PU Coatings Market size is forecast to reach $12 billion by 2026, after growing at a CAGR of 4.5% during 2021-2026. Growing demand for durable and lightweight products is anticipated to boost the demand for PU coatings from automotive, construction, and electrical and electronics sectors. Increasing usage of raw materials such as methylene diphenyl diisocyanate and toluene diisocyanate for the manufacturing of polyurethane made up of organic units linked together by carbamates (urethane) linkages is estimated to drive the growth of market. Moreover, in advanced economies, rising end-use industries and the durability and specific physical properties of the product are estimated to drive the overall industrial growth. Besides, the growing demand of PU coatings in wind energy sector owing to its high resistance and durability is anticipated to create new opportunities for the growth of the PU coatings industry in the forecast era.
Impact of Covid-19
The COVID-19 pandemic and the resulting government-ordered lockdowns have led to a profound recession impacting virtually every region of the world in 2020. Furthermore, supply trade disruptions widely affected the demand for raw materials used for the production of polyurethane coatings in import-dependent countries. Nationwide lockdown and shutdown of several manufacturing firms further affected the overall growth of the PU coatings market over the forecast period.
PU Coatings Market Segment Analysis – By Raw Material
Isocyanates held the largest share in the PU coatings market in 2020. Diisocyanates are the key active materials required to produce polyurethanes. Furthermore, each molecule of polyurethane is made up of two or more isocyanate groups. The aromatic diisocyanates, toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI), are the most widely utilized isocyanates. Since toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI) are less costly and more reactive than other isocyanates. Moreover, isocyanates can be changed by partly reacting them with polyols or adding additional materials to reduce volatility (and hence toxicity), lower freezing temperatures for simpler handling, or to increase the characteristics of the resulting polymers. Thus, the rising usage of raw materials such as isocyanates would further drive the market for PU coatings over the forecast period.
PU Coatings Market Segment Analysis – By End Use
Building and construction sector held the largest share in PU coatings market in 2020 and is projected to grow at a CAGR of 3.5% during the forecast period 2021-2026. Globally, due to the increasing, domestic, institutional, and commercial activities the demand for PU coatings is anticipated to rise. Furthermore, when it comes to the interior walls of the residential and commercial buildings polyurethane coatings made up with raw materials such as toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI), is considered one of the most important aspects. With the increasing urbanization and housing construction the demand for PU coatings for the interiors of the wall to ensure a hygienic surface that integrates with coating and floor mortars, is increasing significantly, leading towards the growth of the market demand. Also, the rising adoption of water-borne coatings in the interior as well as exterior walls to withstand dirt, moisture, and daily wear and tear, has also raised the growth of the market. Therefore, with the rising building and construction activities the demand for PU coatings market is expected to grow in the forecast period.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503337
Report Price: $ 4500 (Single User License)
PU Coatings Market Segment Analysis – Geography
The Asia Pacific region held the largest share with 39% in PU coatings market in 2020. Increasing demand for PU coatings in the Asia-Pacific region is dominant due to the higher consumption of PU coatings in emerging economies such as China, Japan, India, and South Korea. Asia-Pacific is also expected to be the fastest growing region due to the rising building and construction activities in the countries such as China and India. Moreover, water-borne polyurethane coatings appear to be widely utilized for abrasion resistance, chemical resistance, and weathering in both wall and floor coatings. According to the Institution of Civil Engineers (ICE), the volume of building production would increase by 85% by 2030, amounting to US$15.5 trillion globally. As a result, there will be a steady need for polyurethane coating in the building and construction industry over the forecast period. Also, the rising growth of aerospace industries in the Asia-Pacific countries would further drive the demand for PU coatings over the forecast period. Thus, rising demand for PU coatings in several end use industries is therefore anticipated to drive the growth of the market in the forecast period.
PU Coatings Market Drivers
Increasing Demand for Bio-based Polyurethane for Eco-friendly Coatings
Bio-based polyurethane (PU) coatings have gradually replaced petrochemical-based coatings in recent years due to their reduced environmental impact, ease of supply, cheap cost, and biodegradability. Vegetable oils, cashew nut shell liquid (CNSL), terpene, Eucalyptus tar, and other bio-derived materials offer a rich supply of precursors for the synthesis of polyols and isocyanates, which are being explored for the manufacture of “greener” PU coatings. Several manufacturers have established sustainability initiatives which include efforts to reduce their environmental footprints and create products that help their customers meet their sustainability goals. One essential component of these sustainability activities is the use of renewable raw materials in the production of biobased solvents, resins, additives, and pigments. Thus, with an increasing demand of bio-based polyurethane for environmental friendly coatings will drive the PU coatings market in the forecast period.
Rising Demand for Polyurethane Coatings from Wind Energy Sector
Wind turbine blades and bases are often treated with polyurethane coatings. Polyurethane is a popular coating for these projects because it can improve energy efficiency while also protecting the equipment. Also, PU coatings assist to extend the life of turbine blades even in the toughest circumstances, and prevent erosion before the turbine is even erected to lower the need to send employees into the field for costly maintenance along the way. Besides turbine blades, PU-based coatings provide lasting mechanical performance and resistance to abrasion. The excellent bonding properties of PU infusion resin systems enable the production of strong, lightweight wind blades with an optimized design. According to the European Commission, a new LEP coating solution was developed by Spanish SME Aerox Advanced Polymers which consists of a new family of polymers with excellent mechanical and chemical tolerance using hybrid polyurea-polyurethane technology for wind blades. Thus, the rising demand for polyurethane coatings produced from toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI), in the wind energy sector would further drive the growth of the market over the forecast period.
PU Coatings Market Challenges
Rising Health Affects During the Production of PU Coating
The production of polyurethane emits poisonous gases that are harmful to breathe. Also, overexposure to polyurethane during the production of PU coatings causes health concerns such as allergic responses, rashes, trouble breathing, loss of consciousness, and even blindness. Furthermore, polyurethane generates scents and fumes, however they aren’t particularly noticeable. Petroleum-based compounds and flame retardant gases create physical difficulties; which is especially annoying in coatings. Prolonged exposure to the odour for an extended period of time can make workers unwell. Woodworkers who apply polyurethane finishes are also subjected to noxious vapours. Thus, due to the rising health affects during the production of PU coatings would further affect the growth of the market over the forecast period.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the PU coatings market. Major players in the PU coatings market are Asian Paints Limited, Akzo Nobel NV, PPG Industries Inc., Axalta Coating Systems LLC, Jotun, Valspar Corporation, RPM International, Sherwin Williams, BASF SE, Tnemec Company Inc., Solvosol, and Innovative Chemical Products (ICP Group) among others.
Acquisitions/Technology Launches
In October 2020, Innovative Chemical Products (ICP Group) acquired Leeson Polyurethanes to strengthen and broaden the extensive suite of professional solutions for the customers worldwide.
In May 2020, Tnemec Company Inc. launched its three low VOC polyurethane coatings product to provide UV protection to a wide variety of structures across multiple environments and climates.Relevant Reports.
Key Takeaways
Asia-Pacific region dominated the PU coatings market owing to the increasing demand from growing building and construction industry in the region.
Increasing usage of polyurethane coatings in aircrafts to prevent corrosion by minimizing oxidation and irritation of aluminium skin would further drive the growth of the market.
Furthermore, the rising usage of PU coatings in the wind turbines and increasing adoption of bio-based polyurethanes for environmental friendly coatings in the developed and developing regions is predicted to accelerate the growth of the market.
Relevant Reports
A. Polyurethane Powder Coating Market
https://www.industryarc.com/Research/Polyurethane-Powder-Coating-Market-Research-503275
B. Powder Coatings Market
https://www.industryarc.com/Report/11730/powder-coatings-market.html
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/
