Theglobal woodcoatings market size is expected to reach USD 12,323.2 million by 2027, exhibitinga CAGR of 4.8% during the forecast period. The growing consumer inclination towardssustainable alternatives and eco-friendly furniture will bolster healthy growthof the market, states Fortune Business Insights, in a report, titled “Wood Coatings Market Size,Share & Industry Analysis, By Resins (Polyurethane, Nitrocellulose,Acid-curing, Polyester, and Others), By Formulating Technology (Solvent-borne,Water-borne, UV-cured, and Others), By Application (Furniture, Cabinets,Siding, Flooring, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 8,656.6million in 2019.
Thecoronavirus incident has caused major damage to all the industries across theglobe. The governments of several countries have instigated lockdown to thwartthe spread of this deadly virus. Such plans have caused disturbances in theproduction and supply chain. But, with time and resolution, we will be able tocombat this tough time and get back to normality. Our well-revised reports willhelp companies receive in-depth information about every market's presentscenario so that you can adopt the necessary strategies accordingly.
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The wood coatings market report comprises of:
· All-inclusive scrutiny of the market
· Valuable data about key players
· Emerging market trends
· Important insights into thecompetitive landscape
· Dominant regions
· Latest drivers and restraints
MarketDriver:
Proclivity towards UV-Cured Coating to Amplify Growth
The environmental regulations and restrictionsassociated with the use of coatings will consequently spur demand foreco-friendly products, which, in turn, will aid the growth of the market. Thefocus on sustainability and green energy boost the demand for petrochemicalproducts in the wood coatings industry. The inclination towards water-borne andradcure system owing to the solvent-free capabilities will promote the market'sgrowth during the forecast period. Water-borne coatings, high-solids, radcurecoatings, and powder coatings are the technologies being used these days. Thepresence of any volatile organic compounds in the composition of coating makesit harmful for environment and human health. Hence, the diminished demand forcompounds such as formaldehyde, owing to its harmful effects, will consequentlyfuel demand for eco-friendly products.
Drastic Drop in Oil Prices to Hinder Market Amid Coronavirus
The dramatic drop in oil prices hasadded to the high cost of raw materials that are dependent on petrochemicals,thus impeding the market growth. Thirty per cent of the cost of raw materialsis indirectly tied to the price of oil. The lockdown imposed by the governmentshas simultaneously has resulted in high price of petrochemicals, in turn,dampening the market growth. The disruption in the manufacturing and supplychain of the coatings industry has exerted tremendous pressure on manufacturers.Similarly, the shortage of skilled and unskilled labor has further retarded thedevelopment of the market amid COVID-19.
Competitive Landscape:
Strategies Implemented byCompanies to FortifyIndustry
Prominent players in the market are involved in mergers and acquisitions,developing infrastructure, expanding their manufacturing facilities, investingin research and development facilities. The prominent companies are adoptingsuch strategies to remain at the forefront. Moreover, the many companies are lookingfor opportunities to integrate vertically across their value chain
Regional Analysis:
Evolving Working Styles to Accelerate Businessin Europe
Europeis expected to experience a rapid growth rate during the forecast period owingto the presence of major manufacturers in the region. Europe is a major user ofwood-based panels used in conjunction with wood-sliced veneers. The growing homeoffice industry coupled with changing working styles will aid the growth of themarket in the region. Besides, the rise in ownership of home computers canfurther spur growth opportunities for the market. Wood is gaining ground as'hidden' personal computer (PC) storage is being customized to suit otherhousehold furniture. Moreover, the demand for high-quality wooden storagesolutions as a substitute for low-cost metal and plastic can further promotethe growth of the market in Europe.
KeyDevelopment:
April 2019: Jotunlaunched Ultra One, Ultra Lite and Primax Excel, enabling engineered wood to beprotectively coated in powder, and these materials can also be applied to realwood for the first time.
TheReport Lists the Key Companies in the Wood CoatingsMarket:
· Evonik(Essen, Germany)
· DSM(Heerlen, Netherlands)
· Dow(Michigan, U.S.)
· AkzoNobel N.V. (Amsterdam, Netherlands)
· Asian Paints (Mumbai, India)
· BASF SE (Ludwigshafen, Germany)
· Kansai Nerolac Paints Limited (Osaka, Japan)
· PPGIndustries, Inc. (Pennsylvania, U.S.)
· RPM InternationalInc. (Ohio,U.S.)
· TheSherwin-Williams Company (Ohio, U.S.)
· TeknosGroup (Helsinki, Finland)
· AxaltaCoating Systems (Pennsylvania, U.S.)
· NipponPaint Holdings Co., Ltd (Osaka, Japan)
· StahlHoldings (Waalwijk, Netherlands)
· Valspar(Minnesota, U.S.)
· IVMGroup (Milan. Italy)
· OtherKey Players
