The global soft touch polyurethane coatings market is anticipated to reach USD 7,361.85 million in 2023. Increasing sales of consumer electronics and automobiles will drive demand in the coming years. According to FMI, the global soft touch polyurethane coatings industry will be valued at USD 17,429 million in 2033 and grow at a CAGR of 9% between 2023 and 2033.
Surfaces are effectively protected by polyurethane finishes and epoxy primers when they are applied together. Moisture, salts, and ultraviolet light can't get through this barrier, so it protects the material it's coating from weathering. Accordingly, the market is expected to continue to grow in the coming years.
Due to their unique tactile properties, soft touch polyurethane coatings have become increasingly popular across various industries. Automobiles, electronics, appliances, and furniture have seen a growing demand for these coatings.
Sustainable and eco-friendly coatings are becoming increasingly popular. Due to stricter environmental regulations and increasing consumer awareness, soft touch polyurethane coatings with low volatile organic compounds (VOCs) are gaining popularity. To replace conventional solvent-based coatings with alternatives based on bio-based and water-based materials, manufacturers are investing in research and development.
| Report Attribute | Details |
|---|---|
| Soft Touch Polyurethane Coatings Market Size (2022) | USD 6,880.17 Million |
| Soft Touch Polyurethane Coatings Market Share Value (2023) | USD 7,361.85 million |
| Soft Touch Polyurethane Coatings Market Anticipated Forecast Value (2033) | USD 17,429.0 million |
| Soft Touch Polyurethane Coatings Market Projected Growth Rate (2023 to 2033) | 9% |
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The soft touch polyurethane coatings market registered growth at a robust pace between 2023 and 2033. Increasing sales of automobiles with comfortable and aesthetic interiors along with the demand for mobile and laptop cases has bolstered the prospects of the soft touch polyurethane (PU) coatings market growth.
As per FMI analysis, the demand will remain exceptionally high in countries across Asia. Sales uptick registered can be attributed to the booming mobile and telecommunication industries. Considering soft touch PU is used in the manufacturing of mobile and laptop casings and covers, the market is forecast to register an accelerated pace of gains.
According to the available types of coatings, the ultraviolet (UV) coating segment will weigh on the back of rising demand in the automotive industry for coating the vehicle’s interior. The introduction of new coating chemicals and resins such as masterbatch and polyurea in coating automobile interiors and wooden furniture however might inhibit the market growth. Lack of information among manufacturers in developing nations regarding the benefits of soft-touch polyurethane coatings will damp down the market growth over the assessment period.
According to FMI’s research, the projected rate of expansion of the global market is likely to touch a CAGR of 9% for the forecast period 2023 to 2033, due to the rising demand for eco-friendly packaging in the food and pharmaceutical sector.
Recent launches in soft-touch PU coatings will also aid the overall growth. For instance, In June 2020, BASF launched 10 new variations of the “Haptex 2.0” polyurethane (PU) solution for the production of synthetic leather. This new solution will assist designers in achieving supreme quality and desired aesthetic appearance using synthetic leather in a wide spectrum of applications. It is also free from any organic solvents, thus any synthetic leather made with Haptex 2.0 will meet stringent VOC standards.
Rise in Construction Activities will likely grow Demand in Growing Years
Soft touch PU coatings are applied on both the interior and exterior of wooden furniture to protect it from decay, moulding, and harsh weathering conditions. Improved standard of living and rising spending power of the population in emerging economies has fueled the demand for wooden furniture, subsequently driving the sales of soft-touch polyurethane (PU) coatings.
The rise in residential and construction activities like the construction of decking boards and sliding doors and cabinets coupled with an increase in a number of complete renovation projects will boost the demand for soft-touch polyurethane (PU) coatings in the wood industry.
Implementation of stringent regulations regarding furniture coating products containing volatile organic compounds will positively influence market growth. Since the soft touch PU coatings do not release any VOCs and are formaldehyde free, they are environment-friendly and sustainable. This will help in driving revenue growth of the soft touch PU coatings market during the forecast period.
Principal Consultant
Switch to Enhanced Chemical Resistance Among Companies to Drive Demand for Soft Touch Polyurethane Coatings
Consumers and manufacturers are shifting towards soft touch PU coatings owing to their excellent chemical and temperature resistance. Despite plastic coatings being cheap, durable, and lightweight, they failed under certain chemicals and extreme heat. Market players developed ultraviolet soft touch PU coating that is cured under ultraviolet (UV) lights which impart high resistance against chemicals, insects, fungi, and abrasion.
Soft touch polyurethane coatings are finding use in the electronic products industry like smartphone and laptop coating, as it provides a premium feel to the device and also improves the handling. These coatings also act as a first line of defense against accidental drops and scratches. Rising sales of smartphones and laptops across the globe will skyrocket the demand for these coatings in the future.
Higher productivity of soft touch PU coating, limited waste generation, and no environmental pollution will drive the demand for UV soft touch polyurethane coatings in upcoming years. More and more consumers are looking for products with improved aesthetics and premium features. Combined with their smooth, velvety texture, soft touch polyurethane coatings enhance the look and feel of products. The coatings are being incorporated by manufacturers as a way to differentiate their products from those of their competitors.
Electronics Sales and Production will Outpace the Demand for Soft Touch PU Coatings
Increasing per capita income and rise in air passenger traffic has led to increase in demand of commercial aircrafts with better cabin interiors in China. Increasing sales and production of aircrafts and cabin interiors will directly influence the soft touch polyurethane coatings market in the country. China is the leading consumer of soft touch PU coatings owing to increasing production of mobile phone and laptop cases along with coating industries for consumer electronic in the country. Rising per capita income and increase in sales of smartphones and laptops will further accelerate the market growth in China.
The Chinese government is also focusing on limiting the volatile organic compound emissions and reducing the fog dispersed by manufacturing plants by promoting the use of UV soft touch polyurethane coating technology. In August 2020, China’s State Administration for Market Regulation (SAMR) and the Standardization Administration of the People’s Republic of China (SAC) issued new standards limiting the use of VOCs and other chemicals in coatings and adhesive manufacturing.
Increasing government promotion towards using alternate chemicals to curb the VOC emission will drive the sales of soft touch PU coatings in China. Aggressive implementation of these protocols and rising awareness among the manufacturers regarding the benefits of these coatings will drive the market growth in upcoming years In China.
The Booming Aesthetic Market Coupled with Soft Touch Preferences will Drive Demand for Soft Touch PU Coatings
India is expected to offer lucrative growth opportunities over the forecast period backed by increasing sales of smartphones and rising demand for passenger cars in the country.
According to the report published by India Cellular and Electronics Association (ICEA), the total number of smartphone users in India is expected to reach 829 million by the end of 2022. An increasing number of smartphone users will lead to an increase in demand for smartphone covers and cases thus driving the demand for soft touch PU coatings in India.
Indian Brand Equity Foundation (IBEF) states that passenger vehicles sale in India grew by 28.39% in MARCH 2021 when compared with sales in March 2020. The soaring demand of passenger vehicles in India will fuel the demand for polyurethane coating in the country.
Growing consumer preference towards maintaining their interiors in good condition, in terms of appearance and performance and rising demand for coatings to preserve the cabin interior from wear and tear, will boost the sales of soft-touch PU coatings in India.
Growing initiatives and drafting of specific regulations with regard to the application of UV polyurethane coatings for food packaging will positively influence the market growth in the near future.
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Progressive Construction Activity Will Grow Demand for Soft Touch PU Coatings
A rise in housing construction activities along with high demand for wood will drive the sales of soft-touch PU coatings in the USA Soft-touch PU coatings protects the world from insect and pest infestations and rising cases of termite infestations in the United States will boost the demand for polyurethane coatings over the years. Over the forecast period, soft touch polyurethane coatings are forecast to grow at a CAGR of 3.6%.
Owing to rising consumer awareness regarding the usage of eco-friendly coating products, the demand for water-based PU coatings is on the rise in USA Higher production rate due to the fast curing of ultraviolet polyurethane coatings has made them very popular among wood preservative manufacturers in the country.
Pew Research Center reports that the USA is one of the leading smartphone users in the world with more than 85% of its population owning a smartphone in 2021. Customers are getting more cautious about their smartphones owing to its high cost and increased dependency on the internet. They are using feel-good and luxurious back covers to stylize and protect their smartphone. This trend is expected to bode well for market growth in the USA.
Increased Usage of Soft Touch PU Coatings in Automotive Industries to expand the Market
Rapid infrastructure development and a rise in manufacturing activities especially in the automotive domain will drive the demand for soft-touch PU coatings in Germany. Soft touch polyurethane coating markets are expected to grow at a CAGR of 3.8% between 2023 and 2033. Leading automotive giants are using acrylonitrile butadiene styrene (ABS) plastics in armrest, door trims, airbags compartments, steering wheels, and front panels to reduce the overall weight of the vehicle.
ABS's lightweight properties and subjected to high wear and tear, it is required to be coated with high abrasive resistance material. Increasing sales of automobiles and increasing use of acrylonitrile butadiene styrene (ABS) by leading automakers for making cabin interior components will drive the demand for soft-touch PU coatings in the country.
In 2019, more than 4.6 million passenger vehicles and 224,009 luxury cars were manufactured in Germany, states the German Association of the Automotive Industry. Rising production of passenger cars in the country and the soaring popularity of German-made luxury automobiles across the globe will fuel the soft touch PU coatings market growth in the region. Development and advancements in technology and an increase in the production and sales of premium consumer electronics will also play a significant role in propelling the market growth in Germany.
Industry Demand is expected to grow in the Coming Years for Interior Building and Civil Infrastructure
Despite 2K soft touch polyurethane coating products owning more than 66% market share in 2021, the UV soft touch polyurethane coating segment is forecast to grow at more than 8.1% CAGR throughout the forecast period.
Strict environment regulations limiting the usage of conventional coatings owing to their high volatile organic compounds (VOC) emissions is the key growth drivers for the UV soft touch polyurethane coating segment. Growing government support towards incorporating eco-friendly technologies such as UV soft touch polyurethane coatings and rising awareness regarding the consumer regarding benefits of UV coatings will positively influence the market growth in upcoming years.
Ecological Regulations and the Demand for Environmental Safety will Increase Demand for Water Based Soft Touch Polyurethane Coatings
The production of water-based soft feel polyurethane coating is a complex affair as water reacts with hydroxyl functional group i.e. polyols and polyisocyanate present in the polymer to form polyurethane and release carbon dioxide. Market players are working to control the side reaction which generates urea linkages in order to achieve desired properties.
The superior performance and environment-safe nature of water-based soft feel polyurethane coating will lead to a high demand for these coating during the forecast period. The revenue contribution rate is predicted to surpass 7.5% over the assessment period.
Growing Sales of Automobiles are Likely to Lead to a Growth in Demand in the Coming Years
The transport and automotive segment is forecast to hold more than 37% of the global market share in terms of value by the end of 2031. Leading car manufacturers are looking to offer superior surface finish and enhanced properties like warm touch and rich look.
The increasing use of acetonitrile butadiene styrene (ABS) plastics in making automobile interiors has fueled the demand for soft-touch PU coatings as they protect the plastic components from yellowing, scratching, abrasion and chemicals.
Increasing demand for soft-feel polyurethane coatings to coat interior components to provide durable and aesthetically pleasing automobile interiors will drive market growth in the upcoming decade.
Technology advances and market conditions change, creating exciting new trends for businesses. The soft touch polyurethane coatings theme is one of those gaining traction across startup ecosystems around the world. Some key startups in the soft touch polyurethane coatings market include-
As per FMI, the soft touch polyurethane coatings market is dominated by leading market players which include RPM International Inc., The Sherwin Williams Company, PPG Industries Inc., Axalta Coating Systems Ltd., Jotun AS, AkzoNobel N.V., Aexcel Corporation, and Sokan New Materials. Collectively they account for more than 35% of global market share.
Strategic merger and acquisition is the key strategy employed by market players to enter new and potential markets and strengthen their market position. New product development in compliance with environmental regulations is in the cards during the forecast period.
| Attribute | Details |
|---|---|
| Market Value in 2023 | USD 7,361.85 million |
| Market Value in 2033 | USD 17,429 million |
| Growth Rate from 2023 to 2033 | CAGR of 9% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Kay Segments Covered | Base Type, Product Types, End Use Industry, Region |
| Key Companies Profiles | RPM International Inc.; The Sherwin Williams Company; PPG Industries Inc.; Axalta Coating Systems Ltd.; Jotun AS; AkzoNobel N.V.; Aexcel Corporation; Sokan New Materials.; Huntsman International LLC; DuPont |
| Customization & Pricing | Available upon Request |
The soft touch polyurethane coatings market size is forecast to reach USD 7,361.85 million in 2023 with a CAGR of 7%.
Between 2018 and 2022, the soft touch polyurethane coatings sales grew at 7.0% CAGR.
The North American market for soft touch polyurethane coatings is anticipated to expand at a 6% CAGR
PPG Industries Inc., Sherwin Williams, AkzoNobel, RPM International, and Axalta are the top companies operating in the market.
The cumulative market shares of top players operating in soft touch polyurethane coatings market are around 35% to 45% in 2023.
Soft touch polyurethane coatings sales will increase at a 6.1% CAGR in Europe
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Base Types 5.1. Water-based 5.2. Solvent-based 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Types 6.1. 2K 6.2. UV 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use Industry 7.1. Transport and automotive 7.2. Electrical and electronics 7.3. Wood and furniture 7.4. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. RPM International Inc. 16.2. The Sherwin Williams Company 16.3. PPG Industries Inc. 16.4. Axalta Coating Systems Ltd. 16.5. Jotun AS 16.6. AkzoNobel N.V. 16.7. Aexcel Corporation 16.8. Sokan New Materials 16.9. Huntsman International LLC 16.10. DuPont 17. Assumptions & Acronyms Used 18. Research Methodology
Chemicals & Materials
October 2022
REP-GB-154
250 pages
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Soft Touch Polyurethane Coatings Market
