LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global furniture wood coatings market is expected to grow at a CAGR of more than 6% until 2021.
This research report titled ‘Global Furniture Wood Coatings Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global furniture wood coatings market is likely to grow at a fast pace, due to the high demand from the wooden furniture industry. Also, increasing demand for green building and the expeditious growth in APAC are considered as major factors for the global market. Further, the growing popularity for UV-cured wood coatings and increasing mergers and acquisitions are considered as trends that are expected to boost the market growth.
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Technavio’s analysts categorize the global furniture wood coatings market into four major segments by type. They are:
- Solvent-borne
- Waterborne
- Radiation-cured
- Powder
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The top three segments based on the type of the global furniture wood coatings market are discussed below:
Global solvent-borne furniture wood coatings market
Solvent-borne coatings comprise of solvents such as ketone, toluene, xylene, and propanol, which are based on petroleum. Solvents dissolve the resins and additives, which are added to the coating formulation and evaporate when reacting with oxygen after the coating application. These coatings are insensitive to high temperature and humidity.
According to Kshama Upadhyay, a lead paints, coatings, and pigments research analyst from Technavio, “Solvent-borne coatings are popularly used owing to the advantages of better finishing, flexible application, fast drying, excessive gloss for the distinctness of image, and easy application on any wood substrate. On the other hand, they have disadvantages such as high flammability and VOC content.”
Global waterborne furniture wood coatings market
Waterborne furniture wood coatings use water as a solvent to dissipate additives and resins. These coatings consist of approximately 79% of water, along with other solvents such as glycol ethers to develop film formation. Waterborne coatings are used due to their properties of heat and abrasion resistance.
These coatings are cost-effective and provide good adhesion, despite the addition of additives, thinners, and hardeners. They are preferred in Europe and the Americas, owing to low VOC emissions. The use of waterborne coatings as a base coat is limited as wood absorbs water resulting in grain rising. Grain raising is bloating of wood fibers and resulting in a partial and unclear coating.
Global radiation-cured furniture wood coatings market
Radiation-cured furniture wood coatings use UV (ultraviolet) and EB (electron beam) to formulate the coatings on a wood substrate. They are used to promote curing of the coatings when not dried. This process is predominantly used in low pigmented finishes, as pigments have the capability of absorbing UV and EB radiations and restricting the process of curing.
“Radiation-cured coating possesses a major drawback, where the coating contracts on exposure to radiation. This results in low adhesion on the wood substrate. This segment is also considered as a capital-intensive market due to the high initial costs of equipment and processing,” says Kshama.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Akzo Nobel
- BASF
- The Sherwin-Williams Company
- The Dow Chemical Company
- PPG Industries
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