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Wood Coatings Market By System Type (Solvent-borne, Water-borne, High-solids), By Type (Preservatives, Stains & Varnishes, Shellacs, Others), By End User (Furniture, Flooring, Decking, Siding, Others) - Growth, Future Prospects And Competitive Analysis, 2017 - 2025

The wood coatings functions in protecting the wood structures from interior to exterior. Prevention from moisture penetration and severe climatic conditions, necessitates wood coatings to ensure long term durability for its wood products. The growth in the construction activities coupled with the increase in spending power on repair and remoulding is expected to drive the global wood coatings market. 

Among the system type, solvent-borne segment accounted a major value share in 2016, and expected to lose share gradually by 2025. This is attributed by the harmful emissions through the use of organic solvents. However, the excellent finishing performance with technical advantages over others, marks the solvent-borne wood coatings to still dominate in the market.

Geographically, the Asia Pacific region registered a more than 45% value share in 2016 and expected to cater a significant growth by 2025. The government investments for the infrastructural development and initiatives towards housing schemes in countries such as India, Vietnam and ASEAN countries among others, is expected to propel the wood coatings market in the region. In China, the demand for water-borne wood coatings is on rise owing to the new tax reform on VOC emissions. In early 2015, the China government implemented the new tax with an objective to reduce the air pollution thereby benefitting the water-borne wood coating manufacturers. Overall, the global wood coating market is experiencing stringent environmental norms for VOCs and HAPs emissions, resulting in the gradual shift from solvent-borne coatings towards water-borne or high-solids coatings. 

Some of the key players present in this market are Teknos Group Oy, BASF SE, Akzo Nobel N.V., The Sherwin-Williams Company, Valspar Corporation, Covestro AG, PPG Industries, Inc., Morrells Wood Finishes, Axalta Coating Systems, LLC, Katilac Coatings Inc. among others. Mergers/acquisition and new product launch, are some of the strategies the companies are undertaking to mark their robust presence in the global wood coatings market. 

Wood Coatings Market

The report titled “Global Wood Coatings Market - Growth, Future Prospects, and Competitive Analysis, 2017 – 2025” offers strategic insights into the global Wood Coatings market along with the market size and estimates for the duration 2015 to 2025. The said research study covers in-depth analysis of multiple market segments based on system type, coating type, end-use and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2016 & 2025. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities. 

In order to help the strategic decision makers, the report also includes profiles of the leading wood coating manufacturers, along with their, product portfolio and key developments. Other in-depth analysis provided in the report includes: 

  • Current and future market trends to justify the forthcoming attractive markets within the wood coating industry
  • Market fuelers, market impediments, and their impact on the market growth
  • In-depth competitive environment analysis
  • Trailing 2-Year market size data (2015 – 2016)
  • SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global wood coating market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above mentioned factors.

For the purpose of this study, the global wood coatings market by end user is categorized into:

  • Furniture
  • Flooring
  • Decking
  • Siding
  • Others (Landscape, windows, doors etc.)

The increased development in residential construction benefit wood coatings market, primarily for furniture, flooring and decking end user. The furniture segment accounted value share of more than 25% followed by flooring segment in 2016. The growing demand for high-quality and durable furniture products coupled with hard wearing surfaces propels the wood coatings market for furniture segment.

The flooring and decking generally uses hardwood or engineered woods, which are the common choices for residential properties. The floorings are required to have slip resistance and durability for higher shelf life and thus drives wood coating market for flooring and decking. However, the wood floorings are expensive, and its maintenance and replacements are also highly valued. Vinyl floor titles with wooden floor style are new substitutes in the market with much cheaper value than wood. Such a substitute for flooring & decking might impact the growth of wood coating market.

Wood Coatings Market

 

On the basis of geography, the global wood coatings market is segmented as per following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • EU7
    • CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Asia Pacific accounts for the major share of the global wood coatings market with more than 45% in terms of value in 2016. The wood coating market expansion is fuelled by the growth in the construction industry especially in India, China and ASEAN countries in Asia Pacific. With an objective to diversify the economy and the revenue systems of the governments, the emerging countries are initiating infrastructural projects. For instance, according to the India Brand Equity Foundation, in FY 2016-17 the country gained US$ 3.49 Bn infrastructural deals and US$ 10.49 Bn towards urban development for the Maharashtra state in India. Also, multinationals are investing in these countries to capitalize on vast opportunities.  For instance, the Meinhardt Group, a Singapore based engineering company plans to establish its base to meet urban developments in India. The optimistic development for commercial as well as residential projects in Asia Pacific region is expected to influx growth for wood coatings market during the forecast period.

The wood coatings market in North America and Europe, is expected to grow steadily with significant adoption of water-borne systems. In these regions, wood is the most preferred choice for home constructions and thus the demand for wood coatings is robust.

Wood Coatings Market

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Published Date:  Aug 2017
Category:  Chemicals
Report ID:   58636
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
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