Global Wood Coatings Market is Expected to grow at CAGR of 6.9% during 2017-2025: Rapid urbanization in emerging economies coupled with stringent environmental regulations, drives the global wood coatings market
The latest market report published by Credence Research, Inc. “Wood Coatings Market By System Type (Solvent-borne, Water-borne and high solids), Coating Type (Preservatives, Stains & Varnishes, Shellacs and Other), End User (Furniture, Flooring, Decking, Siding and Others) and By Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global wood coatings market is expected to expand by 6.9% CAGR during 2017-2025.
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The growth in the construction activity with recovery in housings and residential projects is expected to drive the global wood coatings market. The worldwide trend shift from solvent borne coatings towards water-borne type is gradually on rise, yet currently solvent-borne coatings are dominant owing to its technical advantage, such as low cure time. In North America and European region, the water-borne wood coatings has higher penetration owing to the high adoption of eco-friendly products compared to Asian counterpart.
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Demand for wood coatings is expected to gain traction owing to the upsurge in repair and refreshing of the wood products from existing homes. For instance, the staining is often required before sale of the house and hence the stains & varnishes segment frequently undergo a lag period of 6-12 months. Other influence, such as do-it-yourself (DIY) for homeowners which remolds their furniture according to their expression also boosts the global wood coatings market.
The key players present in this market are Akzo Nobel N.V., The Sherwin-Williams Company and Valspar Corporation among others. The companies are taking the advantage of digitalization, and offering e-platform for various entities in the supply chain of wood coatings.
For instance, the Lubrizol Corporation introduced a mobile app for wood coatings formulators to access the company’s various chemistries thereby improving the coating performance. This was aimed to provide a guide to the formulators in selecting correct materials for exceptional wood coating challenges.
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The mergers/ acquisitions, divestiture and new product launch are some of the strategies companies are advocating to achieve robust geographical presence coupled with increase in their market share.
Increasing housing and construction activities
Gradual shift from solvent-borne towards water-borne coatings
Stringent environmental legislative norms on solvent-borne coatings
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