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Wood Coatings Market Size | Share, Growth, 10 Company Profiles And 2023 Future Market Analysis
BASF SE, , AkzoNobel, Arkema SA, Dow Chemical Companty, Ashland Inc, PPG industries, Royal DSM, Valspar Corporation, DuPont are the key industry players in the global wood coatings market and are profiled in the MRFR analysis.
Wood Coatings Market Overview
Wood Coatings is the process of refining the wooden surface while producing furniture. It has tremendous demand in broad application spectrum and is also available in numerous numbers of products types. The overall application scope of the wood coasting includes residential and non-residential application, wherein, the large numbers of application are driving demand for the wood coatings. Since the construction and infrastructure development was on the rise, demand for wood coatings is raised on great manner. On the other hand, rising number of investment in the residential projects as a result of favourable government regulation expected to drive global growth.
Wood Coatings Market- Competitive Landscape
Global coatings market consist of the established chemical industry payers such as BASE SE, Arklema SA, AkzoNobel ...
... , DuPont, Dow Chemical Company, Ashland Inc, PPG industries, Royal DSM, Valspar Corporation and others. For the years, growth in market is driven by the rising product innovation in the coatings industries, driven by the high capital spending by market players on R&D to develop new products. The degree of competition bserved among the key industry players is high due to the
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An increase in purchasing power around the world is another major driver for the growth of the product market. There has been an increase in the per-capita income across the globe, leading to growing consumer spending ability or purchasing power. As the purchasing power of people rises, they are likely to make more long-term investments rather than spending on consumable and perishable goods. Long-term investments vary from buying real estate, preventive maintenance activities such as painting and coating for long-lasting durability, to increased spending on furnishing. These factors are likely to stimulate the demand for wood coatings during the forecast period.
The global wood coatings market has been segmented, based on region, into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Asia-Pacific held the largest market share of 50% in 2018 due to rapid industrialization in the region. The market was valued at USD 4,823.5 million in 2018. China accounted for the largest market share by country in 2018 and is expected to register the highest CAGR of over 5% during the forecast period. India was the second-largest market in 2018 and is expected to grow at a significant CAGR during the forecast period.
Europe held the second-largest market share in 2018 and is expected to grow at a CAGR of around 5.4% during the forecast period. Germany accounted for the major market share of the regional market and is likely to grow at the highest CAGR in the coming years.
The global wood coatings market has been classified by the type, technology, resin type, applications, end use, and region.
Based on type, the global market has been segmented into stains & varnishes, water repellents, wood preservatives, shellac coatings, and others. The stains & varnishes segment accounted for the largest share of 40% in 2018 and was valued at USD 3,851.4 million in 2018. The growth of this market segment can be attributed to its high scale consumption by quantity in interior and exterior applications.
Based on technology, the global market has been segmented into solvent-based, UV curing, high solid solvent-based, and water-based. Among them, the solvent-based segment accounted for the largest share in 2018 due to its low cost, operational flexibility, and other technical advantages. The segment is expected to register a CAGR of around 5% during the forecast period.
By resin type, the global market has been categorized into polyurethane, nitrocellulose, acrylic, polyester, and others. The polyurethane segment dominated the global wood coatings market in 2018 due to the excellent wear and tear characteristics, longer life, and no need for extra cost for repairing. The segment was valued at USD 3,609.5 million in 2018.
Based on application, the global market has been segmented as furniture, flooring & decking, cabinets, sidings, and others. Among them, the furniture segment accounted for the largest share of around 54% in 2018. The growth of this market segment can be attributed to the growing market for furniture in general on account of the changing lifestyle, increase in consumer purchasing power, growing consumer interest in home decoration, and rising residential and commercial properties.
Based on end use, the global market has been divided into residential and non-residential. The residential segment accounted for the largest share in 2018 and is expected to register a CAGR of around 6% during the forecast period. The increase in the residential construction activity due to growing urbanization trend, rising disposable income, rising population, and the growth in the number of ambitious residential construction programs by the government in the developing countries is contributing to the growth of this segment, which, in turn, is fueling the demand for wood coatings.
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