Sarasota, FL, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Wood Coatings Market (Acrylics, Polyurethane, Nitrocellulose, Melamine Formaldehyde and Others) for Cabinets, Side & Deck, Furniture and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global wood coatings market was valued at USD 1,554.0 million in 2016 and is expected to reach USD 2,229.45 million by 2022, growing at a CAGR of 5.2% between 2017 and 2022.
Wood coatings are the process of protecting or refining a wooden surface, usually in the production of furniture. Small furniture, interior wood, panels, cupboards, tables, chairs, kitchen furniture, office furniture, doors and staircases among others are the wood coating applications. Coalescing, evaporative and reactive are the major three types of wood coatings. Siding, decking, and furniture are the three largest applications by value terms.
Browse through 99 Market Tables and 46 Figures spread through 110 Pages and in-depth TOC on "Global Wood Coatings Market Size & Share 2016: Industry Forecast, 2022”.
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The global wood coating market is driven by various factors, such as huge demand for medium density fireboard MDF (medium-density fiberboard) wood, huge demand from emerging economies, and increased awareness for eco-friendly products. However, this market has certain drawbacks, such as the higher raw material prices and stringent government regulations. These factors may act as a roadblock to the wood coatings market growth. Increasing demand for low-VOC (volatile organic compound) wood coating products and the emergence of new product developments and technologies which is a major opportunity to wood coating market.
On the basis of the type by resin, the global market is divided into acrylics, polyurethane, nitrocellulose and melamine formaldehyde. Polyurethane held the largest market share around 40% in 2016, because of their properties of scratch and humidity resistance and additionally its non-yellowing property and ability to retain light color. Acrylics held second largest share in the global wood coatings market in 2016, followed by melamine formaldehyde and others. Acrylic coatings are generally used for both artisanal and industrial cycles on different types of wooden products. Acrylics are mostly recommended for dyed open-pore or clear cycles to obtain the natural effect for wood or unfinished wood effect.
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Based on the applications, the global wood coatings market is categorized into cabinets, decking and siding, furniture and others. Among of all applications, furniture was the leader of the global market in 2016 followed by cabinets, side and deck and others. The furniture segment is the fastest growing segment in the market. Wood coatings are mostly used in the exteriors and interiors in the furniture industry majorly because of the finishing it provides to the furniture products.
From a regional point of view, in 2016, Asia Pacific held the largest market share of wood coatings owing to the increasing wealth of people in the region which has spurred sales of furniture dramatically. Moreover, increasing the living standard of people and increasing the ability to purchase high-quality furniture for the house as well as office and business purpose is projected to fuel the demand of wood coating in Asia Pacific region. It accounted around 40% share of the total market in 2016.
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Europe trails Asia Pacific in the global wood coatings market in 2016. Moreover, the stringent regulations in Europe associated with the emission of volatile organic compounds are projected to boost the demand for wood coatings in the region in the next few years.
North America market for wood coatings is driven by the increase in demand for exterior coatings with decks & side comprising. The largest percentage of exterior substrates in the construction industry. According to a recent survey, around 51 percent of U.S. respondents have decks and around 95 percent of these respondents use their decks during the day and almost every other day. This trend is expected to fuel the demand of wood coating market in the region in coming years.
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Latin America and the Middle East & Africa region accounted for the lowest shares of the global wood coatings market in 2016. Latin America and Middle East & Africa are estimated to witness high demand for wood coatings in the near future because of large use of wood materials in the residential uses.
The key players in the global wood coatings market are Akzo Nobel Coatings NV, Kansai Paint Co. Ltd., DuPont Coatings and Color Technologies Group, BASF Coatings AG, Hempel A/S, Ashland Inc., Arkema SA, Sherwin-Williams Co., ICI Paints, PPG Industries Inc., Dow Coating Materials, The Valspar Corporation, RPM International Inc. and Nippon Paint Co. Ltd.
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This report segments the wood coatings market as follows:
Wood Coating Market: Resin Types Analysis
- Acrylics
- Polyurethane
- Nitrocellulose
- Melamine Formaldehyde
- Others
Wood Coating Market: Application Analysis
- Cabinets
- Side & Deck
- Furniture
- Others
Wood Coating Market: Region Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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