How Has The Soft Touch Polyurethane Coatings Market Size Evolved In Recent Years?
The soft touch polyurethane coatings market has seen considerable growth due to a variety of factors.
• In recent times, the market size of soft touch polyurethane coatings has exhibited robust growth. The market which was valued at $10.74 billion in 2024, is projected to reach $11.58 billion in 2025, increasing at a compound annual growth rate (CAGR) of 7.9%. This growth during the historical period has been driven by an increased consumer demand for high-end finishes, designs in consumer electronics, consumer texture sensitivity, resistance to scratches and wear, aesthetic improvements in packaging, and a positive regulatory environment.
What is the Forecasted Market Size and CAGR for the Soft Touch Polyurethane Coatings Market?
The Soft Touch Polyurethane Coatings market is expected to maintain its strong growth trajectory in upcoming years.
• There is a solid forecast for the market size of soft touch polyurethane coatings that indicates robust expansion in the years to come. It is projected to reach a valuation of $16.1 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.6%.
This projected rise can be credited to factors like the expanding automotive sector, increased usage in electronics, development of sustainable formulations, growth in luxury packaging industry, construction and building expansion, and rising demand in aerospace interiors. Key developments in the forecast period encompass together progress in UV-curable soft touch coatings, emphasis on scratch and abrasion resistance, technological advancement in application techniques, adherence to regulatory norms, alliances and partnerships, and R&D investments for improved properties.
What Key Factors and Trends Are Driving The Growth Soft Touch Polyurethane Coatings Market?
The soft-touch polyurethane coatings market's growth is anticipated to be propelled by the expansion of the automotive industry. The industry's growth is driven by rapid urbanization and the expansion of global automakers into fresh markets. The trajectory of this development is uniquely distinguished among manufacturing sectors, thanks to significant government support. This support, coupled with the growth of the automotive industry, necessitates that the soft-touch polyurethane coatings market innovate and improve their offerings to enhance customer service. For example, the global automotive industry saw considerable growth in 2023, with the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-based international association of automobile manufacturers, reporting the production of a whopping 93546599 units. This represented a significant increase from the 85016728 units produced in 2022. Therefore, the automotive industry's growth will be a significant factor in driving the expansion of the soft-touch polyurethane coatings market.
What Are The Market Segments In The Soft Touch Polyurethane Coatings Market?
The soft touch polyurethane coatings market covered in this report is segmented –
1) By Base Type: Water-Based, Solvent-Based
2) By Product Type: 2K, UV
3) By End-Use: Automotive, Aerospace, Electrical And Electronic, Furniture, Packaging, Other End-users
Subsegments:
1) By Water-Based: Acrylic-Based Polyurethane, Aliphatic Polyurethane, Polyurethane Dispersions (PUDs)
2) By Solvent-Based: Aromatic Polyurethane, Aliphatic Polyurethane, Two-Component Solvent-Based Systems
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What Trends Are Shaping The Soft Touch Polyurethane Coatings Market?
Technological advancements have emerged as a primary trend in the soft-touch polyurethane coatings market. Companies within this sector are leveraging such advancements to create a variety of innovative solutions such as waterborne polyurethane coatings, emulsion-less coatings, anti-yellowing coatings etc., in a bid to retain their market standing and better serve their customers. One such innovation was announced in July 2024 by Stainless Steel Coatings Inc., a US-based company specializing in cutting-edge coating solutions that improve the toughness and efficacy of stainless steel surfaces. They launched a new product - New Color 1051 Polyurethane Light Gray. Ideal for varied applications in the construction and automotive fields, STEEL-IT 1051 Polyurethane Light Gray offers superior corrosion resistance coupled with the ability to be directly welded. With its fast-drying nature and ease of application, it is suited for both professionals and DIY admirers, presenting durable protection that outperforms conventional consumer paints. Moreover, DAOTAN 7061/35WA maintains high performance; it is flexible and provides clear, non-cracking surfaces.
Who Are the Key Players In The Soft Touch Polyurethane Coatings Market?
Major companies operating in the soft touch polyurethane coatings market include:
• The Sherwin Williams Company
• Akzo Nobel NV
• PPG Industries Inc.
• RPM International Inc.
• Aexcel Corporation
• Hunan Sokan New Materials Co.
• Jotun AS
• Axalta Coating Systems Limited
• BASF SE
• Allnex Inc.
• Hempel A/S
• Arkema SA
• Hexion Inc.
• Lanxess AG
• Covestro AG
• Huntsman Corporation
• Dow Inc.
• Wanhua Chemical Group Co. Ltd.
• Advanced Polymer Coatings Inc.
• Koninklijke DSM N.V.
• Evonik Industries AG
• Lubrizol Corporation
• Momentive Performance Materials Inc.
• Nippon Steel Chemical Co. Ltd.
• Teijin Chemical Corporation
What Are The Regional Insights Into The Soft Touch Polyurethane Coatings Market?
Asia-Pacific was the largest region in the soft-touch polyurethane coatings market in 2024. The regions covered in the soft touch polyurethane coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
