Soft Touch Polyurethane Coatings Market

Soft touch Polyurethane Coatings Market : Regulations Regarding VOC Emission Likely to Pave Favourable Growth Path for Water based Soft Touch PU Coatings : Global Industry Analysis and Opportunity Assessment 2015 - 2025

Soft touch polyurethane coatings are coatings manufactured using polyurethane dispersions that provide high soft feel to the coating surface. These coatings provide excellent scratch resistance, chemical resistance and heat resistance. They also provide excellent durability coupled with fast dry time. Soft touch polyurethane coatings find a wide range of applications in automotive and aircraft interior components, interior wood surfaces (furniture, trim, and doors) and consumer electronic devices such as mobile phones, TV, laptop and computer cases. These coatings also find applications in cosmetic cases and kitchenware.

Soft touch polyurethane coatings are available in two forms, water-based and solvent-based. The solvent-based soft touch polyurethane coatings are gaining traction worldwide, due to stringent environmental regulations pertaining to limit the volatile organic compound (VOC) emissions.

Market Dynamics:

Consumers are increasingly inclined towards adoption of premium electronics products such as smartphones and laptops. In order to give these devices a rich feel, manufacturers are laying emphasis on adoption of soft touch polyurethane coatings for the body of such devices that helps give it a premium feel, while enhancing its handling.  Also, these coatings help provide primary protection to the body of the device from accidental drops and scratches.

Plastics are widely used as raw material in various end-use industries, such as automotive, electronics and packaging, as it is lightweight, low cost and durable. However, plastic loses its characteristics on exposure to extreme heat and on exposure to certain chemicals. Researchers have developed UV soft touch coating that get cured on exposure to ultraviolet light and imparts resistance to chemicals, insects and abrasion. UV curable soft touch coating is a new technology and is gaining application across various industries.

Various government regulations regarding the same is influencing players in the coating industry to focus on formulation of water-based coatings. Formulation of water-based soft feel polyurethane coating is complicated as compared to conventional solvent coating, due to presence of water in the former. Polymer containing hydroxyl functional group i.e. polyols and polyisocyanate are used to formulate polyurethane. Water reacts with isocyanate and release carbon dioxide gas. However, it also results in side reactions where primary amines are formed and react with isocyanate to form urea linkage. There is a need to control these side reaction in order to achieve desired properties. The challenge for coating formulators is to measure haptic perception, there is no standard measurement method to evaluate desired properties of soft feel coatings.

Product Type Analysis:

On the basis of product type, the global soft touch polyurethane coatings market is segmented into 2K and UV coating systems. The 2K soft touch polyurethane coating system is estimated to account for largest market share of 66% in 2014 and is expected to remain dominant throughout the forecast period. Revenue contribution of UV soft touch polyurethane coating segment is anticipated to increase at highest CAGR of 8.1% over the forecast period.

Base Type Analysis:

On the basis of base type, the global soft touch polyurethane coatings market is segmented into water-based soft touch polyurethane coatings and solvent-based polyurethane coatings. The solvent-based segment accounted for the largest market value share in 2014 and is expected to remain the most dominant segment in the market till the end of forecast period. Revenue contribution of the water-based segment is anticipated to increase at a sluggish growth rate of 7.5% over the forecast period.

End-use Industry Analysis:

On the basis of end-use industry, the global soft touch polyurethane coatings market is segmented into transport and automotive, electrical and electronics, wood and furniture and others (packaging, measuring devices). In 2014, the transport and automotive segment accounted for largest market share and is expected to remain dominant throughout the forecast period. This increased use of plastics in automobile interiors has led to increase in demand for soft touch PU coatings as a suitable option, owing to properties such as resistance to yellowing, scratching, abrasion and chemicals. Soft feel polyurethane coatings are widely used in the automobile industry to coat interior components such as arm rest, door trims, airbags compartments, steering wheel and front panels. It helps automakers offer customers durable and aesthetically pleasing automobile interiors.

Regional Analysis:

On the basis of geography, the global soft touch polyurethane coatings market is segmented into Asia Pacific Excluding Japan (APEJ), North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa and Japan. In 2014, Western Europe, followed by North America, were the largest markets for soft touch polyurethane coatings. In terms of growth rate, APEJ and Latin America is anticipated to be the most lucrative market over the forecast period.

soft-touch-polyurethane-coatings-market

Key players:

Key players profiled in this study on the global soft touch polyurethane coatings market include RPM International Inc., The Sherwin Williams Company, PPG Industries Inc., Axalta Coating Systems Ltd., Jotun AS, AkzoNobel N.V., Aexcel Corporation and Sokan New Materials.

This Future Market Insights report examines the global soft touch polyurethane coatings market for the forecast period 2015–2025. The primary objective of the report is to identify opportunities in the market and present updates and insights pertaining to various segments of the global soft touch polyurethane coatings market. 

Soft touch polyurethane coating is defined as polyurethane formulation used to offer soft and smooth feel to the coating surface. These coatings provide excellent scratch resistance, heat resistance and chemical resistance to the coating surface. They also provide fast dry time as well as excellent durability. Soft touch polyurethane coatings find a wide range of applications in automotive and aircraft interior components, interior wood surfaces (furniture, trim, doors) and consumer electronic devices such as mobile phones, TV, laptop and computer cases. These coatings also find applications in cosmetic cases and kitchenware.

To understand and assess opportunities in this market, the report is categorically divided into four key segments on the basis of base type, product type, end-use industry and region. The report analyses the global soft touch polyurethane coatings market in terms of value (US$ Mn) and volume (metric tons).

The report begins with an overview of the global soft touch polyurethane coatings market, appraising market performance in terms of revenue and volume, followed by FMI’s analysis of key trends, opportunities, drivers, and restraints witnessed in the global market.

The subsequent section analyses the soft touch polyurethane coatings market on the basis of end-use industry and presents a forecast for 2015?2025.

Base types assessed in the report are as follows:

  • Water-based
  • Solvent-based

Product types accessed in the report are as follows:

  • 2K
    • Water-based
    • Solvent-based
  • UV (Ultra Violet)
    • Water-based
    • Solvent-based

End-use industry assessed in the report are as follows:

  • Transport and automotive
  • Electrical and electronics
  • Wood and furniture
  • Others (packaging, measuring devices)

The report further analyses the market based on base type and presents the forecast in terms of value and volume for the following 10 years.The following section of the report analyses the global soft touch polyurethane coatings market on the basis of product type and presents the forecast for following 10 years. The section includes analysis of the global soft touch polyurethane coatings market on the basis of end-use industry and forecast in terms of value and volume for the next ten years. The report further analyzes the market based on regions and presents the forecast till 2025.

Regions assessed in the report are as follows:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan
  • Japan
  • Middle East & Africa

To calculate market size, the report considers various aspects based on secondary research. Furthermore, data points such as regional split and market split by end-use industry and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the global revenue generated by sales of soft touch polyurethane coatings.

While developing the market forecast, the report begins by sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, FMI triangulates the data via different analysis based on supply side, demand side, and dynamics of the soft touch polyurethane coatings market. However, quantifying the market across the aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.

It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market on the basis of key parameters, such as year-on-year (Y-o-Y) growth, to understand the predictability of the market and to identify the right opportunities.

Another key feature of this report is the analysis of the soft touch polyurethane coatings market by region, base type, product type, end-use industry and the corresponding revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales perspective of the global soft touch polyurethane coatings market. 

To understand key segments in terms of their growth and performance in the soft touch polyurethane coatings market, Future Market Insights has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the global soft touch polyurethane coatings market.

In the final section of the report, soft touch polyurethane coatings market competitive landscape is included to provide a dashboard view of companies that manufacture and supply soft touch polyurethane coatings. The report contains company profiles of some of the key players in the global soft touch polyurethane coatings market.

Key market players featured in this report are as follows:

  • RPM International Inc.
  • AkzoNobel N.V.
  • The Sherwin Williams Company
  • PPG Industries Inc.
  • Axalta Coating Systems Ltd.
  • Jotun AS
  • Aexcel Corporation
  • Sokan New Materials