Global Wood Coating Market: Overview
Wood coatings are a range of chemicals applied on to wooden surfaces to increase their durability and enhance their appearance. Polishes and water repellants are among the most commonly used wood coatings due to their high effectiveness. The application of wood coatings comprises a crucial part of the wood processing and furniture industries, since it helps increase consumer satisfaction and thus ensure sustained demand.
Stains and varnishes, water repellants, and wood preservatives are among the most widely used types of wood coatings, while roll coating, brush coating, spray coating, and vacuum coating are the major mechanisms of application of wood coatings. Furniture is the largest application segment of the global wood coatings market due to the widespread popularity of wood in manufacturing furniture. This trend is expected to continue in the next few years.
Global Wood Coating Market: Drivers
The ongoing construction industry boom has been a major driver of the global wood coatings market. Demand for various types of wood fittings is rising owing to the growing demand for new construction. This is directly driving the wood coatings market. Wood furniture is an integral part of any residential as well as commercial construction, while wooden flooring is also becoming increasingly popular.
Rise in global population is also a major factor propelling the global wood coatings market. The increase in population, allied to the rampant urbanization observed across the world, has augmented the demand for new residential construction, further fueling the usage of wooden fittings.
Demand for high-end wooden fittings and flooring is also being propelled by the increasing spending power of consumers in developing economies, where the construction industry boom is centered. Rise in GDP of countries such as India, China, and Brazil has led to a marked increase in the disposable income of consumers in these regions, resulting in higher demand for premium goods. This is anticipated to remain an influential factor in the growth of the global wood coatings market in the near future.
Increase in demand for protective coatings has been another marked feature of the global wood coatings market since the last few years. Due to the well-funded research avenues in the wood coatings industry, highly effective wood protective coatings have been developed and are being marketed across the world. Rising demand for longer lasting fittings has driven the demand for protective coatings, thereby indirectly driving the global wood coatings market.
Global Wood Coating Market: Restraints and Opportunities
Despite the influential prevalence of several favorable factors, the wood coatings market is restrained in Europe by the continued recession in the region. The global wood coatings market is estimated to be led by growth in emerging economies in the new few years.
The presence of volatile organic compounds (VOCs) in wood coatings has also come under the scanner, due to the growing acknowledgement of the adverse effects of VOCs on the environment. On the other hand, this presents a promising opportunity for manufacturers to innovate low-VOC formulations of wood coatings.
Global Wood Coating Market: Competitive Landscape
Continued investment in research to enhance the performance of wood coatings is another major factor likely to play an important role in determining the market’s competitive hierarchy in the near future. Major players operating in the global wood coatings market, according to 2015 figures, include BASF SE, The Dow Chemical Company, Nippon Paint Co. Ltd., The Valspar Corporation, Akzonobel N.V., Arkema SA, and The Sherwin-Williams Company.
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