Global PU Coatings Market: Overview
Polyurethane coating refers to a polymer comprising a chain of organic units that is linked by urethane links. The latter is an outcome of the reaction between a resin blend made of resin containing only hydroxyl and isocyanate component. The chemistry of polyurethane coating is based on the mixture of polyols, such as polyethers, polyacrylates, and polyesters with combination of polyisocyanates, mainly MDI and TDI. There are different types of PU coatings that are based on different technologies, such as high solids PU coating, PU powder coating, water-borne PU coating, and solvent-borne polyurethane coating. These coatings find extensive use in various end-use industries, such as textile, construction, electronics and electrical, wood and furniture, and automotive and transportation. Such diverse and extensive range of applications of the these coatings is likely to foster growth of the global PU coatings market over the timeframe of analysis, from 2020 to 2030.
Automotive and transportation has been one of the leading end use sectors of polyurethane coating. A rise in the demand for 1-K and water-borne PU coating is accelerating the demand for this type of coating.
The global PU coatings market has been classified based on four significant parameters, which are type, end use, and region. Such segmentation offers better insight into the market.
Global PU Coatings Market: Notable Developments
The global PU coatings market has come across some important, futuristic developments over the last few years.
- In June 2017, US-based The Sherwin-Williams Company made an announcement of another America paints and coatings company, The Valspar Corporation. With this acquisition, The Sherwin-Williams Company is expected to generate a premier innovation and technology platforms, expanded and diverse range of products, and an extensive global reach.
Some of the prominent companies in the global PU coatings market are mentioned below:
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- BASF SE
- VCM Polyurethanes Pvt. Ltd.
- Huntsman International LLC
- Tuff Coat Polymers Pvt. Ltd.
Global PU Coatings Market: Key Trends
The global PU coatings market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
Widening Scope of Application to Accentuate Demand for PU Coatings in the Market
Growing willingness of the consumers to spend on a wide varieties of consumables together with increasing applications in the automobile and transportation industry are expected to support growth of the global PU coatings market over the timeframe of analysis, from 2020 to 2030. The PU coating comes with anti-corrosion properties, which makes it highly suitable for use across several applications in many of these industries.
There has been an increasing demand for water-borne PU coating together increasing technological advancement, which is likely to open up new growth avenues for the global PU coatings market over the timeframe of assessment, from 2020 to 2030. However, cost intensive nature of brand new technologies together with fluctuations in the price of the raw materials are likely to hinder growth of the global PU coatings market over the timeframe of projection, from 2020 to 2030.
Global PU Coatings Market: Geographical Analysis
On the basis of regions, it is expected that Asia Pacific will account for a considerable share of the global PU coatings market over the timeframe of analysis, from 2020 to 2030. Increasing disposable income of the people together with the economic growth of the various countries in the region is expected to foster growth of the PU coatings market in the Asia Pacific region. With increasing purchase power of the people, various manufacturers are making more investment in research and development works so as to come up with new innovative products.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.