Polyurethane coatings market size to grow by USD 9,719.29 million from 2022 to 2027, APAC to account for 53% of market growth - Technavio

NEW YORK, May 3, 2023 /PRNewswire/ -- The global polyurethane coatings market size is estimated to grow by USD 9,719.29 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.2%. Moreover, the growth momentum will accelerate during the forecast period. APAC will account for 53% of market growth during the forecast period. The demand for polyurethane coatings in end-user industries such as wood and furniture, electrical and electronics, automotive, and transportation is increasing. This is because of the growth of the commercial and residential construction sector and the increasing investments in economic development. Therefore, new infrastructure development is expected to drive the demand for polyurethane coatings during the forecast period. Get a comprehensive report summary describing the market size and forecast along with research methodology. Request a sample report

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Polyurethane coatings market - Segmentation assessment Segment overview
Technavio has segmented the market based on end-user (wood and furniture, automotive and transportation, electrical and electronics, and others), type (solvent-borne, water-borne, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• The wood and furniture segment will account for a significant share of market growth during the forecast period, which will fuel the demand for polyurethane coatings. In developing economies such as India and China, the rapid growth of the wooden furniture market is driven by the rising demand for home and office furniture. The preference for hardwood and softwood-based furniture is expected to increase the demand for polyurethane coatings across the world. In addition, the rise in the construction of office buildings, commercial complexes, and residential buildings, owing to rapid urbanization globally, is driving the demand for polyurethane coatings.

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Polyurethane coatings market – Market dynamics

Key factor driving market growth

• The growing demand from the transportation industry is driving the polyurethane market growth.
• These coatings are used in commercial transportation applications to reduce carriers' weight and cost by thinner vehicle wall construction, lower steel support structures, and fewer mechanical fasteners.
• Polyurethane coatings are used in trains, vehicles, and marine boats in components such as body panels, front and rear systems, surrounding wheel covers, and grilles.
• These coatings are popular among automakers owing to their superior gloss, durability, and cost-effectiveness.
• Moreover, investments in public transportation are rising globally, as various governments are investing in developing transportation infrastructure to increase connectivity to ensure smooth passage of cargo and passengers.
• Such investments are fueling the demand for polyurethane coatings from the transportation sector.

Leading trends influencing the market 

• The increasing demand for water-borne polyurethane coatings is a key trend in the market.
• Water-borne polyurethane coatings offer various benefits and are extensively used in industries such as automobiles, buildings and construction, marine, oil and gas, aerospace, and mining.
• These coatings are used as primers, as they offer high resistance to heat and abrasion and provide superior adhesion. Moreover, water-borne polyurethane coatings are less toxic and flammable due to low VOC levels and hazardous air pollutant (HAP) emissions.
• Water-borne polyurethane coatings release fewer organic compounds, unlike solvent-borne coatings.
• In addition, these coatings are more cost-effective than solvent-borne coatings. They do not require additives, thinners, or hardeners.
• Moreover, the quantity of water-borne polyurethane coatings required to cover a surface area is relatively compared to other variants.
• Therefore, the demand for water-borne polyurethane coatings is growing significantly across the world.

Major challenges hindering the market growth

• Volatility in prices of raw materials is challenging market growth.
• The petrochemical feedstock required for manufacturing polyurethane coatings includes binders and solvents such as polyesters, alcohols, and epoxy resins.
• Crude oil and natural gas are the main raw materials used for producing binders. However, fluctuations in the prices of crude oil impact the cost of feedstock.
• These fluctuations depend on factors such as demand and supply, manufacturing process, and region of production.
• Moreover, polyurethane coatings are not compatible with all types of surfaces. They cannot be used on metal surfaces such as stainless steel and gold due to mechanical adhesion techniques.
• These factors will impede market growth during the forecast period.

In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, challenges for the market- Request a sample report!

What are the key data covered in this polyurethane coatings market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the polyurethane coatings market between 2023 and 2027
• Precise estimation of the size of the polyurethane coatings market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the polyurethane coatings market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of polyurethane coatings market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global polyurethane coatings market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global polyurethane coatings market 2017 - 2021 ($ million)

• 4.2 End-user Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Wood and furniture - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Wood and furniture - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Wood and furniture - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Wood and furniture - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Wood and furniture - Year-over-year growth 2022-2027 (%)

• 6.4 Automotive and transportation - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Automotive and transportation - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Automotive and transportation - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Automotive and transportation - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Automotive and transportation - Year-over-year growth 2022-2027 (%)

• 6.5 Electrical and electronics - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Electrical and electronics - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Electrical and electronics - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Electrical and electronics - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Electrical and electronics - Year-over-year growth 2022-2027 (%)

• 6.6 Others - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.7 Market opportunity by End-user 
• Exhibit 50: Market opportunity by End-user ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 51: Chart on Type - Market share 2022-2027 (%)
• Exhibit 52: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 53: Chart on Comparison by Type
• Exhibit 54: Data Table on Comparison by Type

• 7.3 Solvent-borne - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Solvent-borne - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Solvent-borne - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Solvent-borne - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Solvent-borne - Year-over-year growth 2022-2027 (%)

• 7.4 Water-borne - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Water-borne - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Water-borne - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Water-borne - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Water-borne - Year-over-year growth 2022-2027 (%)

• 7.5 Others - Market size and forecast 2022-2027 
• Exhibit 63: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Type 
• Exhibit 67: Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 81: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 97: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 109: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Akzo Nobel NV
• Exhibit 120: Akzo Nobel NV - Overview
• Exhibit 121: Akzo Nobel NV - Business segments
• Exhibit 122: Akzo Nobel NV - Key news
• Exhibit 123: Akzo Nobel NV - Key offerings
• Exhibit 124: Akzo Nobel NV - Segment focus

• 12.4 Asian Paints Ltd.
• Exhibit 125: Asian Paints Ltd. - Overview
• Exhibit 126: Asian Paints Ltd. - Business segments
• Exhibit 127: Asian Paints Ltd. - Key offerings
• Exhibit 128: Asian Paints Ltd. - Segment focus

• 12.5 Axalta Coating Systems Ltd. 
• Exhibit 129: Axalta Coating Systems Ltd. - Overview
• Exhibit 130: Axalta Coating Systems Ltd. - Business segments
• Exhibit 131: Axalta Coating Systems Ltd. - Key offerings
• Exhibit 132: Axalta Coating Systems Ltd. - Segment focus

• 12.6 BASF SE
• Exhibit 133: BASF SE - Overview
• Exhibit 134: BASF SE - Business segments
• Exhibit 135: BASF SE - Key news
• Exhibit 136: BASF SE - Key offerings
• Exhibit 137: BASF SE - Segment focus

• 12.7 Covestro AG
• Exhibit 138: Covestro AG - Overview
• Exhibit 139: Covestro AG - Business segments
• Exhibit 140: Covestro AG - Key news
• Exhibit 141: Covestro AG - Key offerings
• Exhibit 142: Covestro AG - Segment focus

• 12.8 Crown Polymers Corp.
• Exhibit 143: Crown Polymers Corp. - Overview
• Exhibit 144: Crown Polymers Corp. - Product / Service
• Exhibit 145: Crown Polymers Corp. - Key offerings

• 12.9 Dow Inc.
• Exhibit 146: Dow Inc. - Overview
• Exhibit 147: Dow Inc. - Business segments
• Exhibit 148: Dow Inc. - Key news
• Exhibit 149: Dow Inc. - Key offerings
• Exhibit 150: Dow Inc. - Segment focus

• 12.10 Evonik Industries AG
• Exhibit 151: Evonik Industries AG - Overview
• Exhibit 152: Evonik Industries AG - Business segments
• Exhibit 153: Evonik Industries AG - Key news
• Exhibit 154: Evonik Industries AG - Key offerings
• Exhibit 155: Evonik Industries AG - Segment focus

• 12.11 Huntsman Corp.
• Exhibit 156: Huntsman Corp. - Overview
• Exhibit 157: Huntsman Corp. - Business segments
• Exhibit 158: Huntsman Corp. - Key news
• Exhibit 159: Huntsman Corp. - Key offerings
• Exhibit 160: Huntsman Corp. - Segment focus

• 12.12 IVM Chemicals Srl
• Exhibit 161: IVM Chemicals Srl - Overview
• Exhibit 162: IVM Chemicals Srl - Product / Service
• Exhibit 163: IVM Chemicals Srl - Key offerings

• 12.13 Jotun AS
• Exhibit 164: Jotun AS - Overview
• Exhibit 165: Jotun AS - Business segments
• Exhibit 166: Jotun AS - Key offerings
• Exhibit 167: Jotun AS - Segment focus

• 12.14 Mitsubishi Chemical Corp. 
• Exhibit 168: Mitsubishi Chemical Corp. - Overview
• Exhibit 169: Mitsubishi Chemical Corp. - Business segments
• Exhibit 170: Mitsubishi Chemical Corp. - Key news
• Exhibit 171: Mitsubishi Chemical Corp. - Key offerings
• Exhibit 172: Mitsubishi Chemical Corp. - Segment focus

• 12.15 PPG Industries Inc.
• Exhibit 173: PPG Industries Inc. - Overview
• Exhibit 174: PPG Industries Inc. - Business segments
• Exhibit 175: PPG Industries Inc. - Key offerings
• Exhibit 176: PPG Industries Inc. - Segment focus

• 12.16 RPM International Inc. 
• Exhibit 177: RPM International Inc. - Overview
• Exhibit 178: RPM International Inc. - Business segments
• Exhibit 179: RPM International Inc. - Key offerings
• Exhibit 180: RPM International Inc. - Segment focus

• 12.17 The Sherwin Williams Co. 
• Exhibit 181: The Sherwin Williams Co. - Overview
• Exhibit 182: The Sherwin Williams Co. - Business segments
• Exhibit 183: The Sherwin Williams Co. - Key news
• Exhibit 184: The Sherwin Williams Co. - Key offerings
• Exhibit 185: The Sherwin Williams Co. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 186: Inclusions checklist
• Exhibit 187: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 188: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 189: Research methodology
• Exhibit 190: Validation techniques employed for market sizing
• Exhibit 191: Information sources

• 13.5 List of abbreviations 
• Exhibit 192: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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