The global wood coatings market size is expected to reach USD 12,323.2 million by 2027, exhibiting a CAGR of 4.8% during the forecast period. The growing consumer inclination towards sustainable alternatives and eco-friendly furniture will bolster healthy growth of the market, states Fortune Business Insights, in a report, titled “Wood Coatings Market Size, Share & Industry Analysis, By Resins (Polyurethane, Nitrocellulose, Acid-curing, Polyester, and Others), By Formulating Technology (Solvent-borne, Water-borne, UV-cured, and Others), By Application (Furniture, Cabinets, Siding, Flooring, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 8,656.6 million in 2019.
The coronavirus incident has caused major damage to all the industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this tough time and get back to normality. Our well-revised reports will help companies receive in-depth information about every market's present scenario so that you can adopt the necessary strategies accordingly.
The wood coatings market report comprises of:
- All-inclusive scrutiny of the market
- Valuable data about key players
- Emerging market trends
- Important insights into the competitive landscape
- Dominant regions
- Latest drivers and restraints
Proclivity towards UV-Cured Coating to Amplify Growth
The environmental regulations and restrictions associated with the use of coatings will consequently spur demand for eco-friendly products, which, in turn, will aid the growth of the market. The focus on sustainability and green energy boost the demand for petrochemical products in the wood coatings industry. The inclination towards water-borne and radcure system owing to the solvent-free capabilities will promote the market's growth during the forecast period. Water-borne coatings, high-solids, radcure coatings, and powder coatings are the technologies being used these days. The presence of any volatile organic compounds in the composition of coating makes it harmful for environment and human health. Hence, the diminished demand for compounds such as formaldehyde, owing to its harmful effects, will consequently fuel demand for eco-friendly products.
Drastic Drop in Oil Prices to Hinder Market Amid Coronavirus
The dramatic drop in oil prices has added to the high cost of raw materials that are dependent on petrochemicals, thus impeding the market growth. Thirty per cent of the cost of raw materials is indirectly tied to the price of oil. The lockdown imposed by the governments has simultaneously has resulted in high price of petrochemicals, in turn, dampening the market growth. The disruption in the manufacturing and supply chain of the coatings industry has exerted tremendous pressure on manufacturers. Similarly, the shortage of skilled and unskilled labor has further retarded the development of the market amid COVID-19.
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Strategies Implemented by Companies to Fortify Industry
Prominent players in the market are involved in mergers and acquisitions, developing infrastructure, expanding their manufacturing facilities, investing in research and development facilities. The prominent companies are adopting such strategies to remain at the forefront. Moreover, the many companies are looking for opportunities to integrate vertically across their value chain
Evolving Working Styles to Accelerate Business in Europe
Europe is expected to experience a rapid growth rate during the forecast period owing to the presence of major manufacturers in the region. Europe is a major user of wood-based panels used in conjunction with wood-sliced veneers. The growing home office industry coupled with changing working styles will aid the growth of the market in the region. Besides, the rise in ownership of home computers can further spur growth opportunities for the market. Wood is gaining ground as 'hidden' personal computer (PC) storage is being customized to suit other household furniture. Moreover, the demand for high-quality wooden storage solutions as a substitute for low-cost metal and plastic can further promote the growth of the market in Europe.
April 2019: Jotun launched Ultra One, Ultra Lite and Primax Excel, enabling engineered wood to be protectively coated in powder, and these materials can also be applied to real wood for the first time.
The Report Lists the Key Companies in the Wood Coatings Market:
- Evonik (Essen, Germany)
- DSM (Heerlen, Netherlands)
- Dow (Michigan, U.S.)
- Akzo Nobel N.V. (Amsterdam, Netherlands)
- Asian Paints (Mumbai, India)
- BASF SE (Ludwigshafen, Germany)
- Kansai Nerolac Paints Limited (Osaka, Japan)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- RPM International Inc. (Ohio, U.S.)
- The Sherwin-Williams Company (Ohio, U.S.)
- Teknos Group (Helsinki, Finland)
- Axalta Coating Systems (Pennsylvania, U.S.)
- Nippon Paint Holdings Co., Ltd (Osaka, Japan)
- Stahl Holdings (Waalwijk, Netherlands)
- Valspar (Minnesota, U.S.)
- IVM Group (Milan. Italy)
- Other Key Players
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