The global polyurethane resins paints and coatings market is estimated to be valued at US$ 35306.54 million 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. Polyurethane resins are generally used in paints and coatings for their durability, water resistance and corrosion resistance properties. They are commonly applied on infrastructure, buildings, automotive and other industrial assets to protect them from the environmental hazards. With growing construction activities around the world, demand for protective and durable paints and coatings from the industry is rising steadily.
The global polyurethane resins paints and coatings market are driven by rising demand from the construction industry. Rapid urbanization and increasing investments in infrastructure development projects across both developed and developing countries are fueling the growth of the global construction sector. According to estimates, the global construction output is expected to grow by 85% to US$ 15.5 trillion by 2030. This rising construction activities is generating significant demand for paints and coatings made from polyurethane resins as they offer scratch and corrosion resistance, high gloss finish and longevity to construction materials and assets like buildings, bridges etc. Another major driver for the market growth is increasing use of polyurethane coatings in automotive refinish paints. Polyurethane paints aid in protecting vehicles body from environmental damages over long usage period.
The polyurethane resins paints and coatings market can be segmented on the basis of resin type, technology, coating method, end-use industry and region. By resin type, the market is segregated into water based, solvent based and powder. The solvent-based segment dominates the polyurethane resins paints and coatings market currently due to its low cost and ease of application.
Political: Governments across the globe are promoting environment-friendly coating solutions. This is benefitting the development of water-based polyurethane resins paints and coatings market.
Economic: Growth in end-use industries such as construction, automotive and furniture is positively impacting the demand for polyurethane resins paints and coatings.
Social: Increasing consumer awareness about health impact of solvent-based coatings is driving demand for water-based and powder coating technologies.
Technological: Developments in water-based dispersions and powder coating technologies are supporting market growth. New product launches catering to performance and sustainability needs of customers are also influencing the market.
The Global Polyurethane Resins Paints And Coatings Market Size is expected to witness high growth.
Regional analysis: Asia Pacific dominates the global market currently owing to rapid industrialization and growth of end-use industries in countries like China and India.
Key players operating in the polyurethane resins paints and coatings market are F. Hoffmann-La Roche Ltd, Becton Dickinson & Company, Cepheid (Danaher),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., UNIMA, INC.. Key players are focused on new product development and expansion strategies to strengthen their market presence.