According to a recently published report by Research Nester on “Wood Coatings Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the Wood Coatings Market in terms of market segmentation by type, by resin, by technology, by application, by end use and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Wood Coatings Market is segmented by type, resin, technology, application, end use and region. Based on type, the market is segmented into stains & varnishes, water repellents, wood preservatives, shellac coatings and others. On the basis of resin, the market is segmented into polyurethane, acrylics, melamine formaldehyde, nitrocellulose and others. On the basis of technology, the market is segmented into oil based, water-based and solvent based. On the basis of application, the market is segmented into Flooring & decking, cabinets, furniture, siding and others. Further, on the basis of end use, the market is segmented into residential and non- residential.
The wood coatings market is anticipated to record a CAGR of around 7.3% during the forecast period i.e. 2019-2027. The market is segmented by resin, application and end use, out of which, the polyurethane segment is anticipated to have significant growth on account of the increased applications of these coatings across sectors such as architectural, commercial and structural work –paneling, furniture etc.
Increase in disposable income of consumers
With increase in disposable income of consumers and standard of living in developing countries such as China and India, fueling the demand for the modern furniture. Expanding disposable income coupled with rising purchasing power is projected to foster the growth of the market during the forecast period.
Growth of housing and real estate
With increase in standard of living of the people, the housing and real estate market has started to show signs of growth thereby, increasing the demand for furniture and joinery. Growth of housing and real estate market is expected to boost the growth of the market.
Asia- Pacific is expected to grow at a significant rate on the back of increasing demand for wood coatings in sectors such as furniture, flooring, joinery etc. and advantages of wood coatings such as enduring surface finish, solvent and scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick drying, superior sanding and multi-coat and smooth finish. North America is expected to grow significantly on the back of presence of major players in the region.
However, stringent government rules and availability of substitutes are expected to operate as key restraints for the growth of the wood coatings market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Wood Coatings Market which includes company profiling of Akzo Nobel N.V., PPG Industries, Sherwin- Williams Company, Dow Coating Materials. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Wood Coatings Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.