Wood Coatings Market Information by Type (Varnish, Stain, Dye, Wax, Oil and others) and by Applications (Residential and Non-residential) - Forecast to 2022
Pune, India -- (SBWIRE) -- 02/09/2018 -- Market Scenario of Wood Coatings Market:
Wood Finishing is back in interiors. The organic look of wooden furniture are appealing to the modern consumer. To protect wooden furniture from scratches Wood coatings are applied on furniture to enhance its appearance, provide durability while giving it a new lease of life. Due to its relative rigidity and good chemical resistance, it perfectly protects furniture for years to come. The global wood coating market has seen a positive growth over the past few years and as per MRFR analysis, the global market will experience the same growth during the forecast period. Wood Coatings continue to be perceived as market with growth potential attributed to the robust housing market. The Global Wood Coatings Market is forecasted to reveal a huge growth by 2022, surpassing its previous growth records in terms of value with a staggering CAGR during the forecast period (2016 – 2022).
Inspiring construction trends, such as new home construction and the rise in home values, positively impact the Wood Coatings industry as a whole. The growth of the industry is fostered by the housing recovery as
the wood coatings has always interrelated with the construction or housing market and existing home sales. Additionally, nuclear family trend is leading to housing and construction industry, eventually leading the Wooden Coatings market. Their furniture and décor feels dated and consumers are updating both. Millennial are driving their own trends as well. Environmentally friendly and repurposed/reclaimed furniture and décor trumps other considerations.
The growing demand for waterborne and solvent-free coating resins, VOC regulations driving the demand for waterborne coating resins, and the growing end-use industries.
Growth Drivers & Restraints of Global Wood Coatings Market
Since decade, the demand for residential properties has been substantially increased due to the rising population, increase per capita income, and growing middle class segment. Additionally, the construction has been increased with a span of period and the rising demand for furniture which results in the growth of wood coating market. Wood furniture is an integral part of any residential as well as commercial construction, while wooden flooring is also becoming increasingly popular. Increase in demand for protective coatings has been another marked feature of the global wood coatings market since the last few years. Due to the well-funded research avenues in the wood coatings industry, highly effective wood protective coatings have been developed and are being marketed across the world. Rising demand for longer lasting fittings has driven the demand for protective coatings, thereby indirectly driving the global wood coatings market. Moreover, DIY homeowners continue to drive the market for wood coatings. DIY is all about remodelling projects as they feel their house is an expression of personal style. They take pride in their home and look for new and interesting products to beautify and protect their investments. Trend of wanting to bring indoor design elements to outdoor spaces is continually occurring in the market. This can be seen by homeowners bringing the open floor concepts outdoors with multicolour stained decks, special lighting, furniture, and even kitchens.
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Trends Observed during the study - Global Wood Coatings Market
Child proof Polymers for wooden furniture - specifically created an all-natural polyurethane that can be used to finish wooden furniture is solvent free, is based on vegetable oils contains 33% soy oil, resulting in a beautiful appearance, Offers a durable, child-safe finish, gives vintage mid-century furniture a new lease of life. Due to its relative rigidity and good chemical resistance, it perfectly protects furniture for years to come. As the solution is natural, it is renewable and sustainable for the environment.
Another trend that is making a huge impact on the Wood coating Market is - Water Seal introduced as an innovative formula to the exterior wood waterproofing and staining category with Penetrating Timber Oil. The new formula penetrates deep below the surface to reduce marring and visible scratches, making it ideal for any outdoor deck or patio. In addition to enhancing wood's natural beauty, Penetrating Timber Oil provides year-round water damage protection and a coating that resists mildew and UV damage. This product can be applied with a paint pad, brush, roller or compression driven sprayer.
Market Segmentation of Global Wood Coatings Market
The market is primarily segmented on the basis of Types, Application and by Region. Segment by type is further bifurcated as Varnish, Stain, Dye, Wax and Oil. Whereas Segmentation by application includes Residential and non-residential applications of Wood Coatings.
Key Players of Global Wood Coatings Market
The leading market players in the global wood coatings market include Akzo Nobel, Arkema, BASF, Ashland Incorporated, Dow Chemical, and Masco Corporation, Other prominent players of the market are PPG Industries Incorporated, Royal DSM, Valspar Corporation, Nippon Paint and others.
The Global Wood Coatings Market is highly competitive by nature. Marketers employ a continuous improvement strategy to analyze and update products, implementing improvements and launching new technologies to meet the changing needs of consumer.
Regional Analysis of Global Wood Coatings Market
As far as market growth, APAC is expected to be the leading market followed by North America and Europe. Continual demand from the developed markets and increasing demand from emerging economies will continue to drive the wood coating market. The industry is witnessing a major shift of key market players from Europe and the U.S. to the emerging economies of Asia Pacific, comprising of China and India.
The North American decorative wood coatings marketplace is primarily driven by a demand for exterior coatings, with decks and siding comprising the largest percentage of exterior substrates. According to a survey, half of the U.S. population have decks and most of them use their decks during the day and almost every other day.
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The report for Global Wood Coatings Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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