Market Trends of Polyurethane Microspheres Industry
This section covers the major market trends shaping the Polyurethane Microspheres Market according to our research experts:
Increasing demand from the Paints and Coatings Industry
- Polyurethane microspheres are widely used in the paints and coatings industry and is expected to grow rapidly during the forecast period.
- The condensation polymerization technique is used for the preparation of polyurethane microspheres of uniform shape and particle size. The particle size distribution may range from 1 to 100 microns.
- Polyurethane microspheres are used in water and solvent-based topcoat finishing and are produced in transparent to various colors as well as in various sizes. Depending on the effect that is required to achieve and based on the application, different particle sizes and colors of polyurethane microspheres are used.
- Polyurethane microspheres provide matting efficiency, absence of polishing, scratch resistance, soft touch, no haze, and multi-color effect and provide aesthetic beauty to the surface. Polyurethane microspheres are used in coatings for wood, natural and artificial leather, plastics, vinyl floor and wall decorative coatings.
- Aesthetics provide natural as well as beauty to modern architecture. The increase in demand for aesthetics in the paints and coatings industry drives the growth of the polyurethane microspheres market.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for polyurethane microspheres during the forecast period as a result of the increase in demand from various end-user industries in countries like China, India, and Japan.
- Polyurethane microspheres are widely used in the paints and coatings industry. The increase in demand for paints and coatings in the building and construction is expected to drive the market.
- According to the National Development and Reform Commission, China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019. Furthermore, the Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and is planning to spend USD 1.4 trillion over the next five years. The development of smart cities and other schemes like 'housing for all' are expected to increase the demand for paints and coatings.
- Polyurethane microspheres are used as encapsulants in the pharmaceutical, agricultural and automobile industry. Encapsulants help in controlled drug releases and long-term fertilizers benefit from encapsulation due to the slow release of nutrients.
- The fertilizer consumption in India, during the period 2018-19, stood at around 27.3 million metric tons. With the increase in population and to increase productivity the use of fertilizers is expected to increase during the forecast period. The increase in consumption of fertilizers from the agricultural sector is expected to drive the market for the polyurethane microsphere encapsulants during the forecast period.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for polyurethane microspheres market during the forecast period.
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