Global Wood Coatings Market Set for Rapid Growth, to Reach USD 2,229.45 Million by 2022

Sarasota, FL -- (SBWire) -- 01/25/2018 --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.

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The wood coating is the process of refining or protecting a wooden surface by using chemical or natural resources. It increases the durability and resistance to the moisture and enhances the appearance of the wooden surface. It helps to keep clean and sanitize all furniture by sealing pores with the wood coating. Additionally, the wood coatings find applications such as furniture used in hospitals, research laboratory, dining hall, and hotels, etc. The most common wood coatings are the water repellants and the polishes which are widely used because of their high effectiveness.

The global wood coating market is mainly driven by increasing urbanized population along with the rise in new construction. Moreover, renovations and remodeling are expected to drive the wood coatings market during the years to come. However, prolonged recession in some parts of Europe is expected to impede the growth of the market. Nevertheless, the emergence of new product developments & technologies and emerging markets in the Asia-Pacific region are likely to set new wings to the market of the wood coating during the coming years.

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The resins used in the wood coatings market are bifurcated into different types such as polyurethane, nitrocellulose, acrylics, melamine formaldehyde and others. Among all, polyurethane held the maximum share around 40% in the market in 2016. Furthermore, this trend is expected to continue in the coming years due to its special characteristics such as humidity and scratch resistance. Other advantages of polyurethane are its non-yellowing property and ability to retain light colors. Therefore, it is also predicted to be one of the fastest growing segments of the global wood coating market within the forecast period.

Based on application, the global wood coating market is segmented into cabinets, decking & siding, furniture, and other applications. Furniture was the largest segment of the market in 2016. Moreover, siding and decking are predicted to witness the lucrative growth of the market during the coming years due to the growing trend of siding and decking in Asia Pacific countries including India, China, and Thailand.

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In 2016, Asia Pacific was the largest market for the global wood coatings, which was followed by the Europe and the North America. The factors responsible for the market growth in the Asia Pacific region are the rise in the disposable income and the increase in the constructional activities. The consistency demand from emerging economies and demand from the emerging markets will contribute to the growth of the global wood coatings market. China and India are holding a major market share in the Asia Pacific region in 2016 and furthermore, this trend is expected to continue in the future years.

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.