Soft touch polyurethane coatings are widely used in applications that require a smooth, soft and scratch-resistant surface, including furniture, electronics, automotive interiors and others. They provide surfaces with a silky, velvety feel and prevent fingerprints and smudges. Soft touch polyurethane coatings are applied on a variety of materials like wood, metals, plastics and composites. In the furniture industry, these coatings are used on tables, chairs, cabinets, beds and other furnishings to enhance their aesthetic appeal.
The global soft touch polyurethane coatings market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing demand from furniture industry: Soft touch polyurethane coatings offer properties like scratch and abrasion resistance while imparting soft, smooth texture to furniture surfaces. This makes them an ideal choice for furniture manufacturers. The rapidly growing furniture industry worldwide due to rising construction activities and increasing consumer spending on home furnishings is expected to drive the demand for soft touch polyurethane coatings market over the forecast period.
Another driver explained is increasing applications in automotive interiors: Soft touch polyurethane coatings are increasingly being used by automakers to coat interior parts like door panels, consoles, steering wheels and seating to provide a premium look and soft feel to passengers. The coatings provide scratch resistance and durability needed for high contact car interiors while imparting an aesthetically appealing finish. Rapid growth of the global automotive industry especially in developing nations of Asia Pacific is expected to push the demand for soft touch polyurethane coatings for automotive interiors application over the forecast period.
Segment Analysis
Soft Touch Polyurethane Coatings Market are segmented based on resin type, coating method, end-use industry and region. Based on resin type, the market is segregated into one-component polyurethane and two-component polyurethane. One-component polyurethane dominates the market as it offers simple application and good resistance to abrasion, chemical agents and weathering.
PEST Analysis
Political: Environmental regulations promoting use of low VOCs and bio-based coatings in several countries will support market growth.
Economic: Growing automotive, construction and furniture industries in developing nations driving demand. High costs of raw materials can pose challenges.
Social: Increasing consumer preference for premium and aesthetically appealing products boosting adoption of soft touch coatings.
Technological: Advancements in polyurethane formulation enhancing properties like durability, hardness and feel. Development of powder and UV cured variants expanding application scope.
Key Takeaways
The Global Soft Touch Polyurethane Coatings Market Size is expected to witness high growth. The global soft touch polyurethane coatings market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regional analysis related content comprises Regional analysis related content: The Asia Pacific region currently dominates the market due to high production and sales of automobiles from countries like China, India and Japan. Growth of automotive, construction and furniture industries in the region driving rapid consumption.
Key players related content comprises Key players related content: Key players operating in the Soft Touch Polyurethane Coatings Market are Sovereign S , Hexpol Compounding , Huntsman Corporation , Rampf Holding GmbH & Co. KG
