PORTLAND, Oregon and PUNE, India, July 10, 2018 /PRNewswire/ --
Wood coating is a process carried out to refine and protect the surface of wood along with providing desirable characteristics such as increased appearance and enhanced resistance from moisture and other environmental factors. Wood coating makes it easier to clean and keeps its sanitized during its lifetime. It offers a high durability as the coated wood becomes resistant to chemicals, heat, and moisture. An antimicrobial coating is also provided to the wood which can kill germs and prevents bacterial growth. With the help of innovative techniques, environment-friendly and cost-effective coating materials have been developed. This has provided a boost to the wood coating industry. According to the report published by Allied Market Research, the global wood coating market is expected to garner $11.88 billion by 2023, growing at a CAGR from 6.3% from 2017 to 2023.
The report segments the market based on technology, resin type, end user, and region. Technologies employed in wood coating include waterborne, high solid solvent borne, conventional solvent-borne, radiation cured, powder coating, and others. End users include into furniture, cabinet, siding, flooring, paneling, and others. As the housing industry grows, the demand for cabinets will increase. The usage of resin types including polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others play a crucial part in offering protection and improving appearance. Polyurethane has been used widely owing to high-performance finish and enhancement of the natural appearance of wood. Geographically, the market is further divided into North America, Europe, Asia-Pacific, and LAMEA. Huge population base in Europe and Asia-Pacific is responsible for giving a boost to the industry. North America region is also gaining traction with the regulatory scenario.
The global wood coating market is driven by the growth of housing industry across the globe. In addition, the rise in urbanization has increased demand for wood products, thereby, increasing the demand for wood coating. On the other hand, volatility in prices of raw materials and harmful effects of volatile organic compounds (VOCs) restrict growth in the industry. Regulatory developments create new opportunities in the industry.
Recently, United States Environmental Protection Agency (EPA) proposed that there will be no change in the existing emission limits. This proposal has given relief to market players operating in the global wood coating industry as it provides the stability and uniformity in employing their techniques. EPA took this decision based on a residual risk and technology review conducted by its 2003 National Emissions Standards for Hazardous Air Pollutants (NESHAP) for facilities involved in a coating of wood products. There are few amendments such as the startup, shutdown, and malfunction (SSM) exemption has been removed from emissions limits, an addition of equation of a compliance demonstration, addition of an electronic reporting requirement, and incorporation by reference of voluntary American National Standards Institute (ANSI) and ASTM International test methods. The decision to make no changes in existing limits also implies that the authority found no cancer risks to people from the facilities.
As this news gives relief to market players, there are few players which have launched innovative initiatives. The Sherwin Williams Company has launched an online inspiration tool that offers an access to the complete stock of high-resolution images of coated wood panels to designers. Introduced as the Virtual Panel Studio, a first-of-its-kind online library can be used as an inspiration for future projects. The images in the library can be saved, downloaded, and shared with collaborators. Joe Kujawski, global director of marketing, Sherwin-Williams Industrial Wood Coatings Division, outlined that the company is excited to become the pioneers in the industry to give an access to designers with the click of a button. Moreover, the collections are available for users to determine the latest trends in a coating and innovative coating technologies.
Other key players operating in the market include Akzo Nobel N.V, Nippon Paint Holding Co., BASF SE, RPM International Inc., PPG Industries, Inc., Valspar Corp., The Dow Chemical Company, Benjamin Moore & Co., and Hempel A/S.
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