The recent resurgence in residential construction activities and demand for furniture finishing and maintenance works, drives sales for wood coatings products.
ROCKVILLE, MD / ACCESSWIRE / March 16, 2020 / The global wood coatings market will reach a valuation of US$ 17 Bn during 2019 – 2027, as projected by a new Fact.MR report. Key players in the wood coatings market are eying profitable opportunities to mitigate the impact of the transition towards water-based coatings in the industry, against concerns over volatile organic compounds, particularly in emerging economies.
“New housing and maintenance activities will continue to aid profitability in wood coatings market. Manufacturers are focusing on high-performing products such as water-based acrylic coatings,” says the Fact.MR report.
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Wood Coatings Market: Key Findings
- UV protection wood coatings will account for a major market share of industrial applications, owing to superior production and curing efficacy.
- The furniture segment is a major contributor, with 6% per annum expansion projected through 2029.
- Eco-friendly, water based coatings will become highly preferred products.
- China is set to account for a large portion of the overall global revenue, with new entrants and investors.
- East Asia will remain a leading market through 2029, accounting for a fourth of the market share.
Wood Coatings Market: Key Driving Factors
- Positive housing trends and construction and maintenance activity is pushing demand for wood coatings, which supports the rise of market.
- Rising cost of living in emerging economies and the resultant demand for modern furniture is a key driver of market growth.
- Demand for specialized coatings in flooring and sliding applications is fuelling global demand.
- Efforts by manufacturers towards production capacity enhancement would sustain demand.
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Wood Coatings Market: Key Restraints
- String environmental laws set by regulatory bodies on the usage of VOC ingredients in coatings is a key challenge for manufacturers.
- Fluctuations in the prices of raw materials, and resultant issues of supplies impacts market profitability.
Manufacturers are leveraging connections with woodworking manufacturers to optimally meet the demand of end users. Industry heavyweights are transitioning to high performance water based coatings, to mitigate the pressures of short lead times, and to minimize pollution. Prominent companies operating in wood coating market include, but are not limited to, RPM International Inc., Dow Chemical Company, Nippon Paint Co. Ltd., Arkema SA, BASF SE, Ashland Inc., Sherwin-Williams Company, Hempel A/S, Nouryon, and Valspar Corporation.
About the Report
This 170-page study offers detailed market forecast on the wood coatings market. The key categories covered in the report include product type (water-borne, solvent-borne, and powder), coating type (preservatives, stains, varnishes, shellacs, and others), end use (furniture, construction, marine, and others), and sales channel (institutional sales, retail sales, online channels, home improvement stores, hardware stores, and franchised paints & coating stores). This analysis has been tracked on a country-wise level, with a total of 30+ countries across 6 key regions.
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