Polyurethane resins are manufactured from a reaction between organic diisocyanate and polyalcohol. They are predominantly used in various industries including footwear, packaging, surface coatings, furniture, etc. Polyurethane resin features a number of physical properties namely high gloss, toughness, durability, and easy cleaning, due to which it has been majorly used in paints around the globe. Furthermore, polyurethane resins paints are used where high performance is necessary. For instance, polyurethane resins paint finds application in warehouses, bridges, industrial plants, oil-rig towers, and high-temperature coatings. Polyurethane resins paint has a major role where it protects the surface from abrasion, weathering, and extends durability. It is also used in automotive industry for painting vehicles as these paints have high durability.
Global polyurethane resins paints and coatings market size is expected to increase significantly during the forecast period, owing to rising use of polyurethane resins paints and coatings in various industries. Polyurethane resins paint is extensively used in the furniture industry to protect the wooden surface. It protects the surface from weathering and extends its lifespan. Growing population and increasing disposable income of individuals around the world are expected to increase the demand for furniture and thereby, support the market growth. Polyurethane resins coating finds also applications in heavy duty interiors and exteriors where durability of paint is crucial. Steel tanks, chemical processing equipment, offshore structure, oil-rigs, cleaning rooms, handrails, etc. require polyurethane reins coatings, which is expected to its demand and hence, boost growth of the market. Moreover, growing use of polyurethane resins paints and coatings in marine industry is expected to propel the market growth during the forecast period. Marine structure being constantly in contact with salt water is subjected to heavy wear tear. That is why polyurethane resins paints and coatings are majorly used as it provides protection against saltwater.
However, high cost of raw materials is expected to restrain the global polyurethane resins paints and coatings market growth.
Market Regional Analysis
Asia Pacific is projected to gain significant market share in global polyurethane resins paints and coatings market, increasing demand for polyurethane resins paints and coatings. Growing expenditure on furniture in emerging economies such as India and China is expected to boost growth of the market in the near future. Moreover, North America is expected to witness significant growth, owing to high presence of key players in the market.
Key players operating global polyurethane resins paints and coatings market include DSM, Henkel, BASF SE, Arkema, and Sherwin Williams.
Several key players in global polyurethane resin paints and coatings market are involved in several growth strategies such as merger and acquisition, capacity expansion and new product launch in order to enhance their global position. For instance,
In March 2019, Henkel Adhesive Technologies, one of the leading player in global polyurethane resin, expands its polyurethane matrix resin, Locite MAX, portfolio by epoxy based high performance materials for automotive application. The introduction of the PU resin address the need for light weighting, higher-performing composite solutions and cost-effective solution for the automotive industry.
In September 2013, Henkel launched Locite Max 3, a polyurethane matrix resin. The company has taken step towards fully automated series production of composite components for the automotive industry.
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