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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.
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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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