Global Furniture Coatings Market: Overview
Furniture coatings are protective coatings that provide high gloss and long-lasting finish. Furniture coatings are used on table and chairs, bed frames, armoires, bath vanity, cupboards, kitchen furniture, and office furniture. These coatings protect furniture from changes in temperature, exposure to chemicals, liquids, dirt-build up, and scratches. Coatings applied over the furniture possess properties such as quick drying, sanding & stackability, chemical and mechanical resistance, and superior tannin blocking. Polyurethane and poly-acrylic based coatings are commonly employed to protect furniture. Key properties of these coatings include resistance to climate change, corrosion, abrasion, and chemicals. The choice of binder has significant impact on furniture coatings. Furniture coatings exposed to high moisture areas are formulated to withstand high moisture level in order to maintain substrate adhesion. They also possess high scrubbing and stain resistance.
Global Furniture Coatings Market: Drivers
Demand for furniture coatings is primarily driven by the rise in demand for these coatings in the residential sector and renovation activities across the globe. Increase in demand for sustainable products in interior applications and growth in demand for low odor and higher durability coatings are boosting the demand for furniture coatings with low VOC emissions. Rise in number of new housing constructions is anticipated to boost the furniture coatings market. Demand for furniture coatings is high in Asia Pacific owing to the high population, urban development, and new construction projects.
In terms of resin, the global furniture coatings market can be segmented into polyurethane, acrylic, alkyd, and vinyl/styrene. Different resin coatings are applied depending upon applications. Easy curability and quick drying are the key reasons why polyurethane is preferred. In terms of technology, the global furniture coatings market can be classified into water-based, solvent-based, and powder-based technologies. Water-based technology is anticipated to offer immense growth opportunities in the next few years. Water-based technology is more environmentally-friendly compared to the solvent-based technology, as it helps lower the emission of volatile organic compounds. Demand for powder-based technology is also rising owing to the zero emission of volatile organic compounds. Based on application, the furniture coatings market can be divided into residential and commercial. Furniture coatings are used in table and chairs, bed frames, armoires, bath vanity, cupboards, and kitchen furniture under the residential segment.
The global furniture coatings market expanded moderately in 2017. This trend is expected to continue during the forecast period. Rapid urbanization is fuelling the furniture coatings market across the globe. Asia Pacific accounts for the largest and the fastest growing market. Increase in construction and renovation activities in Asia Pacific is driving the furniture coatings market. Availability of key resins such as polyurethane and acrylic is anticipated to significant boost the furniture coatings market, especially in China and India .North America, especially the U.S., is a major region of the global furniture coatings market owing to the increase in renovation activities in the region. Germany and countries in Eastern Europe contribute significantly to the furniture coatings market. The market in Middle East & Africa and Latin America is estimated to expand in the near future due to the recent economic developments and growth in investments in construction projects.
Global Furniture Coatings Market: Key Players
Key manufacturers of furniture coatings include Akzo Nobel N.V, The Sherwin-Williams Company, PPG Industries, Inc, and RPM International Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.