Polyurethane resins are widely used in the manufacturing of paints and coatings owing to their beneficial characteristics such as high durability, chemical resistance, and flexibility. They are used in architectural, industrial, automotive, and other applications. Polyurethane resins provide protective barriers against moisture, UV radiation, and corrosion for substrates such as wood, concrete, and metal.
The global Polyurethane Resins Paints And Coatings Market is estimated to be valued at Us$ 35,306.54 Mn in 2023 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increased adoption of polyurethane resins in the construction industry is one of the major trends driving the growth of this market. Polyurethane resin paints and coatings exhibit excellent adhesion, durability, and flexibility properties making them suitable for usage in various construction applications such as concrete floors, parking decks, waterproofing membranes, and exterior insulation and finish systems (EIFS). They protect structures from external hazards such as moisture, corrosion, impact, and UV radiation. This reduces maintenance and repair costs. As the construction industry continues to grow steadily owing to rapid urbanization and infrastructure development projects worldwide, the demand for polyurethane resin paints and coatings is also expected to witness significant growth over the forecast period.
Segment Analysis
The global polyurethane resin paints and coatings market is dominated by the industrial wood segment. Polyurethane resin paints and coatings are widely used to coat industrial wood due to their excellent adhesion, durability, and corrosion resistance properties. These paints form a tough protective film on wood surfaces and thereby increase the lifespan of industrial wood. They can withstand heavy foot traffic and harsh weather conditions better than other coating types. Hence, polyurethane resin paints and coatings are the coating of choice for indoor and outdoor industrial wood applications like furniture, floors, deckings.
Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Size is expected to witness high growth. The global Polyurethane Resins Paints and Coatings Market is estimated to be valued at US$ 35,306.54 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the global market and is expected to maintain its dominance over the forecast period. Rapid industrialization and infrastructure development activities in countries like China and India are driving the demand for polyurethane resin paints and coatings in this region.
Key players related content comprises Key players operating in the polyurethane resin paints and coatings market are The Dow Chemical Company, BASF SE, Covestro A.G., Huntsman Corp., Eastman Chemical Co., Mitsui Chemicals Inc, Recticel S.A., RTP Company Inc., Lubrizol Corp., Rampf Holding GmbH & Co. KG.
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