Albany, New York, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Albany, New York: The global wood coatings market is expected to see a healthy growth over the coming years. According to Transparency Market Research (TMR), the vendor landscape is reported to be a highly competitive one. A number of leading companies operating in the industry are seen to be focusing on development of innovative products, to keep their offering up to date. Prominent players of the wood coating market include the Dow Chemical Company, Asian Paints, BASF SE, Nippon Paints Holdings, and PPG Industries Inc. among others. The leading four companies currently account for almost 60% of the market share, cumulatively. The regional and small and medium scale enterprises in the industry are expected to fortify competition levels in the market further.
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TMR’s report predicts that the global wood coatings market is expected to rise at a healthy 8.3% CAGR, from 2017 to 2025. Evaluated to be at US$8.625 bn in 2016, the market is slated to reach an estimation of US17.595 bn at this rate.
Among the resin types, polyurethane resins for wood coatings witnesses an extensive uptake in various application such as cabinets and all kinds of furniture. The segment accounted for the major share in the overall wood coatings market in 2016.
Geography-wise, Asia Pacific is expected to make great strides on account of the dense population it houses. The region comprises of a number of developing economies, which are growing economically as well as infrastructure-wise. This has led to high demand for aesthetically appealing interiors and furniture.
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Booming Construction Activities to Provide Rich Market Opportunity
Timber has been a strategic material in a range of end-use sectors in recent decades. The growing application of this resource is underpinning the popularity of wood coatings for various structural and decorative purposes. Wood coatings such as varnishes, stains, lacquers, and shellacs are increasingly being used in a number of domestic and industrial sectors for providing a protective layer. Plus, they enhance the aesthetic appeal of wooden structures. In a number of developed economies, the demand for wood coatings has gathered steam as architectural coatings for a variety of indoor as well as outdoor applications.
A burgeoning housing construction industry in several developed and developing nations is providing a steady impetus to the demand for wood coating systems. In addition, the rapid strides the construction industry has made in various parts of the world is stoking the demand for wood coatings. The adoption of wood coating formulations with low volatile organic compounds (VOC) emissions is further bolstering the uptake.
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Innovation in Materials to Propel Growth
A number of attractive properties account for the widespread demand, notably the resistance of these resins to humidity and scratch. Polyurethane resins can also resist fading of light colors and prevents yellowing of the coating. Research and testing into the suitability of resins for various wood coating applications are expected to boost the performance of these resins used. Also, the stringent regulations on use of volatile organic compound (VOC) emitting components is providing an impetus for the growth of the wood coatings market globally.
The availability of a wide range of application techniques adopted for wood coatings has improved the ease of application, compatibility with different substrates, and the overall performance. Furthermore, substantial advancements in coating technologies in recent years have markedly improved the functional properties of wood coatings.
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This review is based on TMR’s report titled, “Wood Coatings Market (Resin – Polyurethane, Acrylics, Melamine Formaldehyde, and Nitrocellulose; Product - Stains and Varnishes, Shellacs, and Lacquers; Technology - Oil Based, Water Based, and Solvent Based; Application - Furniture, Cabinets, and Side and Deck) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”Top of Form
Global Wood Coatings Market, by Resin
- Polyurethane
- Acrylics
- Melamine Formaldehyde
- Nitrocellulose
- Others
Global Wood Coatings Market, by Product
- Stains & Varnishes
- Shellacs
- Lacquers
- Others
Global Wood Coatings Market, by Technology
- Oil based
- Water based
- Solvent based
Global Wood Coatings Market, by Application
- Furniture
- Cabinets
- Side & Deck
- Others
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