SEATTLE, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Global Wood Paints & Coatings Market to Reach US$ 12,342.11 Million by 2027 – Coherent Market Insights
The global wood paints & coatings market was valued at US$ 8130.39 million in 2020 and is expected to exhibit a CAGR of 5.9% during the forecast period (2021-2027).
Key Trends and Analysis of the Global Wood Paints & Coatings Market:
Rising urbanization across different parts of various countries has been propelling the global wood paints & coatings market. For instance, according to Worldwide Market Research’s analysis, around 69.5% of the total Ukrainian population resides in urban areas and cities. The rising population moving towards the cities leads to adaption of urban lifestyle that includes rising spending capacity on wooden products such as for interior designing and wooden flooring. Moreover, according to State Stats Service of Ukraine, the consumer spending in Ukraine increased from US$ 15,826.4 Mn in the second quarter in 2020 to US$ 19,695.6 Mn in the third quarter of 2020.
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Key Market Takeaways:
The global wood paints & coatings market is expected to exhibit a CAGR of 5.9% over the forecast period (2021-2027). Rise of commercialization has been fueling the target market growth. With the rising spending capacity and increasing initiatives taken up by the government for the growth of the educational facilities, the demand for wooden furniture is expected to rise and significantly favor the global wood paints and coatings market growth in the coming years. For instance, in 2018 with the commencement of the FIFA World Cup, the Russian government had taken up initiatives for the renovation and new infrastructure all over the country. Moreover, according to International Trade Association, the Russian government is planning to invest US$ 87.5 Bn for the modernization, renovation, and repair of the country’s airports, ports, railways, highways, and other transportation infrastructure through 2030.
Rise and expansion of the construction industry coupled with the rise in the furniture market is anticipated to boost the target market growth over the forecast period. For instance, the Indonesian construction industry in 2018 accounted for approximately US$ 32.2 Bn increasing with almost 7% - 8% per year. For instance, according to WMR’s analysis, the Indonesian construction industry’s share to the GDP increased by 13% from US$ 53.7 Bn in 2011 to US$ 68.3 Bn in 2012 further rising to 12.5% in 2013 to US$ 68.3 Bn and by 15% to US $78.5 Bn in 2014.
Competitive Landscape:
Major players operating in the global wood paints & coatings market include BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems.
Key players are focusing on strategic product launches to surge target market growth. For instance, in February 2017, BASF SE, a Germany-based chemicals manufacturing company, launched new light stabilizers for wood and metal coatings. The products are from Tinuvin 29 and Tinuvin DW (N) range that will fulfill increasing demand for high-performance light stabilizers.
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Market Segmentation:
- Global Wood Paints & Coatings Market, By Resin Type:
- Acrylic
- Nitrocellulose
- Epoxy
- Polyester
- Polyurethane
- Others
- Global Wood Paints & Coatings Market, By Product Type:
- Stains & Varnishes
- Shellac
- Wood Preservatives
- Water Repellants
- Others
- Global Wood Paints & Coatings Market, By Technology:
- Water Borne
- Solvent Borne
- UV Cured
- Global Wood Paints & Coatings Market, By Application:
- Furnitures & Fixtures
- Doors & Windows
- Cabinets
- Flooring & Decking
- Others
- Global Wood Paints & Coatings Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Europe
- By Country
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Sub-Region
- Middle East
- Africa
- By Sub-Region
- North America
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