According to the Department of Economic And Social Affairs of United Nations, 55% of the world population currently resides in an urban landscape. By the year 2050, this share is expected to increase to 68%, which means additional 2.5 billion people moving to urban areas. With rising urbanization and expanding population, the demand for houses and subsequently furniture is increasing. Since more people have access to a higher disposable income in the current scenario, leading a better lifestyle has become a top priority. People are not hesitating to spend in furnishing their apartments which is advantageous for the wood coatings market as its demand continues to experience a constant rise. Exterior wood coatings are of undeniable use in the furniture industry as they provide finishing and longevity to the products. The furniture industry is highly dependent on it and this application segment will experience a noticeable increase in demand with a compound annual growth rate (CAGR) of 5.30% through to 2025.
During the forecast period of 2019-2025, the wood coatings market will grow with a healthy CAGR of 6.30% which is a considerable growth over its 2018 market size at $8823 million.
Wood Coatings Market Outlook:
Wood coatings belong to the paints and coatings family and are primarily used in the finishing of wood products. Wood based products are often prone to corrosion, destruction, and getting stained. A glossy coat of wood coatings prevents the product from these damages and increase their longevity thus boosting their sales in return. It also makes the products desirable and good to look at, thus luring the customers into buying them. There are many different kinds of wood coatings including exterior wood coating, waterborne wood coating, radiation cure coatings, and wood finishing. Since a major section of the world population resides in the continent of Asia, APAC procures maximum demand for wood coatings in the world. A large customer base enables key players of the wood coatings market to sell more products, thereby increasing the amount of wood coatings sold. In 2018, APAC region was led the wood coatings market geographically with a regional share of 30.76%. It will continue to experience demand from this and other regions as the furniture industry continues to rise.
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Wood Coatings Market Growth Drivers:
Expanding Urbanization
An increasing number of people are moving towards the urban area for leading a better lifestyle. Wood products are an underrated necessity in housing needs of humans as they serve in every nook and corner of the house. Beds, chairs, floors, tables, cupboards, flooring and many other segments of a house utilize wood and require finishing through painting of wood coatings. This acts as an esteemed driver for the wood coatings market as it provides the market with extremely high demand from both residential and non-residential buildings.
Dependence Of Furniture Industry On Coatings
The furniture industry is largely dependent on wood coating paints. If not for these exterior wood coatings, the wood products would not look ostentatious enough to be sold. Wood coatings are transparent coatings that provide a glossy finish to the products which in turn attracts consumers to make them buy these. But the furniture industry also relies on wood coatings market for protection. These coatings protect the products while shipping, therefore assuring no damages incurred. These two factors help in accentuating demand of the wood coatings market.
Wood Coatings Market Challenges:
Since wood coatings make use of volatile organic compounds (VOCs) which are harmful to the environment, this has become a challenge that the market must fight. Stringent VOC regulations are becoming another pertinent hurdle for the market. Key market players are trying to combat this by innovating and coming up with bio wood coatings that are not harmful for the environment,
Wood Coatings Market Key Players Perspective:
Key players operating in the wood coatings market are Akzonobel N.V., Sherwin Williams, PPG Industries, Nippon Paint Holdings, Axalta, RPM International, Kelly-Moore Paint Company Inc., Vermont Natural Coatings Inc, Weilburger Coatings GmbH, and Sniezka S.A.
Sherwin Williams, a Cleveland, Ohio based company known for their industrial products have developed a series of wood product finishes. These wood coatings are waterborne and can be cured if infected by UV stains.
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Wood Coatings Market Trends:
Eco-friendly Acrylic Based Wood Coatings
With growing concerns about adoption of environmentally safe products in order to conserve the planet for future generations, key market players of the wood coatings market are gravitating towards manufacturing natural wood finishes. Three different types of wood coatings have disrupted the market and are observing a steady increase in sales. One of them is Livos Oil which contains natural resins and provides a satin finish with water-resistant properties. Another is Tung Oil obtained from pressing of Tung tree seeds. This oil is credited with providing an almost permanent seal to wood products. And the third one is teak oil obtained from the teak tree and is sold as a pure solvent without any modifiers added.
Mergers Contributing To Market Growth
Reputed key market players are joining hands to develop symbiotic relationships in order to provide impetus to the wood coatings market. Akzo Nobel, one of the world’s leading companies in paints and coatings market signed a $30 billion merger with Axalta Coating Systems. While the former is a global leader in coatings, Axalta specializes in industrial coatings. Together, they plan to expand wood coatings to industries, thereby fueling the wood coatings market.
Wood Coatings Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Wood Coatings Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Wood Coatings Market, and their specific applications in different areas.
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Wood Coatings Market Report: Industry Coverage
The wood coatings market can be segmented on the basis of formulation, type of coatings, and end user. On the basis of formulation, the market can be divided into water based, solvent based, and radiation cured. Based on type of coatings, the market can segmented into penetrating finishes, varnish, and lacquer. And by end user industries, the market can be fragmented into food packaging industry, infrastructure, and furniture.
The Wood Coatings Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
