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Global Polyurethane Coating Market to Grow at a CAGR of 5.48% During 2022-2027, Aided by the Thriving Automotive Industry

According to a new report by EMR titled, ‘Global Polyurethane Coating Market Report and Forecast 2022-2027’, the global polyurethane coating industry stood at a value of more than USD 17.4 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 5.48% to reach over USD 24 billion by 2027.

The polyurethane coating market is driven by the thriving automotive industry owing to the increasing sale of passenger and commercial automobiles in developing countries of the world. Over the forecast period, the rising demand for polyurethane coatings in OEM and refinish applications is likely to provide impetus to the market. In addition to this, the growing application of epoxy polyamide polyurethane in automobiles such as buses, cars, and trucks is likely to augment the market further in the forecast period.

In terms of region, Asia Pacific is likely to account for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. The market in the region is driven by the significant growth attained by the building and construction sector, which is likely to boost the demand for PUC in the forecast period. The market in the region will further be aided by the growing investments in the electronics and electrical sector. In countries like India and China, a significant increase in the demand for electrical appliances owing to the rising disposable income and rapid industrialisation is likely to augment the market.

In March 2021, Axalta (NYSE: AXTA) announced the launch of Imron Industrial 2K polyurethane high gloss clearcoat in North America. With this launch, the company will expand its industrial portfolio. This new and advanced clearcoat has the ability to get melted quickly and flow smoothly making damaged areas easy to repair.

Market Breakup by Type, End User, and Region:

  • The market is segmented on the basis of type into solvent-borne, water-borne, high solids, and PU powder coating, among others. 
  • The major end-user industries in the market include automotive and transportation, aerospace, wood and furniture, construction, textile and apparels, and electrical and electronics, among others.
  • The global market for polyurethane coating can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for polyurethane coating is driven by the rising application of the product in automotive and building and construction industry.
  • The rapid industrialisation and the technological advancements in the electronics and electrical industry is likely to boost the market growth. 
  • The rising demand for PUC aimed towards advancing the structural steel framework in the oil and gas sector is likely to augment the market growth. 
  • The market will further be aided by the presence as well as growing expansion of the manjor manufacturers of the product.

Key Offerings of the Report:

  • The EMR report gives an overview of the global polyurethane coating market for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, end users, and regions of polyurethane coating.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global polyurethane coating industry are Akzo Nobel N.V., BASF SE, Sherwin-Williams Company, PPG Industries, Inc., and Axalta Coating Systems, LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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