Wood Coatings Market – 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.
Currently, Asia Pacific I the largest the regional market for Wood Coatings and has acquired the largest market shares, both in terms of value and volume. With largest manufacturing sector in the region. Player are heavily investing on the production expansion to cater the ongoing growth of this market. BASF, Arkema and other AkzoNobel are the key players of this market and focusing more in Asia Pacific due to growth in residential and non-residential construction activities and consequent demand for Wood Coatings. North America is the established market in the Global Wood Coatings Market and have presence of the key industry participants such and BASF SE, Arkem SA, DuPont, and other.
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Wood Coatings Market- Competitive Landscape
Global Coatings Market 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.
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 tooffer additional product offering in most of the established markets.
May 17, 2017 – Akzonobelhave 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. The overall projects will be undertaken by investing a total amount of USD 15 million and expected to start the production by 2108. The new production facility will be containing new laboratory to provide both application development and technical support. Product offering will be environmentally free and will be sold under the trade name of REAFREE®.
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