Wood Coatings Market Synopsis:
Market Research Future (MRFR) reports in its latest study that the global market for wood coatings stood at a more than USD 9,100 Mn in 2017. Increased residential activities in advanced and fast-growing economies have provided an impetus to the market. During the forecast period (2018-2023), the market is projected to capture a compound annual growth rate of 5.81%. Global consumption of wood coatings is likely to remain strong over the next couples.
Akzo Nobel NV, The Sherwin-Williams Company, PPG Industries, Inc., Kansai Nerolac Paints Limited, Jotun, Hempel A/S, DowDuPont, Inc., Arkema SA, PRM International, INC., Nippon Paint Holdings Co., Ltd, Axalta Coating Systems Ltd, Asian Paints, Berger Paints India Limited.
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Axalta has entered a partnership with Palmetto Paint Specialties, which will entail the latter stocking products from various technologies, including catalyzed coatings, lacquers, stains, glazes, dyes and UV curable for the wood coating market.
Suppliers recorded a healthy growth in shipments in 2017, and the trend is likely to continue in 2018 as well. The rapid expansion of the construction sector in countries such as China and India makes them attractive destinations for market participants. Meanwhile, rise in renovation and remodelling actives is expected to sustain the market in developed countries. With any major economic disruption being highly unlikely in the medium term, the wood coating industry is expected to come across moderate headwinds.
Global Market for Wood Coatings Segmental Analysis:
The report offers a thorough segmental analysis of the global wood coatings markets on the basis of type, technology, resin, application and end use. Based on type, the market has been segmented into stains & varnishes, water repellents, wood preservatives, shellac coatings, and others. The stains and varnishes segment currently holds the leading position. In 2017, the segment accounted for more than 40% share of the market. Demand for stain and varnish coating is projected to remain strong throughout the assessment period. Among others, the wood preservatives segment holds high potentials.
Based on technology, the market has been segmented into solvent based, UV curing, high solid solvent-based, and water based. Of these, the solvent based technology held the largest share of the market in 2017 and trend in expected to continue in 2018 and beyond. By the year 2023, nearly 1670.2 thousand tons of solvent based wood coatings are expected to be shipped globally. Solvents offer the best gloss finish, which makes them a sought-after coating technology.
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Based on resin, the market has been segmented into polyurethane, nitrocellulose, acrylic, polyester and others. The polyurethane segment is expected to remain high lucrative over 2023. During the forecast period, the segment is expected to exhibit an impressive CAGR of 5.83%. Polyurethane resins are versatile and adheres to prerequisites of surface coating and thereby is commonly used for coating surfaces subject to a high level of wear and tear. In addition, polyurethane resins are long-lasting which is a major positive. Based on application, the market has been segmented into furniture, flooring and decking, cabinets, sidings,and others (toys, sporting goods, and musical instruments).
The furniture segment commands for the largest market share and is project to surge at 5.97% CAGR during the review period. The segment is expected to surpass the valuation USD 6900 Mn by 2023-end. Based on end-use, the market has been segmented into residential and non-residential. The residential segment will continue to outperform the non-residential segment during the assessment period. Residential construction includes new construction and repair and renovation activities. On the back of rising discretionary spending and rapid urbanization, residential construction is expected to further increase in the forthcoming years
Growth Factors and Primary Restraints
The prominent vendors in the wood coatings market are progressively opting for forward integration strategies in a bid to obtain significant competitive benefits, helping them keep a firm hold over their position during the assessment period. On top of this, a number of players are also stressing on the effective strategy of product differentiation for attracting more consumers. This has been a popular trend, particularly among the small-and medium-scale manufacturers for gaining a strong foothold in the wood coatings market.
Besides, the surging demand for resins used for coating woods for a wide range of construction materials has resulted in the growth of the wood coatings market. The boost in the product demand has been the consequence of all the significant strides made by the building and construction activities around the world. A substantial part of the strong product demand originates from residential construction activities. However, the emergence of alternative materials could cripple the current growth rate of the wood coatings market in the coming years.
Having said that, the environmental norms with regards to curb the use of volatile organic compounds (VOCs) has gained traction in a variety of end-use industries, which will inevitably elevate the market position in the following years. Furthermore, the strict implementation of these norms stems from the hike in awareness regarding the use of low-VOC wood coatings. This noteworthy factor is expected to aid the growth of the wood coatings market soon in the future.
Wood Coatings Regional Outlook:
The Global analysis of Wood Coatings Market covers five key regions, which include North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. The booming economy in the region, makes Asia Pacific the most profitable market for wood coatings. APAC accounted for the largest share of the global market. Emerging markets in the region present massive growth opportunities to market players. By 2023, the region’s market is expected to stand at a USD 6400 Mn. Europe and North America are the other two significant markets for wood coatings after APAC. Sales in these regions will remain concentrated in renovation and remodelling activities.
TABLE OF CONTENTS
TABLE 1 LIST OF ASSUMPTIONS
TABLE 2 LIST OF KEY RAW MATERIAL MANUFACTURERS
TABLE 3 LIST OF KEY WOOD COATING MANUFACTURERS
TABLE 4 GLOBAL WOOD COATINGS MARKET, BY TYPE, 2016−2023 (USD MILLION)
TABLE 5 GLOBAL WOOD COATINGS MARKET, BY TYPE, 2016−2023 (THOUSAND TONS)
TABLE 6 GLOBAL WOOD COATINGS MARKET FOR STAINS & VARNISHES, BY REGION, 2016−2023 (USD MILLION)
TABLE 7 GLOBAL WOOD COATINGS MARKET FOR STAINS & VARNISHES, BY REGION, 2016−2023 (THOUSAND TONS)
TABLE 8 GLOBAL WOOD COATINGS MARKET FOR SHELLAC COATINGS, BY REGION, 2016−2023 (USD MILLION)
TABLE 9 GLOBAL WOOD COATINGS MARKET FOR SHELLAC COATINGS, BY REGION, 2016−2023 (THOUSAND TONS)
TABLE 10 GLOBAL WOOD COATINGS MARKET FOR WOOD PRESERVATIVES, BY REGION, 2016−2023 (USD MILLION)
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