17 June 2019, The global
wood coatings market is subject to witness a substantial growth due to the
growing demand from housing market and retail sector. Growing demand of wood
coatings from housing market is credited to booming buildings &
construction industry, thus driving market growth over the forecast period.
Additionally, increasing
benefits of wood coatings over other coatings such as metal, polyuria coating,
and plastic coating are expected to fuel the growth of the market in upcoming
years. Globally, the market is predicted to generate massive revenue over next
seven years, providing numerous opportunities for market players to invest for
research and development in the wood coating market.
Growing popularity of
wood coatings in marine applications to build decks, rooftops and doors are
anticipated to boost market growth. Increasing adoption of wood coatings in
manufacturing of structural panels is likely to drive market expansion.
However, higher cost of wood coatings in comparison with the other types of
coats are substantially hampering market growth. Increasing demand of the wood
coatings form automotive industry for applications such as automotive flooring
are anticipated to expand market reach of wood coatings sheet industry during
the forecast period.
Application of wood
coatings include building & construction industry, automotive sector,
housing market, marine industry, and interior design industry. These wide range
applications of wood coatings sheet are expected to amplify growth of wood
coatings industry in upcoming years. Easy availability of wood in regions where
forest resources and wood plantations are in abundant amount, particularly in
Asia-Pacific region, are offering lucrative growth opportunities for market
players in the wood coatings industry.
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| Wood Coatings Market |
Moreover, substantial
investment by market players in development of innovative products to gain a
competitive edge coupled with mergers, acquisitions and partnerships for
vertical integration are driving growth of the wood coating market, in the
recent years.
PU-based wood coatings are gaining popularity on various
industry verticals owing to their capability to strengthen wood-based
substrates–providing color and protection. Polyurethane based-wood coatings
offer advantages such as high-performance capability, lasting surface finish,
quality chemical, solvent and scratch resistance, resistance to UV light
damage, general wear-and-tear, and extreme temperature variations. Wood
coatings also provide excellent sanding, multi-coat, rubbed, and buffed finish
applications.
The market is broadly categorized into major segments
based on the application type such as furniture, doors & windows, flooring,
decoration and cabinets. The flooring is considered as one of the fastest
growing segment in the wood coating market with substantial revenue generation
in the last few years. Growing popularity of the flooring segment is attributed
to the higher market penetration. The doors & windows segment has also
witnessed substantial growth owing to the booming housing sector in Asia Pacific
& North America region.
The market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
construction & interior design sector, increase in the number of research
& development activities in the region and existence of well-established
industrial infrastructure.
Asia-Pacific region is predicted to hold major market
share in the wood coatings market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific
market with growing construction activities in the region, booming housing
sector, ever-growing population, rising per capita income, and significant
investment by leading industry players considering potential growth
opportunities in the region. The key players in the wood coatings market are
Arkema S.A., Nuplex Industries Ltd., Koninklijke DSM N.V., Allnex S.A.R.L.,
Synthopol Chemie Dr. rer. pol. Koch GmbH & Co., KG, Dynea AS, Polynt S.p.A,
Sirca S.p.A, IVM Group AG, and Helios Co.
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