PU Coatings Market

PU Coatings Market Snapshot (2022 to 2032)

According to the latest market survey conducted by Future Market Insights, the global PU Coating market is relishing a market valuation of US$ 17,769.5 Million in 2022 and is all set to expand with a CAGR of 5.2% during the 2022 to 2032 period. The market is anticipated to top a valuation of US$ 29,782.3 Million by the end of the forecast period.

The industry for PU Coating products is still nascent and open to new entrants. It is estimated that PU Coating will account for around 3.1% of the global polymer market.

The increasing need for rapid prototyping and cutting-edge manufacturing techniques has been great for the metal PU Coating industry. Increasing standard of living and rise in per capita incomes of the consumers are likely to be major factors for driving the automotive industry and indirectly helping the PU coatings market to grow.

Historical (2017 to 2021) Vs. Forecast (2022 to 2032) Market Outlook

Over the period of time covered by the study (2017 to 2021), additive manufacturing processes, and PU Coating, in particular, have seen significant growth in their customer base. The market for PU Coatings was recorded to grow at a phenomenal CAGR of 4.9% between 2017 and 2021, mostly due to the rising need for polyurethane products in the automotive and transportation sectors.

On the other hand, the market's expansion is probably going to be hampered by the failing automobile sector and the detrimental effects of COVID-19 in 2020, which will get recovered by 2021

Whereas, as per the latest survey conducted by FMI, the PU Coating materials market is expected to progress at a CAGR of 5.3% between 2022 and 2032. The rising penetration of PU Coating in construction industries and increasing construction rate in developing countries and renovation rate in developed countries.

The expansion of the construction industry is also being fuelled by expanding government programs like smart cities and FDI in the construction development sector as well as rising infrastructure spending. Furthermore, the demand for polyurethane is expected to increase as green buildings become more and more popular throughout the world, which is expected to promote industry growth.

Market Dynamics

PU Coating Has Shown to be Constructive in the Automotive Industry

The polyurethane coating industry will rise as a result of this increase in the production and consumption of automobiles, which will enhance the use of polyurethane coating in the automotive sector. In the automotive sector, polyurethane coatings are frequently used as an automobile primer, intermediate coat, and finishing paint

For instance, 2.1 million commercial cars were produced in the EU in 2021, a 1% increase from 2020, according to the European Automobile Manufacture Association, the overall number of new cars registered in the European Union in 2019 climbed by 1.2%, totaling more than 15.3 million units.

The polyurethane coating industry will rise as a result of this increase in the production and consumption of automobiles, which will enhance the use of polyurethane coating in the automotive sector.

Additionally, the market is expanding at a faster rate due to quick industrialization and urbanization. The growing sales of passenger and commercial vehicles in emerging nations are probably going to give the market expansion in the projected period of time another boost.

Challenges Faced by PU coating Market

Polyurethane coatings are excellent for many purposes, but they are not a universally applicable solution. The vulnerability of this coating material to moisture is one of its key drawbacks. Bubbles may occur when moisture damages polyurethane-coated flooring, producing ugly stains and flaws on the surface. Polyurethane coatings are therefore inappropriate for locations with significant amounts of moisture or humidity due to this vulnerability.

Additionally, polyurethane has a finite pot life, which means that the coating is only useable while it is vicious. Due to its susceptibility to moisture, polyurethane coating may only be used in certain industries, which might impede the industry's expansion.

Increase in Volume of Crude Oil Production Directly Influences PU Coating Market

Polyurethane, which can stand extreme degrees of corrosiveness, pressure, abrasion, impact, and heat, is the ideal compromise material between plastics and metals. Tools and parts used in the extraction, transportation, and compression of oil are coated with polyurethane to enhance their longevity.

As a result, the production of crude oil has increased in response to the rising demand for oil-based fuel. For instance, the Organization of Petroleum Exporting Countries estimates that in November 2021, the output of crude oil grew in Saudi Arabia to 9.87 million barrels per day, Iraq to 4.24 million barrels per day, and Nigeria to 1.42 million barrels per day.

More polyurethane coating will be used for tool and component coating as a result of this rise in oil output. The industry for polyurethane coatings will increase as a result.

Nikhil Kaitwade

Principal Consultant

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Category-Wise Insights

What is PU Coating Market Outlook by End-Use?

In 2022, the automotive sector dominated the market and generated the majority of global revenue. Growth in the market is being driven by the expanding use of polyurethane coating in the automotive and transportation sectors. Primers, intermediate coats, and finishing paint for automobiles are frequently made of polyurethane coatings.

Additionally, the market's expansion is being further accelerated by fast industrialization and urbanization. Furthermore, the expansion of the market during the anticipated period is predicted to be further boosted by the rising sales of passenger and commercial vehicles in emerging nations.

From 2022 to 2032, the construction sector is projected to grow at the highest CAGR among all end-uses of PU Coatings. In the Construction sector, Polyurethanes are used in building and construction to create high-performance products that are strong but lightweight, perform well, and are long-lasting and adaptable.

Region-Wise Insights

How is the Asia Pacific region influencing the global PU Coating Materials market?

The consumption of polyurethane coatings is mostly concentrated in Asia-Pacific. The fastest increase throughout the predicted period is likewise anticipated in this region. Asia Pacific dominates the polyurethane coating market, especially in China, India, and Japan, as a result of growing deployments in several industries, including aviation, construction, vehicles, and many others.

Additionally, the market will expand over the course of the projection period due to rising consumer purchasing power and exceptional economic growth in the Asia Pacific region

In addition, the Asia-Pacific region is becoming increasingly important in terms of production for the automotive and healthcare industries. The region's need for PU Coating is expanding as a result of a combination of factors, including a firm grasp on consumer electronics production and increased urbanization

Role executed by North America Region in PU coating Market

The market for polyurethane coatings in North America is the second-largest in the world, behind that of Asia-Pacific. Due to strong growth in the automotive and construction sectors, the United States of America now dominates this industry.

Additionally, this increase is the result of the thriving chemical sector, which provides the market with excellent growth potential via the industrialized nations of North America. Additionally, a sizeable portion of technological development is being produced by different market participants in an effort to be prepared to meet the escalating demands of potential end-use sectors.

Competitive Landscape

Market participants are continuously advancing the technology to satisfy the escalating industrial demand for metal PU coating applications in sectors like automotive, construction, and electronics.

Some significant market players are participating in mergers and acquisitions, and new entrants to the industry are doing the same, in order to broaden their worldwide reach and better position themselves to take advantage of the growing market potential.

For Instance,

• In 2022, Versa Flex, a manufacturer of polyurea, epoxy, and polyurethane coatings for industrial, flooring, and transportation infrastructure applications, was bought by PPG Industries
• In 2022, Sun Chemicals purchased SAPICI, one of the world's top producers of industrial adhesives and high-performance polyurethane coatings. This acquisition broadens Sun Chemicals' product offering in categories such as industrial coating and elastomers.
• In 2021, A high-performance and environmentally friendly drop-in solution for premium synthetic leather applications in the furniture, automotive, and fashion consumables sectors was introduced by BASF with the debut of Elastollan® Thermoplastic Polyurethane (TPU).

Similar developments have been tracked by Future Market Insights in its latest market study.

Scope Of The Report

Market Segmentation

By Application Method:

• Spray
• Brush
• Roller

By Substrate Material:

• Concrete
• Metal
• Wood
• Plastic
• Fabric
  • Cotton
  • Leather
  • Nylon
  • Others
• Others

By Grade:

• Technical Grade
• Industrial Grade

By Packaging:

• Cans
• Plastic Drums
• Others

By Application:

• Pavement
• Industrial Flooring
• Metal Roofs
• Pipeline Externals
• Automotive Finishes
• Wind Turbines
• Industrial Equipment
• Airport Hanger Floors
• Others

By End Use:

• Furniture
• Marine Industry
• Construction
  • Residential Construction
  • Commercial Construction
• Automotive
  • Commercial Vehicle
  • Passenger Vehicle
• Electronics
  • Circuit Board
  • Transformer
  • Relays
• Aerospace,
• Textile
  • Fashion Garments
  • Leather Items
• Power & Energy Industry
  • Wind
  • Solar
  • Hydro

By Region:

• North America
• Latin America
• Europe
• South Asia Pacific
• East Asia
• Middle East & Africa