Comprehensive Soft Touch Polyurethane Coatings Market Analysis 2024: Size, Share, And Key Trends
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What Growth Rate Can Be Expected in the Soft Touch Polyurethane Coatings Market from 2024 Through 2033?
The market size of soft touch polyurethane coatings has seen robust growth in the recent past. The forecast indicates that the market will advance from $9.98 billion in 2023 to $10.81 billion in 2024, noting a compound annual growth rate (CAGR) of 8.2%. This increase during the historical period can be connected to factors such as consumers’ preference for high-end finishes and innovative electronics design, their awareness to texture, resistance to scratching and wearing, improvements in packaging aesthetics, and advantageous regulatory frameworks.
In the forthcoming years, the market size of soft touch polyurethane coatings is projected to experience robust growth, growing to $14.69 billion by 2028 with a compound annual growth rate (CAGR) of 8.0%. This expansion in the anticipated period is influenced by factors such as the flourishing automotive industry, increasing usage in electronics, eco-friendly formulations, growth in high-end packaging, developments in construction and building, and the rising demand in aerospace interiors. Key trends during this forecast period include the progress in UV-curable soft touch coatings, emphasis on resistance to scratches and abrasion, innovations in application techniques, adherence to regulatory standards, collaborative efforts and partnerships, and research and development investments for improved properties.
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What Dynamics Are Shaping the Growth of the soft touch polyurethane coatings Market?
The burgeoning auto sector is projected to ignite the development of the soft-touch polyurethane coatings market. The rise in urbanization coupled with the global car manufacturers’ market penetration into emerging markets catalyzes the sector’s expansion. This progression has been bolstered by solid government backing, paving the way for a unique trajectory in the manufacturing industries. This backing and auto sector growth coerce the soft-touch polyurethane coatings market to invent superior products for improved client servicing. For example, as per a February 2022 report on the car industry by India Brand Equity Foundation, the Indian government anticipates the auto sector to pull in US$ 8-10 billion in national and international investment by 2023. Moreover, between April 2000 and September 2021, the car industry has garnered an estimated US$ 30.78 billion in equity FDI inflows. Hence, the elevation in the automobile sector will catalyze the growth of the soft-touch polyurethane coatings market.
Which Segments Play a Vital Role in the Soft Touch Polyurethane Coatings Market?
The soft touch polyurethane coatings market covered in this report is segmented –
1) By Base Type: Water-based, Solvent-based
2) By Product Type: 2K, UV
3) By End-Use: Automotive, Aerospace, Electrical and Electronic, Furniture, Packaging, Other End-users
What Are the Defining Trends in the Evolving Soft Touch Polyurethane Coatings Market?
Tech advancements form a notable trend in the soft-touch polyurethane coatings market space. Corporations partaking in this market have introduced several tech advancements such as waterborne polyurethane options, coatings free from emulsion, anti-yellowing coatings, among others to uphold their standing in the market and to offer superior services to their clientele. To exemplify, in January 2021, Allnex, a coating resins producer based in Germany, disclosed the initiation of their polyurethane dispersion particularly for the automotive OEM and vehicle refinish coating markets, titled DAOTAN 7061/35WA. This polyurethane dispersion lacks emulsifiers, possesses a high molecular weight, and stands as a urethane-acrylic-hybrid aqueous dispersion offering outstanding stability. DAOTAN 7061/35WA promises high performance and is adaptable, bestowing clear, crackless surfaces.
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Which Regions Are Emerging as Leaders in the Soft Touch Polyurethane Coatings Market?
Asia-Pacific was the largest region in the soft-touch polyurethane coatings market in 2023. The regions covered in the soft touch polyurethane coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Soft Touch Polyurethane Coatings Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the soft touch polyurethane coatings market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Soft Touch Polyurethane Coatings Market Include
1. Soft Touch Polyurethane Coatings Market Executive Summary
2. Soft Touch Polyurethane Coatings Market Segments
3. Soft Touch Polyurethane Coatings Market Size And Template Market Growth Rate
4. Key Soft Touch Polyurethane Coatings Market Trends
5. Major Soft Touch Polyurethane Coatings Market Drivers
……
25. Key Mergers And Acquisitions In The Soft Touch Polyurethane Coatings Market
26. Top Soft Touch Polyurethane Coatings Companies
27. Soft Touch Polyurethane Coatings Market Opportunities And Strategies
28. Soft Touch Polyurethane Coatings Market, Conclusions And Recommendations
29. Appendix
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