Furniture Coatings Market

Furniture Coatings Market - An Overview

The global furniture coatings market is anticipated to witness strong growth during the forecast period between 2021 and 2031.

Furniture coatings refer to protective coatings, which are applied to achieve a long-lasting finish and high gloss.

Furniture coatings have proven beneficial in helping prevent changes to products during different temperatures and scratches as well as exposure to a variety of liquids and chemicals. They also possess high corrosion resistance and can withstand high moisture levels, too.

Polyurethane and poly-acrylic coatings have witnessed an increase in demand in recent times due to their superior resistance to corrosion, chemicals, extreme temperatures, and abrasion.

Furniture Coatings Market - Trends and Opportunities

Rising product demand for renovation activities and in the residential sector is the key growth driver for the global furniture coatings market.

Also, increasing number of new house constructions globally is anticipated to fuel the demand for furniture coatings, in the years ahead.

Growing demand for different natural furniture coatings is expected to fuel the growth in the overall market, in the upcoming years.

Government initiatives and measures, promoting the benefits of furniture coatings could help increase product demand, in the years ahead.

Increasing volume of production of furniture coatings is expected to propel the global furniture coatings market, in future.

Innovations to existing products could help market players in their growth in future, owing to an expected increase in product deployment in more application areas, globally.

Water-based furniture coatings are anticipated to make the largest contribution to the overall market owing to the eco-friendly nature of the product, leading to increased demand in different industries.

The residential application segment is expected to contribute the most to the overall market because of increased product deployment in the manufacturing of tables and chairs, kitchen furniture, cupboards, and bath vanity.

Furniture Coatings Market - Competitive Landscape

The global furniture coatings market is still at a developing stage and comprises very few players. Many of these players could look to engage in different growth strategies such as novel product launches in a bid to remain competitive in the overall market.

The smaller players will seek funding from governments and private investors, which could help them in their long-term growth.

The lesser-known players could use the funding for different research and development undertakings to produce improved quality of products, which would meet a large number of consumer requirements and help increase the customer base.

A few leading players in the global market include PPG Industries Inc., Akzo Novel N.G, Michelman, and RPM Internationals.

In October 2021, Michelman developed and launched a new line of bio-based surface modifiers called NatureShield, which helped formulators manufacture coatings containing a substantial amount of bio-sourced raw materials.

Furniture Coatings Market - Regional Assessment

The global furniture coatings market is divided into four regions, namely, North America, Europe, Asia Pacific, and rest of the world.

Asia Pacific is expected to be the dominant region in the global furniture coatings market due to rapid industrialization in developing economies such as India and Thailand and increasing deployment of furniture coatings in the construction industry, in these countries.

Market players could look to establish R&D centers in countries such as India owing to ease of availability of key resources such as land and labor.

North America is anticipated to offer lucrative growth opportunities for the global market due to increasing number of renovation activities to older buildings in countries such as US and Canada.

Europe is expected to witness strong growth in the overall market due to increasing availability and deployment of acrylic and polyurethane in countries such as Italy and Germany.

The rest of the world is expected to witness moderate growth in the global market, in the upcoming years.