (2032)
US$ 52468.87 million
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Interiors And Furniture Coating To Remain One Of The Key End Users
Polyurethane resins are produced by the reacting polyalcohol and an organic di-isocyanate. Polyurethane resins are extensively used in applications such as surface coatings, footwear, furniture and packaging. Polyurethane resin paints are characterized by properties such as high durability, toughness, easy cleaning and high gloss.
Owing to these properties, polyurethane resin paints finds wide spread applications across the globe. Polyurethane resin paints are also used where high performance is expected, in applications such as oil-rig towers, warehouses, industrial plants, heat resistant coatings, bridges etc.
Paints perform the vital role of protecting the surfaces from rust and weathering, increasing durability and also increasing the visual appeal of the products. Polyurethane resin paints are used in various applications such as wood coatings, aircraft coatings, construction etc. The demand for polyurethane resin paints is expected to witness strong growth from the furniture segment where polyurethane resin paints are used to paint the surface of wooden furniture.
Interiors and furniture coating is one of the major end-user industry of polyurethane resin paints. Polyurethane resin paints are used are used for applying protective layer over wooden furniture in order to protect the wooden surfaces.
Economic growth in Asia Pacific and Latin America coupled with growing disposable income in these regions, have led to an increase in demand for furniture products and this in turn is expected to drive the demand for polyurethane resin paints and coatings used in furniture applications. Polyurethane resins coatings are also used for marine applications across the globe.
Other applications where polyurethane resin paints and coatings can be used include heavy duty exterior and interior structural coating, exterior surfaces of steel tanks, clean rooms, conveyors, chemical processing equipments, paper mills, power plants, offshore structures, oil field machinery, handrails, etc.
The demand for polyurethane resin paints and coatings is also expected to see robust growth from the marine industry. Increasing demand and sales of leisure boats globally is expected to drive the demand for polyurethane resin paints and coatings market in the near future.
The demand for boats has seen a significant increase in countries such as U.S further adding to the demand for polyurethane resin paints and coatings. Growing construction activities globally is also expected to increase the demand for polyurethane resin paints and coatings in the next few years. Polyurethane resin paints and coatings are also used for applying protective base layers to various products.
The demand for polyurethane resin paints and coatings from automobile sector is also anticipated to exhibit strong growth in the next few years.
In terms of consumption Asia Pacific was the highest consumer of polyurethane resin paints and coatings followed by North America, Europe and Latin America. In Asia Pacific, China and India were the major markets for polyurethane resin paints and coatings.
The demand for polyurethane resin paints and coatings is higher in these countries on account of growing disposable income in this region and growing expenditure on furniture and interiors. In Latin America, Brazil is the major market for polyurethane resin paints and coatings.
The demand for polyurethane resin paints and coatings is also expected to be high in Middle East and African countries on account of growing construction activities in these regions.
Some of the major companies operating in the global polyurethane resin paints and coatings market are BASF SE, Sherwin Williams, Henkel, Lubrizol, DSM, and Arkema among others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.
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Regional analysis includes
North America
Latin America
Asia Pacific
Japan
Western Europe
Eastern Europe
Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.
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