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Driven by Asia Pacific, Polyurethane coating consumption estimated to grow to 2,644,000 tons by 2018

Driven by Asia Pacific, Polyurethane coating consumption estimated to grow to 2,644,000 tons by 2018

Polyurethane Coating market is estimated to be worth 2644,000 tons as per Marketsand Markets. Asia-Pacific is the world’s largest and fastest-growing market of PU coating, which consumed nearly half of the total demand. China is the key consumers of PU coating in Asia-Pacific, while countries including Japan, South Korea and India have comparatively small consumption levels. Automotive & Transportation and Wood & Furniture industry segments are driving the demand for PU coating, which in turn is pushing the demand for PU coating within the region. The growing industrial expansions in the region have also led to increased consumption of PU coating. The PU coating market is also up surging due to high penetration of water-borne PU coating and 1-K PU coating systems which have further helped the PU coating market to emerge in the region. Various innovations, developments, and expansions in different industries have in turn made the region a potential growth market for PU coating. Water-borne PU coatings use water as a base for the solvent, which makes them eco-friendly and easy to apply. Water-borne PU coating is consumed in all the end industries and for all the applications like metal coating, plastic coating, wood coating, fiber coating and others. Water-borne PU coating is the fastest growing PU coating with a CAGR of 7.4% to 2018. The major growth driver for water-borne PU coating is its low VOC content which makes it a preferable coating material in various industries. The water-borne PU coating market has a wide scope for its expansion which in turn would help in increasing consumption of PU coating. Solvent-borne PU coating remains the dominant PU coating type and is expected to be the largest in coming future. An estimated annual consumption of 944.4 kilo tons in 2012 makes automotive & transportation industry a leading consumer of PU coating. PU coating owing to its properties like inertness to chemicals, resistance to heat, high dielectric strength, weather resistance, and others makes it a suitable coating material to be used for flooring & decking solutions, refinishes, as a basecoat, topcoat and so on which are used in automotive & transportation industry. PU coating is also used majorly in industries like wood & furniture, industrial, construction, electrical & electronics, and textile. AkzoNobel N.V. (The Netherlands), PPG Industries (U.S.), Sherwin Williams (U.S.), Axalta Coating Systems (U.S.), and BASF SE (Germany) are some of the major manufacturers of PU coating.

PU coating is one of the most commonly used coating materials and finds its use in a number of end industries, accounting to its distinguished properties such as stiffness, hardness, and densities and provides thin film, high gloss finish with exceptional weathering performance characteristics. On the basis of technology, the market of PU coating can be broadly segmented into solvent-borne, water-borne, high solids and powder coating. Though solvent-borne type is the major consumed PU coating type and serve an array of industries due to its various properties and performance advantages; water-borne PU coating is an emerging market because of its low VOC profile and the demand for the same is growing at good pace. As per Research and Markets, Asia-Pacific is the biggest market of PU coating, consuming nearly half of the total global demand, and also the fastest growing market after ROW region. There is a lot of scope in the Asia-Pacific market due to growing purchasing power of the population which are the major end consumers of PU coating. Additionally, the continuous economic growth of the region leading to development of industrial base is also pushing the demand for PU coating at a considerable pace. With the emerging technological developments and innovations in the field of PU coating, the demand growth for PU coating may further augment at a high pace. Currently, the penetration of PU coating is increasing in construction, electrical & electronics, and general industrial end industry at a very high pace around the globe. Wood & furniture, as an end industry is strong in all the regions while automotive & transportation industry demand is traditional and dominant. The key drivers for increasing demand of PU coating are enlarging automotive and ship building industry leading to increased consumption of PU coating for this industry along with growing purchasing power and strong economic growth of Asia-Pacific region. Upcoming trend of 1-K PU coating system and increasing consumption of water-borne PU coating in all the major end industries are the major upcoming opportunities; and technological developments and innovations are identified as key strategies to capitalize on these opportunities.


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