Wood Coatings Industry | Global Market Growth, Size, Trends, Insights and 2023 F
Posted by Rishab Gupta on January 28th, 2020
BASF SE, , AkzoNobel, Arkema SA, Dow Chemical Companty, Ashland Inc, PPG industries, Royal DSM, Valspar Corporation, DuPont are the key industry players in the global wood coatings market and are profiled in the MRFR analysis.
Wood Coatings Market Overview
Wood Coatings is the process of refining the wooden surface while producing furniture. It has tremendous demand in broad application spectrum and is also available in numerous numbers of products types. The overall application scope of the wood coasting includes residential and non-residential application, wherein, the large numbers of application are driving demand for the wood coatings. Since the construction and infrastructure development was on the rise, demand for wood coatings is raised on great manner. On the other hand, rising number of investment in the residential projects as a result of favourable government regulation expected to drive global growth.
Wood Coatings Market- Competitive Landscape
Wood Coatings Industry consist of the established chemical industry payers such as BASE SE, Arklema SA, AkzoNobel , DuPont, Dow Chemical Company, Ashland Inc, PPG industries, Royal DSM, Valspar Corporation and others. For the years, growth in market is driven by the rising product innovation in the coatings industries, driven by the high capital spending by market players on R&D to develop new products. The degree of competition bserved among the key industry players is high due to the
An increase in purchasing power around the world is another major driver for the growth of the product market. There has been an increase in the per-capita income across the globe, leading to growing consumer spending ability or purchasing power. As the purchasing power of people rises, they are likely to make more long-term investments rather than spending on consumable and perishable goods. Long-term investments vary from buying real estate, preventive maintenance activities such as painting and coating for long-lasting durability, to increased spending on furnishing. These factors are likely to stimulate the demand for wood coatings during the forecast period.
The global wood coatings market has been segmented, based on region, into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Asia-Pacific held the largest market share of 50% in 2018 due to rapid industrialization in the region. The market was valued at USD 4,823.5 million in 2018. China accounted for the largest market share by country in 2018 and is expected to register the highest CAGR of over 5% during the forecast period. India was the second-largest market in 2018 and is expected to grow at a significant CAGR during the forecast period.
Europe held the second-largest market share in 2018 and is expected to grow at a CAGR of around 5.4% during the forecast period. Germany accounted for the major market share of the regional market and is likely to grow at the highest CAGR in the coming years.
Industry/ Innovation/ Related News
February 22, 2018
One of the major specialty material producer on the chemical industry Arkema SA announced the expansion of the coatings additive products. The expansion undertaken is of Palmer Holland’s North America distribution territory for the specific products including Orgasol® and Rilsan® D. These products are high-performance coating additives and are designed mainly for liquid and UV coatings. Impact of the expansion expected to encourage wood coatings sale in the coming years while catering the additional demand.
Jun 20, 2017
BASF SE have invested USD 40 million in the expansion of automotive coatings. This investment has made at the Mexico and Ohio based plants in North America. They have increased basecoat capacity and electro coat emulsion capacity. The added production capacities expected to help BASF to offer additional product offering in most of the established markets.
May 17, 2017
Akzonobel have invested the 2.5 million investment in performance coatings and has announced the coating production expansion at Indonesian based plant. Due to this investment and as per the proposal, the production capacity will be raise by 40%. One of the directed of the AkzoNovbel have revealed that, the investment is done to attain the increasing growth of the aesthetic coatings product demand. Added production capacity will be helping AkzoNobel product offering in the coatings industry.
November 23, 2017
Decorazzi Paints & Coatings an India based decorative paints manufacturer have expanded production capacity thereby investing of INR 5-10 cores. As of now, the company has a presence in limited states of the Indian market such as Maharashtra, Karnataka, Assam, Telangana, and the investment has made to expand the operations across the Indian market.
May 10, 2016
Arkema SA, foremost producer of specialty material announced plans to build a new polyester powder resin manufacturing facility, which will be the first in India, on its existing resin platform in Navi Mumbai, Maharashtra
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The global wood coatings market has been classified by the type, technology, resin type, applications, end use, and region.
Based on type, the global market has been segmented into stains & varnishes, water repellents, wood preservatives, shellac coatings, and others. The stains & varnishes segment accounted for the largest share of 40% in 2018 and was valued at USD 3,851.4 million in 2018. The growth of this market segment can be attributed to its high scale consumption by quantity in interior and exterior applications.
Based on technology, the global market has been segmented into solvent-based, UV curing, high solid solvent-based, and water-based. Among them, the solvent-based segment accounted for the largest share in 2018 due to its low cost, operational flexibility, and other technical advantages. The segment is expected to register a CAGR of around 5% during the forecast period.
By resin type, the global market has been categorized into polyurethane, nitrocellulose, acrylic, polyester, and others. The polyurethane segment dominated the global wood coatings market in 2018 due to the excellent wear and tear characteristics, longer life, and no need for extra cost for repairing. The segment was valued at USD 3,609.5 million in 2018.
Based on application, the global market has been segmented as furniture, flooring & decking, cabinets, sidings, and others. Among them, the furniture segment accounted for the largest share of around 54% in 2018. The growth of this market segment can be attributed to the growing market for furniture in general on account of the changing lifestyle, increase in consumer purchasing power, growing consumer interest in home decoration, and rising residential and commercial properties.
Based on end use, the global market has been divided into residential and non-residential. The residential segment accounted for the largest share in 2018 and is expected to register a CAGR of around 6% during the forecast period. The increase in the residential construction activity due to growing urbanization trend, rising disposable income, rising population, and the growth in the number of ambitious residential construction programs by the government in the developing countries is contributing to the growth of this segment, which, in turn, is fueling the demand for wood coatings.
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About the AuthorRishab Gupta
Joined: November 25th, 2019
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