ROCKVILLE, Md., March 07, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global market for wood coatings is anticipated to reach more than US$ 17 Bn by the end of the 2021-2031 forecast period, registering a CAGR of 6.4%. Widespread urbanization has impelled housing demand, enhancing sales of different furniture grades, ultimately spurring adoption of wood coatings.
“Wood coatings demand is projected to keep up with rising supplier business activity, high-gloss interior design preferences, and customer purchasing power,” says the Fact.MR analyst.
As per historical data, sales of wood coatings expanded at a CAGR of 5%, reaching US$ 9 Bn by the end of the 2016-2020 period. As the service sector expands, a substantial portion of the population is relocating to new locations, fueling the creation of hostels, co-living spaces, guest houses, and government buildings. This is expected to raise demand for a wide range of furniture products.
In the furniture sector, interior design concepts for homes, companies, and apartments are always developing. This encourages innovation and development, notably in terms of design, size, and color, and is expected to boost worldwide furniture manufacturing volume. All the aforementioned trends will greatly impel wood coatings demand in forthcoming years.
The wood coating market is estimated to grow with technological advancements as well as large demand for low VOC coatings. Recovery of global economy would also boost the demand for wood coatings.
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Key Takeaways from the Market Study
- Global wood coatings market to add 1.8x the value in 2031 compared to 2021
- By end use, furniture to emerge key application area, seeing a CAGR exceeding 6% through 2031
- Solvent borne wood coatings to account for 66% of total demand until 2031
- Powder based wood coatings to account for 1/3rd of global demand
- Around 2 out of 5 wood coatings sales to happen across the U.S market
- Wood coatings sales in Europe likely to register a CAGR of 5% across the forecast period
- East Asia to account for nearly a quarter of the global wood coatings demand
Competitive Landscape of wood coatings market -
Wood coating manufacturers are expanding the market through a mix of innovation and awareness. As a result of a flourishing housing industry, wood finish manufacturers continue to experience good growth.
- Demand for wood coatings is expected to maintain pace with growing supplier business activities, high-gloss interior design preferences, and customer purchasing power.
- Top competitors like BASF SE, The Dow Chemical Company, Nouryon, Sherwin-Williams Company, Hempel A/S., and Valspar Corporation are purchasing top shares.
- Companies are taking advantage of possibilities in Asia Pacific. Recently, the industry has seen an expansion in manufacturing capacity in order to build on its existing history in the field of wood coatings and paints. More Insights Available
To learn more about Wood Coatings market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=4538
Fact.MR, in its new report, offers an unbiased analysis of the global wood coatings market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
Key Segments Covered In Wood Coatings Market -
Product Type
- Water-borne Wood Coatings
- Solvent-borne Wood Coatings
- Powder Wood Coatings
Coating Type
- Preservative Wood Coatings
- Stain Wood Coatings
- Shellac Wood Coatings
- Other Wood Coatings (Oil, Wax, etc.)
End Use
- Wood Coatings for Furniture
- Wood Coatings for Construction
- Wood Coatings for Marine Applications
- Wood Coatings for Other End Uses
Sales Channel
- Wood Coatings Sales via Institutional Channels
- Wood Coatings Sales via Retail Channels
- Wood Coatings Sales via Online Channels
- Wood Coatings Sales via Home Improvement Stores
- Wood Coatings Sales via Hardware Stores
- Wood Coatings Sales via Franchised Paints & Coating Stores
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Key Benefits for wood coatings market:
- The wood coatings market analysis covers in-depth information of major industry participants
- Wood coatings market size has been analyzed across all regions
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building
- The report outlines the current wood coatings market trends and future scenario of the wood coatings market size from 2017 to 2025 to understand the prevailing opportunities and potential investment pockets. The market is forecasted for 2020-2025
- Major countries in the region have been mapped according to their individual revenue contribution to the regional market
- The key drivers, restraints, and wood coatings market opportunities and their detailed impact analyses are elucidated in the study
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About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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