ALBANY, New York, June 26, 2019 /PRNewswire/ -- The global wood coatings market exhibits a highly competitive with the presence of large pool of market players in the industry, says an upcoming Transparency Market Research (TMR) report. Several top players in the market are adopting strategies such as expansion of distribution channels to gain competitive benefits over the market. These companies are also concentrating towards product enhancement expand their penetration in the global wood coatings market. Some of the top players operating in the global wood coatings market are PPG Industries Inc., RPM International Inc., Akzo Nobel N.V., The Sherwin Williams Company, and Nippon Paint Holding Co.
The global wood coatings market is expected to grow at a robust rate of CAGR 8.3% during the forecast period 2017 to 2025. The global wood coatings market registered a net value of US$8.625 bn in 2016 and it is anticipated to grow at an estimated value of US$17.595 bn by the end of 2025. The rising number of construction is projected to bolster the demand for wood resins; hence the global wood coatings market is expected to expand at a staggering rate during the forecast period.
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In terms of region, Asia Pacific is foretold to hold a major share in the global wood coating market. The growth here is majorly due to increasing sales of furniture that create huge demand for wood coatings. In terms of resins, the global wood coatings are divided into polyurethane, acrylics, melamine formaldehyde, and nitrocellulose. Of all these, the polyurethane is expected to register a high growth during the forecast period.
Rising Paying Capacity of People Propels Global Wood Coatings Market
Due to rapid urbanization, there is an increasing demand for furniture for home and offices, this induces further demand for wood coatings in terms of application. Rising paying capacity among the consumers has led to increasing demand for furniture, especially home furniture. Hence, the global wood coatings market is expected to expand in the upcoming years. Additionally, wood coatings are scratch resistant, can withstand humidity. Also, they exhibit properties such as the product do not get yellow after a certain period of time. They also have the ability to retain sober and light colors, which means they do not change the original colors during various applications. Thus, the global wood coatings market is projected to grow at a substantial rate in the upcoming years.
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Burgeoning demand comes from increasing number of residential buildings and construction activities across the globe. Wood coatings help in increasing the shelf life of the product along with visual cues of the wooden products. Therefore, the global wooden coatings market is projected to mushroom at a grand pace in the near future.
Stringent Laws for Protecting Environment to Provide Impetus to Growth
Due to rising concerns over environment governments across the globe many restriction have been imposed on the use of volatile organic compounds in production of wood coatings. This has led to production of better wood coatings and launch of new products in the market. This factor plays a major catalyst in the expansion of the global wood coatings market.
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Alternatively, the housing and real estate sector is fuelling the demand for wood coatings. Thus, the global wood coatings market is projected to swell up at a grand rate in the upcoming years.
However, the advent of non-wood material or availability of substitute for wood coatings are expected to curtail the demand in the global wood coatings market. Nevertheless, the growing importance and investments in advanced product development is projected to provide potential to the global wood coatings market during the forecast period.
This review is based on the findings of a TMR report titled, "Wood Coatings Market (Resin – Polyurethane, Acrylics, Melamine Formaldehyde, and Nitrocellulose; Product - Stains and Varnishes, Shellacs, and Lacquers; Technology - Oil Based, Water Based, and Solvent Based; Application - Furniture, Cabinets, and Side and Deck)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."
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The global wood coatings market is segmented into:
- Melamine Formaldehyde
- Stains and Varnishes
- Oil Based
- Water Based
- Solvent Based
- Side and Deck
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
- GCC Countries
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