DUBLIN--(BUSINESS WIRE)--The "Wood Coatings Market by Resin Type, Technology, and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global wood coatings market was valued at $7,800 million in 2018, and is projected to reach $11,985.8 million by 2025, growing at a CAGR of 6.3% from 2018 to 2025.
Increase in demand for furniture and wooden products drives the need for wood coatings. Owing to the advantages of wood coatings such as enduring surface finish, solvent & scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick drying, superior sanding, and multi-coat & smooth finish application, the demand for wood coatings in the construction and furniture industries is expected to increase considerably.
However, major restrains for the growth of the market is the volatile raw material prices and harmful impact of VOCs present in the coatings. Conversely, advancement in coatings technology and surge in use of radiation cure coatings are anticipated to provide new opportunities for the key players.
Based on resin type, the market is segmented into polyurethane, nitrocellulose, acrylics, unsaturated polyester and others. The polyurethane resin is widely used owing to the high-performance finish that preserve and improve natural wood. Furthermore, polyurethane wood coating strengthen the properties of wood products providing color and protection.
Based on technology, the market is segmented into waterborne, conventional solid solvent borne, high solid solvent borne, powder coating, radiation cured and others. The conventional solid solvent borne coating has higher demand owing to the low price and quick drying characteristics. The low price of the conventional solid solvent borne wood coatings is due to the easy availability of the hydrocarbon solvent base and providing certain viscosity to the wood coating which help in application of coating to certain objects. All these factors together significantly contribute toward the global wood coatings market growth.
Based on end use, the market is segmented into furniture's, joinery, flooring and others. The furniture segment is expected to grow due to increase in expenditure power of consumers and improvement in standard of living that has fueled the demand for furniture across developing countries such as China and India. Wood coatings are applied in furniture's to increase the resistance and durability of the furniture. Furthermore, the wood coating enhances the visual appearance of the furniture's. This factors are likely to increase the demand of wood coating which positively impacts the wood coatings market.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific emerge as a global leader in wood coatings market due to increase in demand for wood coatings in the developing economies such as India and China, owing to development of the construction industries, and increase in users of furniture. This factor is likely to increase the Asia-Pacific wood coatings market size from 2020 to 2025.
Market players have adopted expansion, acquisition, and collaboration as their key strategies to gain competitive advantage in this market. The key players operating in the wood coatings industry include Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, DowDuPont, Eastman Chemical Company, Kansai Paint Co., Ltd., Nippon Paints Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., and Sherwin Williams Company.
- The Asia-Pacific wood coatings market share is predicted to hold a share of over 55.52% by the end of 2025.
- The conventional solid solvent borne in the technology segment is expected to hold a dominant share of over 31.1% in the global wood coatings market in terms of revenue in 2018, and is predicted to reduce to 30.6% by 2025.
Key Topics Covered
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.1.1 Parent Market Overview
3.2. Key Forces Shaping Wood Coating Market
3.2.1. Moderate bargaining power of suppliers
3.2.2. Moderate threat of new entrants
3.2.3. Moderate threat of substitutes
3.2.4. Moderate intensity of rivalry
3.2.5. Low bargaining power of buyers
3.3. Pricing Analysis
3.3.1. Pricing Analysis By Region, 2018 & 2025
3.4. Value Chain Analysis
3.5. Impact of government regulations on global autoimmune disease therapeutics market
3.6. Patent Analysis
3.6.1. By Region (2012-2017)
3.7. Case Studies
3.7.1. Case Study 01
3.7.2. Case Study 02
3.8. Market dynamics
22.214.171.124. Surge in construction activities
126.96.36.199. Surge in demand for furniture and joinery
188.8.131.52. Volatility in raw materials cost & availability
184.108.40.206. Harmful impact of VOCs present in the coating
220.127.116.11. Advancement in coatings technology
18.104.22.168. Growth in use of radiation cure coatings
CHAPTER 4: WOOD COATINGS MARKET, BY RESIN TYPE
4.5. Unsaturated Polyester
CHAPTER 5: WOOD COATING MARKET, BY TECHNOLOGY
5.3. Conventional Solid Solvent Borne
5.4. High Solid Solvent Borne
5.5. Powder coating
5.6. Radiation cured
CHAPTER 6: WOOD COATING MARKET, BY END USE
CHAPTER 7: WOOD COATING MARKET, BY REGION
7.2. North America
CHAPTER 8: COMPETITIVE LANDSCAPE
8.2. Top Winning Strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Heatmap
8.5. Key Developments
CHAPTER 9: COMPANY PROFILES: WOOD COATING MAKERS
9.1. Akzo Nobel N.V.
9.2. Axalta Coating Systems
9.3. BASF SE
9.4. DowDuPont Inc.
9.5. Eastman Chemical Company
9.6. Kansai Paint Co. Ltd.
9.7. Nippon Paint Holdings Co. Ltd.
9.8. PPG Industries Inc.
9.9. RPM International Inc.
9.10. The Sherwin-Williams Company
9.11. Other Key Player Profiles
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