COVID19:Wood Coating Market — Global Industry Analysis and Forecast 2020 to 2027
Global Wood Coating Market: Key Highlights
- According to the new market research report “Wood Coating Market by Coating Type (Stains & Varnishes, Shellac, Wood Preservatives, Water Repellents), by Material (Polyurethane, Nitrocellulose, Acrylic, Polyester), by Resin Type (Solvent-Based, Water-Based, High Solid, UV Curing), by End Use (Furniture, Cabinets, Siding, Flooring & Decking), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2020 to 2027)”, the global Wood Coating market is estimated to reach USD 14.2 Billion by 2027 at a CAGR of around 5.4% during the review period.
- Wood coatings are a special class of paints and coatings for wooden surfaces, that is used to protection and refinement of wood and wood made structures. It helps to increase the shelf life of the wood products, visual cues of a wooden object
- The coating produces hard surface topcoat is considered to gloss retention, that offers high performance and resistance from chemicals and good colour.
Global Wood Coating Market: Key Market Dynamics
- Wood coatings are extensively used in residential as well as non-residential applications
- Increasing construction industry, coupled with growing renovation industry has expected to boost the wood coating market during the forecast period
- Increasing disposal income has projected to spur demand for furniture, which is likely to grow the wood coating market
- Rapidly increasing population along with growing construction in emerging countries such as India and China is expected to create a new market opportunity for global wood coating market
- However, the government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating hamper the growth of global wood coating market
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Global Wood Coating Market: Regional Overview
Asia-Pacific region accounted for the major shares of the global wood coating market, due to the increasing urbanization which increases the demand from application sectors such as furniture, joinery, flooring, and many others. China is expected to account the largest market share by country and is also projected to grow at a high CAGR during the forecasted period, due to the growing construction sector, low labour cost, and easy availability of the raw material.
Europe is expected to hold the second-largest market share of the wood coating market. Germany has prominent shares in the Europe wood coating market followed by the UK and France. The growing renovation of houses and favourable government support for the construction industry has boosted the wood coating market in this region.
Global Wood Coating Market: Key Players Overview
- Akzo Nobel N.V.:
Akzo Nobel N.V. is a Netherland based one of the leading manufacture and sale of coating and paint products company. The company majorly operates through two business segments namely, decorative paints and performance coatings. The Decorative Paints segment manufactures and supplies a range of interior and exterior decoration and protection products for professional and do-it-yourself markets. The performance coatings segment serves to automotive and aerospace and other industrial application. In November 2019, Akzo Nobel N.V.’s AkzoNobel has invested USD 58 million in North American wood coatings facility. The Company will install state-of-the-art production technology, with th new building for raw materials warehouse, research lab and technical application center.
- BASF SE.:
BASF SE is one of the leading chemical company across the globe. The Company’s portfolio comprised of six business segments including Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. The Chemicals segment consists of the Petrochemicals and Intermediates divisions. The Materials segment consists of Performance Materials and Monomers divisions. BASF SE has Approximately 3,000 research project and 361 production plant worldwide. In September 2017, BASF SE has invested in a new production plant for speciality zeolite in the Ludwigshafen, Germany. In October 2019, BASF SE has launched a new silicone wetting agent specially designed for use in high-end water-based industrial and automotive coatings and especially wood coatings that require excellent wood grain accentuation by name Hydropalat WE 3225, which combines excellent substrate wetting with pronounced defoaming performance.
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