Wood Coating Market was valued at US$ 1.5Bn in 2017 and is expected to reach US$ 2.5Bn by 2026, at a CAGR of 6.59% during a forecast period.
Global Wood Coating Market
Growing global population leading to an increase in demand for a residential and commercial building is driving the market growth. Increase in per capita income, betterment in living standard, rising expenditure on house are major factors driving market growth. Moreover, stringent regulation imposed by regulatory authorities towards the emission of VOC and other hazardous products is fueling penetration of eco-friendly wood coating market growth. However, the presence of cheaper alternatives is expected to restrain the market growth.
In the current development, the homeowners are interested in investing more in the keep of their floors, fences, siding and decks. Properly managed and highly sustained home adds the value of the home and saves money in the long term. Additionally, the increasing competition, stringent regulations and new product developments are some of the significant factors for the growth of the wood coatings market. However, the availability of quality and cheaper alternatives, for instance, plastic wood and wood composite are expected to hamper the growth of the global wood coatings market.
On the basis of coating type, stains & varnishes segment is dominating the market for wood coating. Owing to stains are easy to apply with either a paint brush. Stain can increase the grain on some wood types. Also, the use of varnish is in wood finishing applications where the natural tones and grains in the wood are intended to be visible.
Based on end user, the furniture segment is the fastest growing segment in the wood coating market. Wood coatings are mostly used in the exteriors and interiors in the furniture industry majorly owing to the finishing it provides to the furniture products.
In terms of region, the Asia Pacific region registered a more than 47% value share in 2017 and expected to cater a significant growth by 2026. The government investments for the infrastructural development and initiatives towards housing schemes in economics such as India, Vietnam and ASEAN countries among others, is expected to drive the wood coatings market in the region. In China, the demand for water-borne wood coatings is on increase owing to the new tax reform on VOC emissions.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Wood Coating Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Wood Coating Market.
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Scope of Global Wood Coating Market
Global Wood Coating Market, by Coating Type:
- Stains & varnishes
- Shellac coating
- Wood preservatives
- Water repellents
Global Wood Coating Market, by Application:
- Roll coating & brush coating
- Vacuum coating
- Spray coating
Global Wood Coating Market, by End User:
- Flooring & decking
Global Wood Coating Market, by Region
- North America
- Asia Pacific
- Middle East and Africa
- South America
Key Players operating in Global Wood Coating Market
- Akzonobel N.V.
- Sherwin-Williams Company
- BASF SE
- Hempel A/S.
- Valspar Corporation
- Dow Chemical Company
- RPM International Inc.
- Nippon Paint Co. Ltd.
- Arkema SA
- Ashland Inc.
- Kansai Paint Co. Ltd.,
- DuPont Coatings and Color Technologies Group
- Ashland Inc.,
- ICI Paints
- PPG Industries Inc.
- Dow Coating Materials,
- Valspar Corporation
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