LONDON--(BUSINESS WIRE)--The water-borne wood coatings market is expected to grow by USD 858.37 million during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the water-borne wood coatings market in optimistic, probable, and pessimistic forecast scenarios.
The water-borne wood coatings market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2020 as compared to 2019.
The water-borne wood coatings market is driven by expeditious growth in the wooden furniture market in APAC. APAC currently accounts for approximately 50% of the market share of the global wooden furniture market. This is attributed to the rising demand for home and office furniture. Also, the rise in consumer preference for hardwood and softwood-based furniture by consumers in APAC is increasing the consumption of water-borne wood coatings in the furniture industry. In addition, other factors such as increasing government regulations on limiting VOC content are expected to trigger the water-borne wood coatings market toward witnessing a CAGR of almost 7% during the forecast period.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Global Wood Coatings Market - Global wood coatings market segmentation by technology (solvent-based, water-based, and others), product (stains and varnishes, wood preservatives, shellacs, and others), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
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Major Three Water-borne Wood Coatings Market Participants:
Akzo Nobel NV
Akzo Nobel NV operates its business through segments such as Decorative Paints and Performance Coatings. The company offers water-borne wood coatings under the brand, Aqualit A-ST260.
Axalta Coating Systems Ltd.
Axalta Coating Systems Ltd. operates its business through segments such as Performance Coatings and Transportation Coatings. The company offers water-borne wood coatings under the brand, Zenith.
BASF SE operates its business through segments such as Agricultural Solutions and Other. The company offers water-borne wood coatings for application in furniture, cabinets, and others.
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Water-borne Wood Coatings Market 2020-2024: Segmentation
Water-borne wood coatings market is segmented as below:
- North America
- South America
Based on the application, the market saw maximum growth in the furniture segment in 2019. This is due to the rising consumer spending on home decoration and aesthetic appeal. The market growth in the segment will be significant over the forecast period.
Similarly, the market will register maximum growth in the APAC region during the forecast period. The region accounted for 50% of the global market share in 2019. The construction industry is growing rapidly across developing countries such as China and India. Besides, progressive initiatives undertaken by governments in the region have boosted infrastructural development. These factors are fostering the growth of the market in APAC.
Get more insights about the global trends impacting the future of water-borne wood coatings market, Request Free Sample Report @ https://www.technavio.com/talk-to-us?report=IRTNTR45582
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.