Technavio’s market research analyst predicts the global furniture wood coatings market to reach a market size of around USD 4 billion by the end of 2019. The increasing demand for wood coatings from Central and Eastern Europe as a result of the high growth in the furniture industry is the primary driver for the growth of the furniture wood coatings market. The recovery of the housing market worldwide is also propelling the growth of the market.
The introduction of natural wood coatings by vendors is also driving the demand for this market. New entrants that offer innovative and green solutions are growing in the market. For instance, Vermont Natural Coatings offers PolyWhey coatings, a professional wood finish product, which is derived from recycled whey proteins. The product is an alternative to water-borne wood coatings and can be deployed for both interior and exterior wood coating applications. This product also has a low VOC level of approximately 680 grams per gallon.
Segmentation by technology and analysis of the furniture wood coatings market
Solvent-borne coatings Water-borne coatings Radiation cured coatings Powder coatings The solvent-borne coatings segment accounted for 69% of the market during 2014, in terms of consumption volume. The solvent-borne coatings are available at economical prices when compared with other technologies, which has been driving the market growth.
Geographical segmentation and analysis of the global furniture wood coatings market
Americas APAC EMEA APAC accounted for around 50% of the global market share during 2014. This research report predicts this region to witness a steady growth at a rate of 7% during the forecast period. The growing urbanization and rising purchasing power of consumers in this region, especially from China and India, are expected to fuel the growth of the region.
Competitive landscape and key vendors
The furniture wood coatings market is highly fragmented with the presence of global and regional suppliers. The use of wood in diverse applications has spurred the growth of new domestic vendors. Providers in the market compete on the basis of price, innovation, quality and performance, and customer-centrism
The leading vendors in the market are –
AkzoNobel BASF PPG Sherwin-Williams Valspar Other vendors in the market include Benjamin Moore, DAW, Diamond Vogel, Drywood Coatings, Feyco Treffert, Helios, ICA, IVM Chemicals, Jotun, KAPCI Coatings, Kelly-Moore Paints, Minwax, Monocoat, NanoTech Coatings, Renner, Sirca, Sniezka, Tikkurila, Vermont Natural Coatings, and Weilburger Coatings.
Key questions answered in the report include
What will the market size and the growth rate be in 2019? What are the key factors driving the furniture wood coatings market? What are the key market trends impacting the growth of the global furniture wood coatings market? What are the challenges to market growth? Who are the key vendors in the furniture wood coatings market? What are the market opportunities and threats faced by the vendors in the furniture wood coatings market? Trending factors influencing the market shares of the Americas, APAC, and EMEA? What are the key outcomes of the five forces analysis of the global furniture wood coatings market? Technavio also offers customization on reports based on specific client requirement.
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