TAGS: Polyurethane Coatings
The polyurethane dispersion (PUDs) market is expected to grow from USD 2.4 billion in 2019 to USD 3.4 billion by 2024, at a CAGR of 7.1 % during the forecast period. The major factors driving the PUDs market include increasing demand from various end-use applications such as paints & coating and adhesive & sealants.
Market by Type, Application and Region
Solvent-free PUD to Dominate the Market
The polyurethane dispersion market has been segmented based on types into solvent-free and low solvent systems. Among these types, the solvent-free segment accounted for the largest share of the market in 2018 and is likely to witness significant growth over the forecast period. The growth in this segment is attributed to its increasing in various application such as paints & coatings due to its excellent mechanical & physical properties and low VOC content. These factors are expected to drive demand during the forecast period.
Paints & Coatings Application is Expected to Grow at the Highest CAGR
Paints & coatings application is growing rapidly owing to the rising demand for PUD-based coatings in automotive and construction on account of its excellent abrasion resistance and low VOC content. Furthermore, PUD-based paints & coatings exhibit exceptional crosslinking properties, which helps in preventing water and chemical from reaching the substrate. These factors are expected to drive the demand for polyurethane in paints & coatings application.
APAC is Expected to Hold the Largest Market Size
APAC is estimated to be the leading polyurethane dispersion market during the forecast period. The growth in the APAC region can be attributed to the rising demand for polyurethane dispersion systems from various applications such as paints & coatings, and adhesive & sealants, among others. The presence of a robust industrial base, favorable government policies, and low labor costs are further strengthening the polyurethane dispersion market and attracting major players to invest in APAC.
Source: Marketsandmarkets