Global Wood Coatings Market
Global wood coatings market report gives comprehensive outlook on wood coatings across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global wood coatings market gives historical, current, and future market sizes (US$ Mn) on the basis of resin type, technology, end use, and region. This report studies global wood coatings market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global wood coatings.
Global Wood Coatings Market:
The global wood coatings market is expected to be valued at US$ 7,934.6 Mn in 2019 and growing at a significant CAGR over the forecast period to reach US$ 12,089.2 Mn by 2026 owing to increase in disposable income of consumers and improvement in standard of living in developing economies such as India and China are the key factors are fueling the demand for modern furniture, which in turn is expected to drive the demand for wood coatings. In addition, as the housing and real estate market is witnessing significant growth which is positively affecting the demand for joinery. Joinery includes cabinets and sidings. These factors are positively impacting the market growth. However, factors such as stringent environmental rules imposed by the government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating hamper the growth of the wood coatings market.
Asia Pacific dominates the market share in the global market
In 2019, Asia Pacific contributed highest revenue share followed by North America, and Europe in the global market. Asia Pacific region is anticipated to grow with a significant CAGR over the forecast years owing to upsurge in demand for wood coatings from emerging application sectors, including furniture, joinery, flooring, and others. Due to the advantages of wood coatings such as durable surface finish, solvent & scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick drying, superior sanding, and multi-coat & smooth finish application, the demand for wood coatings in the construction and furniture industries is expected to increase considerably. Moreover, cabinets are storage compartments, which comprise doors and drawers. They are either built on a platform or are attached to the wall, and are made from wood. Coatings with lower or no content of VOCs are gaining high importance in the coatings market. Technological advancements in the development of coalescing solvents for waterborne resins, such as core-shell technology, latent cross-linking, 1K technologies, to modify and improve the surface properties of materials for protection in severe conditions or aggressive environments, and for enhanced functional performance pose lucrative opportunities for the market growth.
Key player’s profiles in the global market include:
- Akzo Nobel N.V.
- BASF SE
- Axalta Coatings Systems
- Nippon Paints Holdings Co. Ltd.
- RPM International Inc.
- Sherwin Williams Company
- Kansai Paint Co., Ltd.
- PPG Industries Inc.
- Eastman Chemical Company
- Arkema SA
- Ashland Inc.
- Hempel A/S
Key Findings of the Report:
- Global market expanding at significant CAGR over 2020 to 2026 owing to increase the demand for polyurethane in manufacturing of wood coatings.
- Based on region, Asia Pacific accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on developments and collaboration strategies to retain market position in global market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
- Unsaturated Polyester
- Conventional Solid Solvent Borne
- High Solid Solvent Borne
- Powder Coating
- Radiation Cured
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA