Polyurethane resins paints and coatings are advanced paints and coatings manufactured using polyurethane resins as their primary raw material. They offer properties such as high durability, weather resistance and elasticity. They are commonly used for architectural, automotive, industrial and other applications. The global polyurethane resins paints and coatings market is estimated to be valued at US$ 35306.54 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand from construction industry is estimated to be a major driver for the polyurethane resins paints and coatings market over the forecast period. Polyurethane resins paints and coatings have become a popular choice over conventional paints and coatings in construction industry owing to their higher durability and weather resistance properties. They form a protective layer on buildings and infrastructures and can withstand harsh weather conditions for longer durations with fewer repairs or maintenance requirements. This leads to lower overall costs and higher operational efficiency for commercial and residential properties. Furthermore, growing infrastructure development projects especially in emerging nations of Asia Pacific and Latin America have boosted the demand for polyurethane resins based paints and coatings.
The impact of the above driver is estimated to be high over the forecast period, owing to increasing investment in infrastructure development globally to boost economic growth. However, volatility in raw material prices especially crude oil which is a key feedstock for manufacturing polyurethane resins may pose challenges for market players. Fluctuations in crude oil prices directly impact the prices of polyurethane resins thereby pressuring margins for paints and coatings manufacturers.
SWOT Analysis
Strength: Polyurethane resins paints and coatings have high durability, flexibility and weather resistance. They create protective barriers and can withstand extreme weather conditions like high temperatures, rain, sun exposure for long periods without cracking or peeling. Polyurethane resins also have better abrasion and chemical resistance compared to other coating materials.
Weakness: Polyurethane resins paints have higher costs compared to other coating materials. Strict environmental regulations around the world limit the use of certain toxic isocyanates used in the manufacture of polyurethane resins.
Opportunity: Growing infrastructure sector in emerging economies boosts the demand for polyurethane resins in applications like bridge coatings, pipe coatings etc. Rise in the automotive industry expands opportunities in automotive coatings. Development of bio-based polyurethane resins reduces dependency on petroleum-based raw materials.
Threats: Volatility in raw material prices especially crude oil impacts production costs. Strong competitive pressure from alternative coating materials reduces market share. Stringent environmental laws in different regions affect manufacturing.
Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Size is expected to witness high growth.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead during the forecast period. Expanding construction activities, infrastructure development projects and growing automotive sector in China, India drives the polyurethane resins demand.
Key players: Key players operating in the polyurethane resins paints and coatings market are F. Hoffmann-La Roche Ltd, Cepheid, Siemens Healthineers, Abbott, Diasorin S.p.a., Thermo Fisher Scientific Inc., Qiagen, BIOMÉRIEUX, Hologic Inc., Bio Rad Laboratories, Quidel Corporation, EKF Diagnostics, SEKISUI Diagnostics, DiaSys-Diagnostic Systems GmbH, InBios International, Inc., Jiangsu Mole Bioscience Co., Ltd., ACON Laboratories, Inc., Visby Medical, Inc. and UNIMA, INC.
Get More Insights Here
