The global PUDs market size is projected to reach USD 2.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 7.1% during the forecast period. The demand for PUDs in emerging economies, such as APAC, the Middle East & Africa, and South America, is increasing owing to the growing industrialization and urbanization. Also, regulations related to the environmental safety like low VOCs emission are driving the market for in these industries. PUDs offers properties such as flexibility, toughness, high abrasion resistance, and excellent light stability characteristics. Due to these properties, they are used in various industries such as automotive, aerospace, leather, textile, and construction, among other industries.
The solvent-free segment is estimated to be the fastest growing in the overall PUDs market during the forecast period”. The most widely used type of PUDs is solvent free being used in end-use industries, such as construction, automotive, aerospace, furniture and so on.The use for these type of PUDs are growing at a faster rate considering the fact that they are environmental and user friendly.
Solvent-free PUDs have various properties such as they dry fast, have good lifespan, and are more stable under UV rays.These properties make them suitable for external applications like paints & coatings, textile finishing, adhesive & sealants, glass fiber sizing, leather finishing, and others.
Solvent-free PUDs can also be applied on binders in hygiene coatings, insulating coatings, concrete sealers, paper coatings and printing ink, among other applications.
Paints & coatings is estimated to be the largest and the fastest growing application in the overall PUDs market during the forecast period”. Paints & coatings is the largest and the fastest application of the PUDs materials.They improve the appearance and properties of the product on which they are applied.
Coatings give automotive exteriors a high gloss and improved color retention while offering improved scratch and corrosion resistance.Paints & coatings are also used in construction.
Spray coatings are used in building floors, steel trusses, and concrete supports, to make them more durable and provide cost-effective maintenances.
Europe is projected to be the second largest PUDs market during the forecast period. The strong industrial base in developed economies, such as the UK, Italy, France, and Germany, drives the PUDs market in Europe.The construction industry plays an important role in the European economy.
Europe also has the largest automotive industry in the world.According to the European Commission, the automotive industry in Europe has a direct effect on the economy of various countries such as Germany, Italy, and France.
The increased sales of PUDs in Europe have been triggered by environmental regulations regarding emissions of volatile organic compounds (VOCs). Thus, the need for alternative, better performing coatings like PUDs is increasing in the region.
This study was validated through primary interviews conducted with various industry experts worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
• By Company Type – Tier 1: 55%, Tier 2: 30%, and Tier 3: 15% • By Designation - C Level: 21%, Director Level: 23%, and Others: 56% • By Region - APAC: 15%, Europe: 27%, North America: 45%, South America: 7%, and the Middle East & Africa: 6%
The report profiles several leading players of the PUDs market, such as Covestro AG (Germany), DSM (Netherlands), BASF (Germany), Wanhua Chemical Group (China), Lanxess (Germany), Stahl Holding (Netherlands), Perstorp (Netherlands), Dow Chemical Company (US), Huntsman Corporation (US) and Mitsui Chemical (Japan). The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the PUDs market.
Research Coverage: The report offers insights into the PUDs market in the key regions.It aims at estimating the size of the PUDs market during the forecast period and projects future growth of the market across various segments based on type, application and region.
The report also includes an in-depth competitive analysis of the key players in the PUDs market, along with company profiles, MNM view, recent developments, and key market strategies.
Key Benefits of Buying the Report: The report will help leaders/new entrants in the PUDs market by providing them with the closest approximations of revenues for the overall market and its various sub-segments.This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies.
The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities affecting the growth of the industrial insulation market.
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