Market Research Report
Global Wood Coatings Market - 2019-2026
|Published by||DataM Intelligence||Product code||755169|
Delivery time: 1-2 business days
|Global Wood Coatings Market - 2019-2026|
|Published: December 1, 2019||Content info:||
Wood coatings are primarily applied on the wooden surfaces mainly for the protection and thus increases their utilization properties. Wood coatings takes place in different sizes of facilities, from smaller shops to large furniture production facilities. These coatings are ap-plied by various methods such as spraying, rolling, curtain coating and many more.
The Global Wood Coatings market was valued at USD xx million in 2018 and is estimated to reach USD xx million by 2025, with a CAGR of xx% during the forecast period from 2018 to 2025.
Drivers & Restraints
Growing housing industry coupled with increasing furniture industry is driving the wood coatings market globally. The global population is moving toward urbanization, which leads to surge in construction of houses, thereby increasing the demand for wood products. In ad-dition, surge in the furniture production especially in the Asia-Pacific region will drive the market in near future. According to CSIL estimates, World production of furniture is worth about US$ 406 billion in 2015. The study cover the 70 most important countries. With 5 bil-lion inhabitants, that is roughly 75% of the world population, they account for more than 90% of world trade of goods and of world furniture production in value.
The United States 12%
United Kingdom 2%
Rest of the World 29%
However, the increasing cost of raw materials will be the major constraint of the market. In addition, the future of wood coatings will be strongly influenced by environmental legisla-tion and economic constraints.
The Global Wood Coatings market report segments the market by resin type, formulation, and application. Based on the formulation, the market can be segmented as Water-borne coatings, Solvent-borne coatings, powder-based coatings, UV Curable coatings and Others. Solvent-borne coatings holds largest share of the market owing to its advantages such as lower drying time, and ease of application. This type of coatings is mostly suitable for the industrial applications especially for the furniture industry. However, these coatings are growing at lower pace as compare to other type of coatings owing to high VOC content and stringent environmental regulations. Polyurethanes and unsaturated polyesters usually pro-vide high gloss, flexibility and resistance to chemicals, scratching and abrasion. These ad-vantages justify the higher costs when required for special applications. On the other hand, penetration of Water-borne coatings and UV curable coatings are high in the European re-gion due to strict regulations on VOC emissions.
Water-Borne Coatings 30%
Solvent-Borne Coatings 40%
Powder Based Coatings 10%
UV Curable 8%
The report segments the market by geographic region which includes North America, South America, Europe, Asia-Pacific, and Others. Asia-Pacific accounted for the largest market share in 2017 and will be the most lucrative region during the forecast period. The market for Wood Coatings in the APAC region is mainly driven by the increasing demand for furni-ture from developing countries like China and India. China's furniture manufacturing indus-try revenue rose from 32.7 billion Yuan in 2000 to 787.3 billion Yuan in 2015, with an aver-age annual growth rate of 24%. At present, China is the world's largest furniture exporter and furniture consumer market. China's furniture industry exports, in 2015, amounted to 199.36 billion Yuan, an increase of 1.69% year on year. This huge growth in the furniture production in China is expected to drive the wood coatings market.
North America 24%
South America 10%
The companies are increasingly investing in the market to develop new products and are collaborating and acquiring other companies which help in increasing their market share and will also strengthen the R & D. The Paints and Coatings companies are offering a wide range of products, most of which are similar to other companies, which lead to price wars.
The Global Wood Coatings market report profiles the following companies-
AkzoNobel N.V, Axalta Coating Systems, BASF SE, Benjamin Moore & Co. Inc., PPG Industries Inc., RPM International Inc., Nippon Paints, DowDupont, Kansai Paints, and The Sherwin Wil-liams Company.