Soft touch polyurethane coatings are used in numerous applications like furniture, automotive interiors, consumer electronics, and other industrial goods. These coatings provide a smooth and silky soft feel along with scratch resistance and durability. They have high UV resistance, abrasion resistance, and have been formulated to meet FDA requirements for direct food contact. These properties make them suitable for various consumer goods and automotive interior components. Growing automotive and consumer goods industries are driving the demand for these soft coatings.
The global Soft Touch Polyurethane Coatings Market is estimated to be valued at US$ 7.08 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the soft touch polyurethane coatings market is the increasing usage in consumer electronics applications. Modern electronics are moving towards incorporating aesthetically pleasing tactile surfaces like keyboards, phones casings, laptops, etc. Manufacturers are increasingly using soft touch polyurethane coatings on such surfaces to improve grip and provide a premium look and feel. Growing sales of consumer electronics are presenting lucrative growth opportunities for soft touch coating vendors. Another major trend is the development of bio-based and eco-friendly polyurethane coatings. Regulations around VOCs and stringent environmental norms are pushing suppliers to offer more sustainable coating options.
Threat of new entrants: The threat of new entrants is moderate due to high capital requirement and established distribution channels of existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of multiple substitutes and high transparency in prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials and differentiated requirements of buyers.
Threat of new substitutes: The threat of new substitutes is low as soft touch polyurethane coatings provide unique properties like abrasion resistance and appearance.
Competitive rivalry: Intense competition exists among key players to gain higher market share.
The global soft touch polyurethane coatings market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing demand from automotive industry. The global soft touch polyurethane coatings market size for 2023 is US$ 7.08 Bn.
North America dominates the global soft touch polyurethane coatings market and is expected to continue its dominance over the forecast period. This is attributed to presence of major automotive manufacturers and growing vehicle production in the US. Asia Pacific exhibits the fastest growth owing to rising automotive manufacturing activities in China and India.
Key players operating in the soft touch polyurethane coatings market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. Sherwin Williams Company and Akzo Nobel N.V. together account for over 30% of the global market share.