According to the report, global wood coatings market was valued at USD 1,554.0 million in 2016 and is expected to reach USD 2,229.45 million by 2022, growing at a CAGR of 5.2% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 11/08/2017 -- Zion Market Research has published a new report titled "Wood Coatings Market (Acrylics, Polyurethane, Nitrocellulose, Melamine Formaldehyde and Others) for Cabinets, Side & Deck, Furniture and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, global wood coatings market was valued at USD 1,554.0 million in 2016 and is expected to reach USD 2,229.45 million by 2022, growing at a CAGR of 5.2% between 2017 and 2022.
Wood coatings are the process of protecting or refining a wooden surface, usually in the production of furniture. Small furniture, interior wood, panels, cupboards, tables, chairs, kitchen furniture, office furniture, doors and staircases among others are the wood coating applications. Coalescing, evaporative and reactive are the major three types of wood coatings. Siding, decking, and furniture are the three largest applications by value terms.
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The global wood coating market size is driven by various factors, such as huge demand for medium density fireboard MDF (medium-density fiberboard) wood, huge demand from emerging economies, and increased awareness for eco-friendly products. However, this market has certain drawbacks, such as the higher raw material prices and stringent government regulations. These factors may act as a roadblock to the wood coatings market growth. Increasing demand for low-VOC (volatile organic compound) wood coating products and the emergence of new product developments and technologies which is a major opportunity to wood coating market.
On the basis of the type by resin, the global market is divided into acrylics, polyurethane, nitrocellulose and melamine formaldehyde. Polyurethane held the largest market share around 40% in 2016, because of their properties of scratch and humidity resistance and additionally its non-yellowing property and ability to retain light color. Acrylics held second largest share in the global wood coatings market in 2016, followed by melamine formaldehyde and others. Acrylic coatings are generally used for both artisanal and industrial cycles on different types of wooden products. Acrylics are mostly recommended for dyed open-pore or clear cycles to obtain the natural effect for wood or unfinished wood effect.
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Based on the applications, the global wood coatings market is categorized into cabinets, decking and siding, furniture and others. Among of all applications, furniture was the leader of the global market in 2016 followed by cabinets, side and deck and others. The furniture segment is the fastest growing segment in the market. Wood coatings are mostly used in the exteriors and interiors in the furniture industry majorly because of the finishing it provides to the furniture products.
Asia Pacific held the largest share of the global wood coatings market in 2016. The key factor responsible for the market growth in the Asia Pacific region is the rise in the disposable income and the increase in the constructional activities. The demand from emerging economy and emerging market demand is expected to contribute to the lucrative growth of the global wood coating market within the forecast period. Europe trails Asia Pacific in the global wood coatings market.
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The key players in the global wood coatings market are Akzo Nobel Coatings NV, Kansai Paint Co. Ltd., DuPont Coatings and Color Technologies Group, BASF Coatings AG, Hempel A/S, Ashland Inc., Arkema SA, Sherwin-Williams Co., ICI Paints, PPG Industries Inc., Dow Coating Materials, The Valspar Corporation, RPM International Inc. and Nippon Paint Co. Ltd.
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