Polyurethane resins represent a type of synthetic resin obtained from the reaction between a polyisocyanate and polyols. They provide excellent adhesion, abrasion resistance, impact resistance, and durability. These resins find wide application in architectural coatings, automotive OEM coatings, automotive refinish coatings, wood furniture coatings, and special industrial coatings. Growing construction activities worldwide coupled with increasing automotive production are expected to provide impetus to the polyurethane resins paints and coatings market over the forecast period. The global Polyurethane Resins Paints and Coatings Market is estimated to be valued at US$ 35306.54 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growth of Furniture Industry
Polyurethane resins are extensively used in wood furniture coatings to provide superior scratch and abrasion resistance properties. The growing furniture industry worldwide offers potential opportunities for the growth of the polyurethane resins paints and coatings market. The furniture industry has witnessed significant growth in emerging economies such as India, China, Indonesia, and Vietnam owing to rising disposable incomes and rapid urbanization. This growing furniture industry stimulates the demand for polyurethane resin-based paints and coatings, thereby acting as a major growth promoting factor for the market over the forecast period.
Porter’s Analysis:
Threat of new entrants: Low economies of scale in production and established brand loyalty of existing big players act as a barrier for new entrants in the polyurethane resins paints and coatings market.
Bargaining power of buyers: Large buyers like automotive and construction industries have significant bargaining power forcing prices down.
Bargaining power of suppliers: Established raw material suppliers like petrochemical companies exert bargaining power over polyurethane resins producers.
Threat of new substitutes: Availability of new eco-friendly substitutes like powder coatings pose threat to polyurethane resins used in paints and coatings.
Competitive rivalry: Intense competition among major players like F. Hoffmann-La Roche Ltd, Becton Dickinson & Company leads to pricing pressures and incentives for customers.
SWOT Analysis:
Strength: Polyurethane resins provide outstanding weatherability, abrasion and chemical resistance to paints and coatings. They also have excellent adhesion to various substrates.
Weakness: Volatility in raw material prices increases production costs. Strict environmental regulations increase compliance costs.
Opportunity: Growing demand for polyurethane resins based paints and coatings in industries like construction, automotive, industrial, and protective/marine coatings.
Threats: Increased adoption of powder coatings and water-based coatings reduces market size for polyurethane resins based variants. Stringent environmental laws in regions like Europe and North America.
Key Takeaways:
The Global Polyurethane Resins Paints And Coatings Market Size is expected to witness high growth.
Regional analysis related content comprises the Asia Pacific region dominates the market and is expected to be the fastest growing market during the forecast period. The APAC polyurethane resins paints and coatings market accounted for around 40% of the global market share in 2024 supported by strong demand from the construction and automotive industries in China and India.
Key players related content comprises Key players operating in the polyurethane resins paints and coatings market are F. Hoffmann-La Roche Ltd, Becton Dickinson & Company, Cepheid (Danaher),Siemens Healthineers, Abbott, Diasorin S.p.a., Thermo Fisher Scientific Inc. , Qiagen, BIOMÉRIEUX, Hologic Inc., Bio Rad Laboratories, Quidel Corporation, EKF Diagnostics, SEKISUI Diagnostics, DiaSys-Diagnostic Systems GmbH, InBios International, Inc., Jiangsu Mole Bioscience Co., Ltd., ACON Laboratories, Inc., Visby Medical, Inc., UNIMA, INC.
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