Latest research report on “Global Wood Coatings Market 2019 Research Report” now available at a high quality database of MarketResearchFuture.com with market size, share, trends, Competitive and statistical analysis.
Asian Paints, DowDuPont Inc., Akzo Nobel NV, Arkema SA, PPG Industries Inc., PRM International, INC., Nippon Paint Holdings Co. Ltd, Berger Paints India Limited, Kansai Nerolac Paints Limited, Jotun, Hempel A/S, The Sherwin-Williams Company, Axalta Coating Systems Ltd, are some of the top players in the worldwide wood coatings market.
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Axalta has entered a partnership with Palmetto Paint Specialties, which will entail the latter stocking products from various technologies, including catalyzed coatings, lacquers, stains, glazes, dyes and UV curable for the wood coating market
The data analysts at Market Research Future (MRFR) predict that the global wood coatings market is slated to demonstrate a CAGR of 5.81% during the forecast period (2018-2023).
Growth Factors and Primary Restraints:
The prominent vendors in the wood coatings market are progressively opting for forward integration strategies in a bid to obtain significant competitive benefits, helping them keep a firm hold over their position during the assessment period. On top of this, a number of players are also stressing on the effective strategy of product differentiation for attracting more consumers. This has been a popular trend, particularly among the small-and medium-scale manufacturers for gaining a strong foothold in the wood coatings market.
Besides, the surging demand for resins used for coating woods for a wide range of construction materials has resulted in the growth of the wood coatings market. The boost in the product demand has been the consequence of all the significant strides made by the building and construction activities around the world. A substantial part of the strong product demand originates from residential construction activities. However, the emergence of alternative materials could cripple the current growth rate of the wood coatings market in the coming years.
Having said that, the environmental norms with regards to curb the use of volatile organic compounds (VOCs) has gained traction in a variety of end-use industries, which will inevitably elevate the market position in the following years. Furthermore, the strict implementation of these norms stems from the hike in awareness regarding the use of low-VOC wood coatings. This noteworthy factor is expected to aid the growth of the wood coatings market soon in the future.
Global Wood Coatings Market has been segmented on the basis of type, technology, resin, application and end use.
In terms of the type, the market can be broken into stains & varnishes, water repellents, wood preservatives, shellac coatings, and others. Leading with the largest share of the global market, the stains and varnishes segment was responsible for over 40% in 2017. With the growing demand for stain and varnish coating, the projected expansion of the segment is set to remain the way it is well throughout the review period. Out of the other segments, the wood preservatives segment seems to hold immense promise with predictions of its demand to rise in the near future.
Technology-based segments in the global market are solvent based, UV curing, high solid solvent-based, and water based. In 2017, the solvent based technology was the shareholder of the most substantial portion of the global market. It is reported that by 2023, roughly 1670.2 thousand tons of solvent-based wood coatings are projected to be shipped at a global level. As solvents are used for providing an excellent gloss finish, making them the most sought-after type of coating technology.
Depending on the resin, the market is divided into polyurethane, nitrocellulose, acrylic, polyester, and others. Between these, the polyurethane segment is set to be the most profitable by 2023, on track to exhibit a stellar growth rate of 5.83%. Polyurethane resins are considered immensely versatile, as they follow the prerequisites of the surface coating. These find widespread use in coating surfaces that are at high risk of a lot of wear and tear. Additionally, these types of resins are known for their long-lasting quality, a plus in terms of their demand around the world.
The various applications of wood coatings mentioned in the report are furniture, flooring and decking, cabinets, sidings, and others including sporting goods, musical instruments and toys. Here, the furniture segment holds the biggest share in the overall market, surging at a growth rate of 5.97% during the conjectured time frame. Also, the report adds that the segment is set to attain the valuation of USD 6900 Mn by 2023.
The end-users in the market include residential and non-residential, wherein the residential segment is expected to outperform the non-residential segment in the foreseeable future. Backed by the growth of the spending on infrastructure as well as the rapid urbanization, there has been a rise in residential construction over the past couple of years.
The worldwide wood coatings market is expanding in the primary regions of Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East & Africa.
With the backing of the rapidly growing economy, Asia Pacific has established itself as the most profitable market for wood coatings. With the largest share in the global market, the regional market stands at the value of USD 6400 million. Also, the high consumption rate of wood products in the region is expected to bring about a major transformation in the regional market in the years ahead.
The factors backing the development of the wood coatings market in Europe include growing reuse of wood, government regulations for the reduction of VOC (volatile organic compounds) emissions, and continuous product innovation. Plus, the speedy urbanization has brought on an increase in the commercial, residential, and industrial infrastructure, establishing a strong foundation for the regional market.
In North America, the hike in demand for wooden flooring, siding, cabinets, decks, and fences by residential consumers has created a huge market for wood coatings in the region. The elevated demand from consumers with luxury cars, opting for wooden finish or coating as a status symbol is expected to prove to elevate the market position even further. Other crucial factors noted to be the driving force behind the market growth are the growing disposable income along with the evolving standards of living within the region.
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