According to a recently published report by Research Nester on “Global Wood Coatings Market Outlook: Industry Insights & Opportunity Assessment 2019–2027” delivers detailed overview of the global wood coatings market in terms of market segmentation by technology, by type, by resin, by application, by end use and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
With an increase in disposable income of consumers and standard of living in developing countries such as China and India, fueling the demand for the modern furniture. With an increase in standard of living of the people, the housing and real estate market has started to show signs of growth thereby, increasing the demand for furniture and joinery which is estimated to boost the growth of the global wood coatings market with a CAGR of 7.3% over the period 2019-2027.
The global wood coatings market is segmented by resin, application and end use, out of which, the polyurethane segment is anticipated to have significant growth owing to the increased applications of these coatings across sectors such as architectural, commercial and structural work –paneling, furniture etc. The type segment is divided into stains & varnishes, water repellents, wood preservatives, shellac coatings and others. The resin segment is divided into polyurethane, acrylics, melamine formaldehyde, nitrocellulose and others. The technology segment is divided into oil based, water-based and solvent based. The application segment is divided into Flooring & decking, cabinets, furniture, siding and others. Further, the end use segment is divided into residential and non- residential.
Increased use of polyurethane to Boost the Demand for Wood Coatings in the Future
Polyurethane segment is rising at a CAGR of 8.8% on the back of various applications of these resin in commercial, architectural, paneling, furniture etc. as it is a scratch and humidity resistant.
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Advancement in coating technology- Advancements in coating technology and surge in use of radiation cure coatings is being done to cater the major share of the market.
Asia- Pacific is expected to grow at a significant rate on the back of increasing demand for wood coatings in sectors such as furniture, flooring, joinery etc. and advantages of wood coatings such as enduring surface finish, solvent and scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick drying, superior sanding and multi-coat and smooth finish. North America is expected to grow significantly on the back of presence of major players in the region.
Industry Players are Progressing towards Minimizing the Barriers faced by the Global Wood Coatings Market
Stringent government rules are being imposed by the government and other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating. Use of VOCs in the production of wood coatings can have harmful impacts on the environment. Stringent rules are imposed for forest afforestation and forest conservation is likely to hamper the market growth.
This report also provides the existing competitive scenario of some of the key players of the global wood coatings market which includes company profiling of Akzo Nobel N.V., PPG Industries, Sherwin- Williams Company, Dow Coating Materials, Nippon Paint Corporation Ltd., Valspar Corporation, BASF Coating GmbH, Kansai Paint Corporation Ltd., Asian Paints and Berger Paints India. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wood coatings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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