Soft Touch Polyurethane Coatings Market Report

The increased demand for soft-touch products across a variety of sectors is driving the market for soft-touch polyurethane coatings. The consumer markets of today highly value this aesthetic trend, which includes color combinations, tactile sensations, and sheen. This expands the market for manufacturers of soft-touch polyurethane coatings. In essence, soft-touch coating techniques give customers a rich tactile experience while simultaneously reducing hand slipping. The usage of soft-touch polyurethane coatings in the industry has increased due to the usage of coating processes to give polymers a more pleasing look. Their acceptance is being fuelled by the search for a coating technique that can affordably give plastic surfaces a leather-like feel. 

Thus also, the packaging industry is one of the key industries boosting the soft-touch polyurethane coatings market growth. Soft-touch polyurethane coatings are becoming more popular since they are widely used in automotive. Chemical and abrasion resistance is decreased by using soft-touch polyurethane coatings. The market for soft-touch polyurethane coatings is being driven by end-use sectors including electrical & electronics, automotive, and packaging due to the elasticity and drag from soft-touch coatings' capability to prevent sliding of components and provide a matte finish.

Soft-touch polyurethane coatings are used to enhance product quality, packaging aesthetics, and the packaged goods' apparent level of quality. The best choice for food packaging is water-based lamination ink, which is facilitated by the technical properties of polyurethane dispersion agents. Additionally, for the packaging industry, soft-touch polyurethane coatings are safer, lighter, more durable, and environmentally beneficial. It is predicted that the requirement for soft-touch polyurethane coatings will rise as a result of the rising demand for environmentally friendly packaging from the cosmetics, food, and pharmaceutical industries. The domestic pharmaceutical industry in India is predicted to reach US$ 65 billion by 2024 and US$ 120–130 billion by 2030, according to the India Brand Equity Foundation (IBEF). Due to this, it is anticipated that the demand for soft-touch polyurethane coatings will increase due to the global packaging industry's growth.

• Increasing demand for durable automotive interior finishes.
• Rising use in consumer electronics for a premium feel.
• Technological advancements in coating application techniques.
• Increased focus on sustainable raw materials.
• Improved scratch resistance features becoming a standard.

In the market for soft-touch polyurethane coatings in 2022, water-based technology had the biggest market share, accounting for more than 1/2. With the help of hydroxyl functional groups found in the polymer, such as polyols and poly-isocyanates, water-based soft feel polyurethane coating interacts to create polyurethane and release carbon dioxide. The wood sector finds the quick drying of UV polyurethane coatings provided by water-based PU coatings to be extremely beneficial. When it comes to color and haptic performance, waterborne PU soft-touch coatings are equivalent to solvent-based coatings, making them the perfect choice for eco-friendly coatings. Furthermore, due to their low VOC content, polyurethane coatings are gaining in popularity as a result of strict government laws aimed at reducing VOC emissions. As a result, water-based technology is frequently employed to create soft-touch polyurethane coatings.

Water-based soft-feel polyurethane coatings will be in high demand over the forecast period due to their superior performance and environmental safety. In 2022, the automotive sector accounted for more than 1/3 of the market for soft-touch polyurethane coatings. To give plastic surfaces in automobile interiors a more luxurious appearance and leather texture, soft-touch coatings are commonly utilized. As a result, water-based technology is frequently employed to create soft-touch polyurethane coatings. Water-based soft-feel polyurethane coatings will be in high demand over the projected period due to their superior performance and environmental safety.

The International Organization of Motor Vehicle Manufacturers (OICA) reports that, compared to January through March 2020, there was a 21.08 million rise in worldwide vehicle production. The Auto Care Association and the Automotive Aftermarket Suppliers Association (AASA) predict that gentle sales in China will increase from US$ 281 billion in 2020 to US$ 314 billion in 2021. OICA reports that China's output of commercial vehicles climbed by 31.4% in 2020 to 57,31,161 units from 43,60,472 units in 2019. The automobile industry is a significant investor in R&D in Europe, according to the European Automobile Manufacturer Association (ACEA), which has expanded by 6.7% to reach US$ 64.3 billion yearly as of 2019. Thus, it is anticipated that the expanding automobile industry would increase demand for soft-touch polyurethane coatings.

The soft-touch polyurethane coatings industry faced difficulty in both 2020 and 2021 as a consequence of the COVID-19 pandemic, which had a negative impact on businesses all across the world. As a dispersant, soft-touch polyurethane coatings are frequently utilized in interior car components like door panels. However, the automobile industry's production operations were halted during the COVID-19 pandemic, which could have hampered market expansion.  Asian Automobile Analysis (AAA) reports that in February 2020, Toyota's vehicle sales in China decreased by 70.2% to 24,000 units. The International Organization of Motor Vehicle Manufacturers (OICA) reports that in March 2021, vehicle manufacturing decreased by 21%, 20%, and 30% in Europe, North America, and South America, respectively. However, the size of the worldwide market for soft-touch polyurethane coatings was significantly impacted, which is limiting market expansion.

Allnex introduced the polyurethane coating DAOTAN 7061/35WA in January 2021. For the automotive OEM and vehicle refinish coating markets, DAOTAN 7061/35WA is a high molecular weight, aliphatic urethane-acrylic-hybrid aqueous dispersion with exceptional shear stability. At its Castellbisbal location in Spain, BASF stated in January 2020 that it will invest a single-digit million-euro sum to increase the production capacity of water-based polyurethane dispersions. The main strategies used by players in the Soft Touch Polyurethane Coatings Market are technology launches, acquisitions, and R&D initiatives. 

Leading companies in the market for soft touch polyurethane coatings include: Aexcel Coatings, Akzo Nobel N.V., Jotun AS, PPG Industries Ltd, Axalta Coatings Systems, Rust-Oleum - RPM International Inc., The Sherwin Williams Company, Sokan New Materials, BASF S.E., Allnex, and more.

Due to the rising demand from various end-use industries, such as the automotive industry in Asian countries such as India and China, the Asia Pacific region held the largest share of the global market for soft-touch polyurethane coatings in 2022. India Brand Equity Foundation (IBEF) predicts that the country's automotive sector, which includes component manufacturing, would generate between US$ 251 and US$ 282 billion by 2026. In India, sales of passenger automobiles grew to 2,91,001 units in November 2020 from 2,79,365 units in November 2019, said the Federation of Automobile Dealers Associations (FADA).

The International Organization of Vehicle Motor Manufacturers predicts that China's commercial vehicle manufacturing will climb by 31.4% to 57,31,161 units in 2020 from 43,60,472 units in 2019 in order to keep pace with global demand. China has risen to the forefront of the world in the manufacture of electric buses, which is expected to increase by 34% by 2025, according to the government-supported China Association of Automobile Manufacturers. Thus, the Chinese government anticipates that 35 million vehicles will be produced by 2025, according to the International Trade Administration (ITA). As a result, these are greatly increasing the possibility of market expansion in the area.

The report provides a detailed overview of the soft touch polyurethane coatings market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, the Middle East and Africa. The country-specific assessment for the soft touch polyurethane coatings market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the soft touch polyurethane coatings market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the soft-touch polyurethane coatings market. Some key countries and regions included in the soft touch polyurethane coatings market report are as follows:

• Soft touch polyurethane coatings market detailed segments and segment-wise market breakdown
• Soft touch polyurethane coatings market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in soft touch polyurethane coatings industry)
• Current, historical and forthcoming 10 years market valuation in terms of soft touch polyurethane coatings market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Soft touch polyurethane coatings market demand analysis
• Soft touch polyurethane coatings market pricing analysis over the forecast period (by key segment and by region)
• Soft touch polyurethane coatings market regional insights with region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the soft touch polyurethane coatings market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in the soft touch polyurethane coatings market
• Soft touch polyurethane coatings market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on soft touch polyurethane coatings market forecast by countries
• Mergers and acquisitions in the soft touch polyurethane coatings market
• Essential information to enhance market position
• Robust research methodology