by Soft touch polyurethane coatings are widely used in furniture and interior applications to provide scratch and abrasion resistance as well as a smooth finish. These coatings are applied on surfaces such as wood, metal and plastics used in the manufacturing of furniture, cabinets, doors and other interior components. Soft touch polyurethane coatings provide an optical texture that replicates the look and feel of materials like leather and suede but without compromising on durability. Their ability to protect substrates from weathering, moisture and UV damage while imparting an elegant satin or matte finish makes them a popular choice in the furniture and interior industry.
The global soft touch polyurethane coatings market is estimated to be valued at US$ 7.08 billion 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 key trends:
Growing demand for polyurethane coatings from the construction industry is expected to be a major market trend over the forecast period. Soft touch polyurethane coatings are widely used to coat interior and exterior surfaces of residential and commercial buildings including walls, ceilings, doors and roofing materials. Their scratch and impact resistant properties along with the ability to withstand harsh weather conditions make them suitable for protecting building exteriors. Stringent environmental regulations regarding volatile organic compound (VOC) emissions from coating materials is steering coating manufacturers to develop more sustainable and environmentally friendly polyurethane coating solutions. This is expected to further fuel the demand for soft touch polyurethane coatings.
Porter’s Analysis
Threat of new entrants: The soft touch polyurethane coatings market requires high capital investments and has the presence of established players, which poses barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power owing to availability of substitutes and differentiated products offered by vendors.
Bargaining power of suppliers: A few manufacturers dominate the supply market, giving them moderate bargaining power over coating manufacturers.
Threat of new substitutes: Substitutes such as epoxy and alkyd coatings pose threat, however polyurethane coatings have superior characteristics limiting potential impact.
Competitive rivalry: The market is fragmented with presence of global as well as regional players. Market growth and differentiation strategies intensify competition.
Key Takeaways
The global soft touch polyurethane coatings market is expected to witness high growth.
Regional analysis: North America dominates the market currently owing to strong presence of key players and major end-use industries. Asia Pacific is expected to witness fastest growth on account of increasing residential and commercial construction activities in China and India.
Key players: 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. Sherwin Williams Company and Akzo Nobel N.V. are the largest players in the market.
