Covid-19 Impact: Polyurethane Coatings Market
The COVID-19 pandemic has created an industry wide impact on the global plastics industry. The market for polyurethane coatings is no different. It has witnessed both favorable and non-favorable impact on account of various factors especially due to supply-demand imbalances. Polyurethane coatings market is one of such major industries witnessing the crisis posed by this pandemic. However, it is known that the Corona Virus remains stable on various surfaces for long period of time. Therefore, it is necessary to be able to sterilize surface with high contamination potential.
Outlook for polyurethane coatings market is projected to remain positive despite short term impact of COVID-19. Demand for polyurethane coatings is highly dependent on its major end-use industries such as automotive, aerospace, electronics, household, and medical. Except for medical industry, most of these industries were negatively impacted due to the current COVID 19 Pandemic.
According to Market Research Future, the global market for polyurethane coatings before COVID-19 pandemic was projected to grow at more than 6% from 2019 to 2025. However, after realizing the impact of Covid-19 pandemic the demand for polyurethane coatings is projected to witness slightly sluggish growth during and post pandemic situation on account of demand fall from the major end users especially automotive, aerospace & defense, electronics, and building & Construction.
Automotive segment dominates polyurethane coatings market in the global market and is projected to continue its dominance over the forecasts period. The reducing automotive production wing to sluggish demand has severely impacted this market. Symptoms include a disruption in exports of Auto parts in China, interruptions in large scale manufacturing across Europe and shut down of assembly plants in the US. These factors are projected to have major influence affecting the demand for auto parts, which in turn, demand for polyurethane coatings over the forecasts period.
Considering the above points, MRFR has analyzed the fall of around 150 basis points in the CAGR% of the global polyurethane coatings, wherein the pre-Covid-19 CAGR% of the market was expected to be around 6.00%.