Market Research Future (MRFR) anticipates that the Wood Coatings Market will soar at a rate of 5.81% between 2020 and 2027 (appraisal period).
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The wood coatings industry has been geographically segmented in terms of Europe, MEA or the Middle East & Africa, Asia Pacific, Latin America, and North America.
The Asia Pacific has become the prime spot for large-scale foreign investments, considering the rapid growth of commercial and residential construction sectors. The availability of cheap labor is another important growth rendering factor. China has secured the top spot in the region and is likely to have the fastest growth rate of more than 5% between 2020 and 2027. During the same period, India shall seize the second-biggest share of the APAC market while seizing a substantial growth rate. Mounting product demand in the region is also the result of the exploding population witnessing surge in disposable incomes as well as the heightened focus on eco-friendly and sustainable construction. Surging spending on infrastructure development by the government, especially in India and China could also foster the product demand in the following years. For instance, the Indian government recently introduced its 100 smart cities plan that includes construction of residential buildings, offices, schools, hotels, urban transport, sanitation, hospitals, and retail.
Europe shall attain the second position and also grab a moderate growth rate of 5.4% during the assessment period. Germany is most likely to be the highest gainer and continue to expand at the fastest rate during the forecast period. Favorable interest rates, high economic growth, and the constant participation of the public sector has driven the growth of the construction sector in the region, which should bolster the use of wood coatings. The European market also profits from the rise in immigration as well as the escalating urbanization rate, along with increasing spending on the development of durable and sustainable infrastructure.
North America is a strong market for wood coatings, in view of the high focus on energy conservation in buildings. Launch of the Leadership in Energy and Environmental Design green building certification initiative by the government is likely to work in favor of the wood coatings market in the region.
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Major Boosters and Restraints
Rapidly expanding construction industry worldwide and the booming population in line with evolving lifestyles are some of the major growth boosters in the global market. Wood coatings help boost the aesthetic appeal of wooden surfaces while also protecting them. Their applications are in furniture, cabinets, decking & floorings, sidings, and more. With rising purchasing capacity, people are making long-term investments in real estate as well as maintenance activities like coating and painting for higher durability. They are also investing in furnishing, given the strong impact of the urbanization trend across major cities. This is likely to bolster the growth rate of the wood coatings market in the next few years.
One of the latest trends noted in the global market is the soaring inclination towards long-lasting and cost-effective wood coatings as opposed to quick-fix, short-term solutions. Additionally, the stunning rate at which the furniture sector is growing should favor the wood coatings industry. Apart from this, emergence of sophisticated technologies with respect to wood coating is bound to work in favor of the global market over the conjectured timeframe. Surging preference for eco-friendly wood coating along with the rise in remodeling activities should also enhance the market size.
The different types of Wood Coatings are water repellents, stains & varnishes, shellac coatings, wood preservatives, and others.
Technologies profiled in the report are solvent-based, U.V. curing, water-based, and high solid solvent-based.
The resin types considered in the study include nitrocellulose, polyester, acrylic, polyurethane, and others. The polyurethane segment should attain a growth rate of 5.83% over the forecast timeline, as this resin type boasts a longer shelf life, impressive wear and tear resistance, and no provision of additional costs of repairing.
Major applications are flooring & decking, sidings, cabinets, furniture, and others. The furniture segment has taken the lead and acquired the biggest share in the global industry. This segment could also soar at a rate of 5.97% while touching a valuation of USD 6900 million by 2027. The furniture industry has been growing backed by rising purchasing capacity and surging interest in home decoration among consumers. With the growth of the furniture sector, it is likely that the demand for wood coatings will mount as well.
The top end-users are residential as well as non-residential.
- Nippon Paint Holdings Co. Ltd (Japan),
- PPG Industries Inc. (U.S.),
- Joton (Norway),
- Sherwin-Williams Company (U.S.),
- Arkema S.A. (France),
- DowDuPont Inc. (U.S.),
- RPM International Inc. (U.S.),
- Akzo Nobel N.V. (Netherlands),
- Hempel A/S (Denmark),
- Asian Paints (India),
- Berger Paints India Limited (India),
- Axalta Coating Systems Ltd (U.S.),
- Kansai Nerolac Paints Limited (India)
are recognized as the leading companies by the MRFR report.
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