Global Soft Touch Polyurethane Coatings Market is Estimated To Witness High Growth Owing To Rising Demand for Eco-friendly Coatings
The global Soft Touch Polyurethane Coatings market is estimated to be valued at
US$ 7.08 billion in 2022 and is expected to exhibit a CAGR of 8.9% over the
forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Soft touch polyurethane coatings are a type of coating that provides a smooth
and tactile feel to surfaces. These coatings are widely used in various
industries such as automotive, electronics, furniture, and packaging, among
others. They offer advantages like enhanced scratch and abrasion resistance,
improved durability, and superior aesthetic appeal. The growing need for
products with a premium look and feel, coupled with increasing consumer demand
for eco-friendly coatings, is driving the adoption of soft touch polyurethane
coatings in various applications.
Market Key Trends:
One key trend in the global soft touch polyurethane coatings market is the
rising demand for eco-friendly coatings. With growing environmental concerns
and regulations, there is a shift towards sustainable and environmentally
friendly alternatives in the coatings industry. Soft touch polyurethane
coatings offer a viable solution as they are water-based and do not contain
harmful solvents or volatile organic compounds (VOCs). These coatings have low
environmental impact and can be easily disposed of without causing harm to the
ecosystem. For instance, Rust-Oleum, a key player in the market, offers
water-based soft touch polyurethane coatings that provide a soft, velvety feel
without compromising on performance.
PEST Analysis:
- Political: Government regulations regarding environmental protection and
emission control drive the adoption of eco-friendly coatings like soft touch
polyurethane coatings.
- Economic: Increasing consumer disposable income and changing lifestyle
preferences are boosting the demand for high-end and aesthetically appealing
products, driving the market growth.
- Social: The growing awareness about sustainable and eco-friendly products
among consumers is influencing their purchasing decisions, leading to the
increased demand for soft touch polyurethane coatings.
- Technological: Advances in coating technology have resulted in the
development of environmentally friendly formulations with improved performance
characteristics, further fuelling the market growth.
Key Takeaways:
- The global Soft
Touch Polyurethane Coatings Market is expected to witness high growth,
exhibiting a CAGR of 8.9% over the forecast period, due to increasing demand
for premium and eco-friendly coatings.
- In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the market, owing to the presence of
key players and the growing preference for sustainable coatings in the region.
- Key players operating in the global soft touch polyurethane coatings market
include 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. These players are focusing on product innovation
and expansion strategies to strengthen their market presence.
In conclusion, the global soft touch polyurethane coatings market is witnessing
significant growth due to the rising demand for premium products and
environmentally friendly coatings. The market is expected to continue its
upward trajectory in the coming years, driven by advancements in coating
technology and increasing consumer awareness about sustainability. North
America is expected to be the leading region in terms of market growth, with
key players actively participating in product innovation and expansion.
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