Stringent environmental standards set by the government and other regulatory agencies on the use of volatile organic compounds (VOC) in the manufacturing of wood coatings impede market growth. This is due to the rising usage of VOCs in the manufacture of wood coatings, which has a negative influence on the environment. Furthermore, variable raw material prices impede the expansion of the wood coatings industry. On the other hand, advancements in coatings technology and an increase in the usage of radiation cure coatings are two variables that provide profitable potential in the wood coating industry.
The Wood Coatings market is divided into four segments: resin type, technology, end use, and geography. The market is divided into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and other resin types. Waterborne, solvent borne, high solid solvent borne, powder coating, radiation cured, and other technologies are used. It is classified according to final use as furniture, joinery, flooring, and others.
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