Wood coatings, also known as wood treatments, have extensive use both in residential and commercial applications. With many new advances in wood coating technology, the demand and growth of low VOC coatings are sure to create many new growth possibilities. Other coatings such as stain and finish also have similar benefits that wood coatings do. Many chemicals are used in the process of creating wood coatings. A chemical process is necessary to convert organic material to a usable state. During this conversion process, additional chemicals are introduced into the wood products creating further coatings. One of the most common and popular types of chemical coatings is polyurethane foam.
Improving living standards due to growing disposable income is a prime factor driving the growth of wood coatings market. Expansion of the furniture industry due to increasing population which is driving demand for residential building. This in turn is augmenting the market growth of the wood coatings. Thus, a rise in the real estate industry is projected to foster the growth of wood coatings market. According to the United Nation, The world population is projected to reach 8.5 billion in 2030, and to increase further to 9.7 billion in 2050 and 11.2 billion by 2100. On the other hand, strict regulation due to the presence of volatile organic compounds (VOC) in the coatings is projected to hinder the growth of the wood coatings market.
The Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to the robust growth in the real estate sector due to the growing population in the region. According to the India Brand Equity Foundation, the real estate sector in India is expected to reach US$ 1 trillion by 2030. By 2025, it will contribute 13% to the country’s GDP. Real estate attracted around Rs. 43,780 crore (US$ 6.26 billion) in investment in 2019.
Key Developments:
In April 2019, Jotun launched Ultra One, Ultra Lite, and Primax Excel, which allow engineered wood to be protectively coated in powder – and for the first time, these products can be applied to natural wood too.
In November 2019, AkzoNobel digs in to launch €50 million investment in US wood coatings site
In July 2020, Nippon Paint India, part of the NIPSEA Group, has launched a new range of industrial paints under the Protec brand
In September 2019, Sirca Paints launched Fresco Matt Finish paint in the Indian market
In April 2018, HMG Paints, Manchester, UK, has launched a specialist range of decorative coatings, including a new color collection
In August 2020, Costron has teamed up with DSM to launch innovative wood coating solutions
In June 2020, ICL AND SPECIALCHEM PARTNER TO LAUNCH HALOX® SCRATCH-X™
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