The global market is likely to attain a market value of USD 2.33 billion in 2027 from USD 1.70 billion in 2020. The CAGR for this market is likely to reach over 5.4% during the forecast period.
Typically, cellulose coatings are marketed as colorless primers with no pigment. Pigment, on the other hand, gives the paint color and can be used to effectively mask everything under it. After the pigment, the binder is another essential component that ensures the latter adheres to the substrate. Furthermore, the binder gives cellulose paints their durability and strength, as well as determining the coating's stability and hardness after drying. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Cellulose Coatings Market”.
Key Market Drivers and Restraints
Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.
Various Factors Driving the Market Growth
Due to increased residential construction activity, wood coatings became the second-largest application category. During the manufacture of wood coatings, the product has a wide spectrum of applications. Other color applications that can be used for cellulose nitrate-based wood coatings include overall stains, fillers, toners and sap stains. The wood coating is used in furniture decking, sliding doors windows, and other applications. During the forecast years, the furniture industry's recent rapid growth and high demand is expected to boost the segment's growth.
Asia-Pacific to led the global market in geographic regions
On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of global market. Asia-Pacific topped the market by acquiring 36.8% share in 2020.
Global Market is led by the Nitrocellulose Coatings in terms of Product Type
The market is bifurcated on the basis of product type which includes Nitrocellulose Coatings and Cellulose Acetate Coatings. The demand for furniture has increased as a result of rising living standards, which is expected to contribute to nitrocellulose coatings segment growth. Nitrocellulose wood coating ingredient has wider application in musical instrument factories as ultimate agents in steel strings for mandolins, guitars, and banjos.
Furniture dominate the global market in 2020 in terms of Application
Furniture, Internal Doors, Children Toys, Hospitals and MDF Building Products are the various Applications of this market. Furniture dominated the application as there are increasing construction activities in developing economies which led to high demand for furniture. This boosted the market demand.
Frequently asked questions about global industry
Which are the different Product Types of Cellulose Coatings? Ans: Cellulose Acetate Coatings and Nitrocellulose Coatings are the two Product Types available in the market
Name few prominent players in the global industry. Ans: AkzoNobel, KAPCI Coatings, Nippon, Carpoly, Daxiang, Goudey, Neosol, Mr Hobby, Dahua and Guangzhou Chemical are the key players leading this market
Which is the fastest growing Application segment for global industry? Ans: Furniture has fastest growth at Application
Which is the leading regional market for global industry? Ans: Asia-Pacific has the largest share of the market
What will be the CAGR (2021 - 2027) of in global industry? Ans: The CAGR for this market is expected to reach over 5.4% during the forecast period
