Wood coatings are used on wooden surfaces to enhance their appearance and increase durability. Wood coatings are commonly used for polishing and exhibit water repellent properties. Wood coatings play a vital role in furniture and wood processing industries. The global wood coating resins market has been expanding due to the environmentally-friendly properties, better coating systems, high durability, enhanced esthetics, and better performance of these coatings. Increase in usage of solvent free and water based coating resins and implementation of strict regulations on volatile organic compounds (VOC) are anticipated to drive the global wood coating resins market during the forecast period.
Rise in demand for solvent-borne coatings that do not emit VOCs, higher price of water based coatings, and preference of furniture manufacturers for various metal products and particle boards are expected to restrain the wood coating resins market in the near future. Increase in inclination of the people to opt for other substitutes for wood based furniture and decrease in demand in various applications such as utility poles and rail road products are also anticipated to hamper the wood coating resins market.
The wood coating resins market has been segmented based on resin type, technology, application, and region. Based on resin type, the market has been divided into acrylic, epoxy, nitrocellulose, polyester, alkyd, and others. Polyurethane resin type hold major share in wood coating resins Polyurethane wood coatings are versatile and offer exceptional physical and chemical resistance. These coatings helps produce hard surface topcoats with excellent properties. Polyurethane reinforces the properties of wood based materials by providing protection and color. It also provides several high performance properties for wood coating substrates such as superior chemical, long-lasting surface finish, resistance to UV light, scratch resistance, general wear and tear, quick drying, and excellent sanding.
In terms of on technology, the wood coating resins market has been segregated into water borne, solvent borne, radiation cure, high-solids, and powder. The water borne technology surpasses the application properties and performance of solvent borne wood coating resins. The technology provides significant performance properties such as print and block resistance, early chemical resistance, and hardness.
Based on application, the market has been divided into cabinets, furniture, doors & windows, decoration, flooring, and others. Different kinds of coatings are used in furniture (indoor and outdoor) depending upon its applications and functions. Pendulum hardness (higher resistance to dirt), is vital properties for the usage of wood coating resins in furniture (indoor and outdoor) applications. Rise in demand for traditional and modern types of furniture in end-users companies is anticipated to boost the demand for wood coating resins in the next few years.
Based on region, the wood coating resins market has been classified into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is one of the key regions in terms of consumption of wood coating resins across the globe. Changing consumer tastes, strong economic growth, increase in infrastructure, and improvement in lifestyle and standard of living of people are expected to drive the wood coating resins market in Asia Pacific in the near future. The wood coating resins market in Latin America is also anticipated to expand at a rapid pace, due to the rise in construction activities and improvement in standard of living of the people in the region. North America is also anticipated to account for major share of the wood coating resins market in the near future, led by the rise in number of infrastructure activities. Furthermore, increase in need of home decorators in Europe is projected to boost the demand for wood coating resins in the region. Stringent environmental pressures and regulations are major factor to drive the wood coating resins market in Europe.
Key players operating in the global wood coating resins market are Nuplex Industries Limited, Koninklijke, DSM N.V., Dynea AS, Akzo Nobel India Ltd., Polynt Spa, Kansai Paint Co. Ltd., SigmaKalon Group BV, Allnex S.à r.l., Valspar Corp., and BASF Coatings AG.
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.