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Global Wood Coatings Market: Snapshot

As indicated by the Department of Economic and Social Affairs of United Nations, 55% of the total populace at present lives in an urban scene. By 2050, this is relied upon to witness a substantial increment to 68%, which implies extra 2.5 billion individuals moving to urban regions. With rising urbanization and extending populace, the interest for houses and consequently furniture is expanding. Since more individuals have a higher disposable income in the present situation, a better lifestyle has become a top priority. This demands for exotic and luxurious furniture which calls for better wood coatings. Owing to these parameters the global wood coating market shall witness a substantial growth in future.

What Drives the Growth of Global Wood Coating Market?

  • The furniture industry is largely subjected to wood coating paints. If not for these exterior wood coatings, the wood items would not look sufficiently showy to be sold. Wood coatings are the transparent coatings that give a polished completion to the items which thusly pulls customers to make them purchase these. However, the furniture industry likewise depends on wood coatings market for protection of its products. These coatings secure the items while delivering, hence guaranteeing no harms caused. These two elements help in complementing request of the wood coatings market.
  • The rising number of individuals is moving towards the urban territory for driving a better lifestyle. Wood items are highly underrated necessity in housing needs of people as they serve in each alcove and corner of the house. Beds, seats, floors, tables, organizers, flooring and numerous different fragments of a house use wood and require completing through canvas of wood coatings. This is regarded as a crucial driver for the wood coatings market as it gives the market very appeal from both commercial and domestic sectors.

Global Wood Coatings Market: Snapshot

The global wood coatings market is choc-o-bloc with players and this has served to intensify the competition over the years. Product differentiation is a key tool leveraged by players to steal a march over their competitors. Key factors promoting growth in the market are the soaring construction activities across the globe and the increasing spending capacity of people which has stoked sales of furniture.

Another factor catalyzing growth in the global wood coatings market is the environmental concerns which has led to framing of rules to curb emissions from volatile organic compounds (VOCs). On the flipside, posing a roadblock to the market is the volatility in raw material prices such as acrylic and polyurethane. Since both are derived from crude oil, fluctuations in the latter’s prices affects prices of the final products thereby creating an uncertainty. This definitely does not bode well for the wood coatings market.

A report by Transparency Market Research forecasts the revenue in the global wood coating market to reach a value of US$17.595 bn by 2025 from US$8.625 bn in 2016 by rising at a healthy CAGR of 8.3% from 2017 to 2025 to. Volume-wise, the report expects the market to register a CAGR of 7.5% in the forecast period.

global wood coatings market

Resistance to Humidity and Scratch Propels Demand for Polyurethane

The different types of resins used in the global wood coatings market are polyurethane, nitrocellulose, acrylics, melamine formaldehyde, etc. Of them, the segment of polyurethane held the maximum share of 39.2% in the market in 2016. The dominant market share of the segment is primarily on account of its properties of humidity and scratch resistance. Other advantages of polyurethane is its non-yellowing property and ability to retain light colors. The segment is expected to grow its leading share further to 40.6% by 2025 by clocking maximum CAGR of 8.8% from 2017 to 2025.

The acrylics segment trails the polyurethane segment in the global wood coatings market. In 2016, the segment held a share of 25.7% and by 2025 that share would likely expand marginally to 26%. The unique perceived benefit of acrylic which has led to its second-most prominent position in the market is its ability to cross link with other resins to yield improved properties.

The other two segments – melamine formaldehyde and nitrocellulose – are predicted to pare some of their market shares in the forecast period.

Increasing Spending Capacity of People Makes Asia Pacific Dominant Market

From a geographical standpoint, Asia Pacific leads the global wood coatings market with a majority of the share owing to the increasing wealth of people in the region which has spurred sales of furniture dramatically. The value of the market in the region stood at US$3.89 bn in 2016 and its share in the market was worth 45.1% in the same year. Rising at a healthy 8.9% CAGR from 2017 to 2025, the region will likely become worth US$8.35 bn by 2025 and its market share will likely grow to 47.4% in 2025.

Europe trails Asia pacific in the global wood coatings market. In 2016, the region’s share was about 26.5% and by 2025, the region will pare that slightly to account for 26.4% of the market. The market in the region will be primarily driven by acrylic and water-based technology.

Some of the key players operating in the global wood coatings market are Akzo Nobel N.V, BASF SE, Nippon Paint Holding Co., Ltd, PPG Industries, Inc., RPM International Inc., The Sherwin Williams Company, and The Dow Chemical Company.

Global Wood Coatings Market: Overview

The term wood coatings implies  a wide range of products such as stains, varnishes, shellacs, and lacquers, which are commonly used in the domestic and industrial sectors. The significance of wood coatings is that they add depth and warmth to the appearance of the wooden structures. They can be applied in the form of surface coatings, natural finishes, pigmented finishes, penetrating finishes and wax polishes. Depending upon the applications, the usage of wood coatings also varies. The key applications of wood coatings include furniture, cabinets, and side and deck.

Global Wood Coatings Market: Drivers and Restraints and Trends

The recovery of the housing industry all over the world is propelling the wood coatings market. Demand for side and deck in advanced countries is increasing. This is anticipated to drive the market for wood coatings in the near future. The recent recovery of the housing industry across the world is propelling the global wood coatings market. The rise in construction of new homes and the house modifications are factors driving the wood coatings market. Wood coatings are highly used for kitchen furnishings and flooring.

Demand for side and deck in advanced countries is increasing, which is anticipated to fuel the market for wood coatings in the next few years. Increasing public awareness regarding coatings with low volatile organic compounds and the implementation of safety regulations are factors that significantly contribute to growth of the wood coatings market. Increasing disposable income is also considered as a propelling factor for global wood coatings market.

Growth in the residential housing sector coupled with growing demand for furniture, decking, and siding products are considered as the growth opportunities for the wood coatings market. Also, the shift towards green technology is another opportunity creator, as it deals with the non-volatile emission of organic compounds. Strategic co-operation among manufacturers is also considered as the opportunity for the wood coatings market

The report estimates and forecasts the wood coatings market on the global, regional and country levels. The study provides forecast between 2017 and 2025 based on volume (Tons) and revenue (US$ Mn) with 2016 as the base year. The report comprises an exhaustive value chain analysis for each of the segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the wood coatings market along with their impact on demand during the forecast period.

The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the wood coatings market on the global, regional and country level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of wood coatings and global average price trend analysis.

Global Wood Coatings Market: Segmentation

The report includes Porter’s Five Forces Model to determine the degree of competition in the wood coatings market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users and regions have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for wood coatings between 2017 and 2025.

The study provides a comprehensive view of the wood coatings market by dividing it into resin, product, technology, application, and geography segments. Resin segment has been categorized into polyurethane, acrylics, melamine formaldehyde, nitrocellulose, and others. The product segment of the wood coatings market is classified as stains & varnishes, shellacs, lacquers, and others. The technology segmentation covers oil based wood coatings, water based wood coatings and also solvent based wood coatings.

The wood coatings market, by application has been categorized into furniture, cabinets, side & deck, and others. The regional analysis of global wood coatings market include includes the current and forecast consumption of wood coatings in North America (U.S, Canada), Latin America (Brazil, Mexico, Rest of Latin America), Europe (Germany, France, Italy, U.K,  Spain, and Rest of Europe)  , Asia Pacific (China, India, Japan & ASEAN)  , and Middle East & Africa (GCC, Egypt, South Africa and Rest of Middle East & Africa). Market segmentation includes demand for consumption in all the regions and countries individually.

Global Wood Coatings Market: Competitive Analysis

The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include Akzo Nobel N.V, BASF SE, Nippon Paint Holding Co., Ltd, PPG Industries, Inc., RPM International Inc., The Sherwin Williams Company, and The Dow Chemical Company. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).

Secondary research sources that were typically referred to include, but were not limited to, The World Paint & Coatings Industry Association (WPCIA) , American Coatings Association (ACA), National Wood Flooring Association (NWFA),  British Coating Federation (BCF) , The Society for Protective Coatings (SSPC) , Chemical Coaters Association International (CCAI) , American Wood Protection Association  and  European Wood Preservative Manufacturers Association (EWPMA),company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.

In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.

The global wood coatings market has been segmented as follows:

by Resin Analysis

  • Polyurethane
  • Acrylics
  • Melamine Formaldehyde
  • Nitrocellulose
  • Others

by Product Analysis

  • Stains & Varnishes
  • Shellacs
  • Lacquers
  • Others

by Technology Analysis

  • Oil based
  • Water based
  • Solvent based

by Application Analysis

  • Furniture
  • Cabinets
  • Side & Deck
  • Others

by Regional Analysis

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • U.K.
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • Egypt
    • South Africa
    • Rest of Middle East & Africa

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Wood Coating Market

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