Urethane surface coating is one of the widely used surface coatings around the world, as it protects the surface from moisture present in the atmosphere or underlying layer of the surface. When the coating is applied on the surface ‘skinning time’ is required where solidification of the coating takes place. Furthermore, during the cure of the exposed surface, the coating releases carbon dioxide, which does not affect the surroundings. Urethane surface coatings are elastic and flexible in a cured state and hence, single component moisture curing urethane coatings is used. Urethane surface coatings offer several advantages such as durability, pleasing appearance, resistance to corrosion and abrasion, and flexibility. Due to this, urethane coating is widely used, despite having high costs.
Global urethane surface coatings market size is expected to expand significantly, owing to increasing demand for urethane surface coatings during the forecast period (2019-2027). Increasing the use of urethane surface coating in the construction industry is expected to propel the market growth in the near future. Urethane surface coatings offer excellent properties to various surfaces such as wood, glass, and concrete, due to their flexible and elastic properties. This is expected to increase the demand for urethane surface coatings and aid in the market growth. Furthermore, growing innovations in this market from key players around the world are expected to propel growth of the market over the forecast period. Major players are focusing on developing bio-based products to avoid environmental hazards, which is expected to drive the market growth. Moreover, growing innovations in packaging, construction, and transportation industries are expected to accelerate the market growth.
However, rising concerns regards urethane coatings among end users and increasing environmental regulations are expected to hamper the demand for urethane surface coating and hence restrain the global urethane surface coatings market growth.
Market Regional Analysis
Asia Pacific is expected to account for the largest market share in the global urethane surface coatings market. This is owing to increasing demand for urethane surface coatings in emerging economies such as India and China. Growing construction and transportation industries is expected to drive the market growth in the region. Furthermore, North America and Europe are expected to gain significant market share, owing to the presence of key players in regions. Moreover, increasing construction activities in emerging economies such as Brazil, Russia, India, and China (BRIC) is expected to boost the boost growth of the market over the forecast period.
Key players operating in the global urethane surface coatings market include H.B Fuller Company, 3M Company, Lord Corporation, Dow Chemical Company, E. I. du Pont de Nemours and Company, RPM International, Inc., BASF, and Henkel AG & Co. KGaA.