The global Wood Coatings Market is subject to witness a substantial growth due to the growing demand from housing market and retail sector. Growing demand of wood coatings from housing market is credited to booming buildings & construction industry, thus driving market growth over the forecast period.
Additionally, increasing benefits of wood coatings over other coatings such as metal, polyuria coating, and plastic coating are expected to fuel the growth of the market in upcoming years. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the wood coating market.
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Growing popularity of wood coatings in marine applications to build decks, rooftops and doors are anticipated to boost market growth. Increasing adoption of wood coatings in manufacturing of structural panels is likely to drive market expansion. However, higher cost of wood coatings in comparison with the other types of coats are substantially hampering market growth. Increasing demand of the wood coatings form automotive industry for applications such as automotive flooring are anticipated to expand market reach of wood coatings sheet industry during the forecast period.
Application of wood coatings include building & construction industry, automotive sector, housing market, marine industry, and interior design industry. These wide range applications of wood coatings sheet are expected to amplify growth of wood coatings industry in upcoming years. Easy availability of wood in regions where forest resources and wood plantations are in abundant amount, particularly in Asia-Pacific region, are offering lucrative growth opportunities for market players in the wood coatings industry.
Moreover, substantial investment by market players in development of innovative products to gain a competitive edge coupled with mergers, acquisitions and partnerships for vertical integration are driving growth of the wood coating market, in the recent years.
PU-based wood coatings are gaining popularity on various industry verticals owing to their capability to strengthen wood-based substrates–providing color and protection. Polyurethane based-wood coatings offer advantages such as high-performance capability, lasting surface finish, quality chemical, solvent and scratch resistance, resistance to UV light damage, general wear-and-tear, and extreme temperature variations. Wood coatings also provide excellent sanding, multi-coat, rubbed, and buffed finish applications.
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The market is broadly categorized into major segments based on the application type such as furniture, doors & windows, flooring, decoration and cabinets. The flooring is considered as one of the fastest growing segment in the wood coating market with substantial revenue generation in the last few years. Growing popularity of the flooring segment is attributed to the higher market penetration. The doors & windows segment has also witnessed substantial growth owing to the booming housing sector in Asia Pacific & North America region.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in construction & interior design sector, increase in the number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the wood coatings market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing construction activities in the region, booming housing sector, ever-growing population, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the wood coatings market are Arkema S.A., Nuplex Industries Ltd., Koninklijke DSM N.V., Allnex S.A.R.L., Synthopol Chemie Dr. rer. pol. Koch GmbH & Co., KG, Dynea AS, Polynt S.p.A, Sirca S.p.A, IVM Group AG, and Helios Co.
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The market is divided into the following segments based on geography:
Global Wood Coatings Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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