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 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soft Touch Polyurethane Coatings are smooth and silky coatings that provide comfortable feel, while also offering protection against scratches and dust. These coatings are durable, easy to clean and maintain. They find wide application in automotive interiors, consumer electronics, furniture and other indoor applications.
Market key trends:
One of the key trends in the soft touch polyurethane coatings market is the rising demand from the automotive industry. Automotive interiors are increasingly adopting soft touch polyurethane coatings for dashboard, door panels, seat covers and other interior components to enhance the aesthetic appeal and provide a premium feel to passengers. The coatings offer anti-scratch, easy-to-clean properties along with UV resistance suitable for automotive use. As the global automotive production increases with growing vehicle parc, the demand for soft touch polyurethane coatings from this segment is also expected to rise significantly during the forecast period.
SWOT ANALYSIS
Strength: Soft touch polyurethane coatings offer high durability and resistance to scratches, stains, and abrasions. These coatings also provide a smooth, silky matte finish.
Weakness: Production of soft touch polyurethane coatings involves the use of volatile organic compounds (VOCs) which can be harmful for the environment. The coatings also have a higher price as compared to normal polyurethane coatings.
Opportunity: Growing home furnishings and consumer electronics industries worldwide are driving the demand for soft touch coatings. The need for anti-fingerprint and easy-to-clean surfaces also presents an opportunity.
Threats: Stringent environmental regulations regarding VOC emissions can restrict the growth. Easy availability of alternatives like thermoplastic polyurethane (TPU) coatings also poses a threat.
Key Takeaways
The global Soft Touch Polyurethane Coatings Market Share is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing demand from consumer electronics and home furnishings industries. The need for stain and fingerprint resistant surfaces as well as easy-to-clean products is fueling market growth.
Regional analysis: Asia Pacific dominates the global market and is expected to witness fastest growth during the forecast period. This can be attributed to presence of large consumer electronics manufacturing bases in countries like China and Taiwan along with a thriving home furnishings industry. North America and Europe are other major regions.
Key players operating in the Soft Touch Polyurethane Coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. Major players are focusing on new product launches, expansions, and acquisitions to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
