Polyurethane Resins Paints and Coatings Market is Expected to be Flourished by Growing Demand from Construction Industry

 
Polyurethane Resins Paints and Coatings Market

Polyurethane resins are thermosetting resins that are used as coatings and adhesives. They exhibit superior properties such as good abrasion and chemical resistance along with high durability and flexibility. Polyurethane resins find widespread applications in infrastructure, industrial, transportation, wood, & furniture coatings. They are utilized in decorative and protective coatings for residential, commercial & institutional construction. The growing construction sector globally driven by rapid urbanization & infrastructure development is expected to propel the demand for polyurethane resin paints and coatings.


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 Dynamics:
The aforementioned opportunity of growing construction industry is one of the key drivers augmenting the polyurethane resins paints and coatings market. According to United Nations report, the proportion of global population residing in urban areas is projected to rise to 66% by 2050 from 55% in 2018. This rapid urbanization has increased investments in residential & commercial infrastructure development activities globally. Thus, increasing construction spending is directly translating into higher demand for polyurethane resin paints and coatings. The unique adhesion, flexibility and high gloss properties of polyurethane coatings make them suitable for various construction applications such as interiors, exteriors, roofs, and floors & deckings.
Another driver is growing automotive industry which utilizes polyurethane resins in coatings, adhesives and sealants. Polyurethane adhesives offer benefits of high bonding strength, heat and corrosion resistance required in automotive manufacturing and assembly. Increasing global vehicle production and sales are subsequently augmenting the market growth.

Segment Analysis
The global Polyurethane Resins Paints and Coatings market is fragmented into two key segments- architecture and automotive. The architecture segment currently dominates the market with over 60% share owing to growing construction activities around the world. Polyurethane resins based paints and coatings are extensively used in building exteriors and interiors due to their high durability and UV resistance properties.

PEST Analysis
Political: Regulation towards reducing volatile organic compound emissions can hamper market growth.
Economic: Growth in the global construction and automotive industries will boost market demand. The rise in disposable incomes will also support market expansion.
Social: Increasing consumer awareness regarding energy efficient coatings will drive them to opt for polyurethane resins based products.
Technological: Advances in resin formulation increasing scratch and corrosion resistance of coatings. Development of powder-based coatings reducing VOC emissions.

Key Takeaways
The Global Polyurethane Resins Paints And Coatings Market Share is expected to witness high growth.

Regional analysis comprises: The Asia Pacific region dominates the global market with over 45% share due to strong growth in China and India construction industries.

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.

For more details on the report, Read- https://www.pressreleasebulletin.com/polyurethane-resins-paints-and-coatings-market-share-and-growth/

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