Market Overview:
Soft touch polyurethane coatings are used to provide smooth, soft, and velvety textured finish to any surface. These coatings provide protection against scratches, smudges, fingerprints and other blemishes. They are used on various surfaces like metals, plastics, wood, glass and other substrates in industries such as automotive, consumer electronics, building and construction.

The Soft Touch Polyurethane Coatings market is estimated to be valued at US$ 7.08 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the major drivers fueling growth of the soft touch polyurethane coatings market is rising demand from automotive industry. Soft touch polyurethane coatings are extensively used to provide scratch-resistant and anti-fingerprint interior finishes on automotive plastics, metal components and painted surfaces which enhances overall appearance of vehicles. According to India Brand Equity Foundation (IBEF), global passenger vehicle sales rose by 2.7% year-on-year to reach 94.4 million units in 2019. Moreover, increasing penetration of consumer electronics such as smartphones, laptops and other devices with large display sizes is also augmenting market growth. Soft touch polyurethane coatings are applied on exterior casings and screens to provide anti-fingerprint properties which keeps the devices smudge-free.

SWOT Analysis
Strengths:
- Soft touch polyurethane coatings provide a smooth, soft feel and matte finish making products appealing.
- They offer excellent resistance to abrasion, corrosion and chemicals giving long lasting protection.
- These coatings have good adhesion to various substrates like plastics, woods and metals.

Weaknesses:
- Strict environmental regulations around the use of volatile organic compounds increase production costs.
- Raw material price volatility can impact the overall cost of soft touch polyurethane coatings.

Opportunities:
- Growing demand for coated products in consumer electronics, furniture and automotive industries due to necessity of protective and aesthetic coatings.
- Rising living standards and increasing disposable incomes in developing nations boost the sales of coated consumer goods.

Threats:
-Availability of alternative coating technologies like powder coatings and 2K urethane poses competition.
-stricter environmental norms around the globe regarding VOC emissions from coating industries.

Key Takeaways

The global Soft Touch Polyurethane Coatings market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing demand from consumer goods industry. The market size for 2023 is US$ 7.08 Bn.

Regional analysis - Asia Pacific dominates the global market and is projected to maintain its lead position over the forecast period. This is attributed to rising manufacturing activities along with increasing demand for consumer goods from China, India and other developing countries in the region.

Key players operating in the Soft Touch Polyurethane Coatings are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum - RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. They are focused on developing innovative, eco-friendly and cost-effective coating solutions to strengthen their market position.