Polyurethane Coatings Market by Type (Solvent-borne, Water-borne, High Solids, Powder), End-Use Industry Type (Automotive & Transportation, Wood & Furniture, Industrial, Textile, Construction, Electrical & Electronics), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
“The global polyurethane coatings market is likely to rebound at a promising CAGR of 5.2% during the forecast period.”
Polyurethane (PU) coatings are polymers characterized by a chain of organic units connected by urethane links, resulting from the reaction between an isocyanate component and a resin blend comprising solely hydroxyl-containing resins. The chemistry of PU coatings involves the amalgamation of polyisocyanates, primarily TDI and MDI, with polyols such as polyesters, polyacrylates, and polyethers. These coatings come in various types and technologies, including solvent-borne polyurethane coatings, water-borne PU coatings, high-solids PU coatings, and PU powder coatings. They find application in diverse industries such as automotive and transportation, wood and furniture, industrial, construction, textile, and electrical and electronics.
Various end-use industries for polyurethane coatings, such as automotive, construction, and industrial manufacturing, experienced fluctuations in demand due to lockdowns, reduced consumer spending, and project delays due to the COVID-19 pandemic. Uncertainty about economic recovery further influenced purchasing decisions in the market.
Polyurethane coatings, a sizeable market, could not escape from such trends and witnessed a colossal decline amid the pandemic, quite aligned with the decline in the automobile and transportation industry. However, the industry is gradually rebounding in the year 2021 with the ramp-up in consumer confidence. Furthermore, increasing awareness of environmental regulations, rising infrastructure development, and increased focus on corrosion protection are likely to give impetus to the demand for PU coatings.
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