Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Wood Coatings Market Overview
Wood coatings is known as the process of refining or protecting a wooden surface such as in the production of furniture. Wood coatings can be used in interior wood, small furniture, panels, tables, cupboards, chairs, office furniture, kitchen furniture, doors and staircases etc. The process of wood coating starts with sanding either by hand or scraping. Imperfections or nail holes on the surface can be filled using wood filler. Wood’s color can be changed by staining, bleaching or coloring other techniques. Once the wood surface is prepared and stained, the coating is applied to it. The coating usually consists of several coats of shellac, drying oil, paint, wax or lacquer. Finally, the surface is polished using wool, steel, rotten stone or other materials depending on the shine desired by the consumer. A final coat of wax is applied over the finish to add a degree of protection to the coating. The wood coatings market is expected to attain more than USD 12 Billion till 2027.
Market Size and Forecast
Wood coatings help in increasing the product life and enhances the visual cues of the wooden objects which is expected to boost the growth of the wood coatings market. Polyurethane segment is rising at a CAGR of 8.8% on the back of various applications of these resin such as commercial, architectural, paneling, furniture etc. as it is scratch and humidity resistant. The demand of wood coatings in housing and real estate sector is increasing which is expected to boost the market growth.
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. CLICK TO DOWNLOAD FREE SAMPLE
Growth Drivers
Helps in increasing product life
Wood coatings help in increasing the product life and enhances the visual cues of the wooden objects which is expected to boost the growth of the wood coatings market.
Increase in disposable income of consumers
With an 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. Increase in disposable income of the consumers is expected to boost the growth of the wood coatings market.
Growth Demand of housing and real estate
With an 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, such as cabinets and sidings. Growth of housing and real estate market is expected to boost the growth of the market.
Advancement in coating technology
Advancements in coating technology and surge in use of radiation cure coatings is being done to cater to major share of the market which is expected to boost the growth of the wood coatings market.
Increased use of polyurethane
Polyurethane segment is rising at a CAGR of 8.8% on the back of various applications of these resin such as commercial, architectural, paneling, furniture etc. as it is scratch and humidity resistant. Rising utilization of polyurethane is expected to boost the growth of the wood coatings market.
Restraints
Stringent government rules
Stringent government rules are being imposed by the government and other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating. Use of VOCs in the production of wood coatings can have harmful impacts on the environment. Stringent rules are imposed for forest afforestation and conservation. Stringent government rules are expected to hinder the market growth of the wood coatings market.
Availability of substitutes
Availability of cheap and quality substitutes such as wood composites and plastic wood is projected to hamper the market growth. These substitutes are more durable and require less maintenance. Availability of substitutes can hamper the growth of the wood coatings market.
Market Segmentation
Our in-depth analysis of the wood coatings market includes the following segments:
By Type
By Resin
By Technology
By Application
By End use
By Region
On the basis of regional analysis, the wood coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
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.
The wood coatings market is further classified on the basis of region as follows:
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