Global Furniture Wood Coatings Market 2017-2021
About Furniture Wood Coatings
Furniture wood coatings are used in wooden furniture to achieve aesthetic properties and prevent mechanical, physical, and chemical damage. These coatings are predominantly used in kitchen cabinets, institutional furniture, partitions and fixtures, household furniture, and office furniture. The growth in APAC and increasing demand for green building are the major drivers of the global market. Growing importance for UV-cured coatings, which has low VOC concentration, is expected to boost the market growth.
Technavio’s analysts forecast the global furniture wood coatings market to grow at a CAGR of 6.16% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global furniture wood coatings market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Furniture Wood Coatings Market 2017-2021
Technavio recognizes the following companies as the key players in the global furniture wood coatings market: Akzo Nobel, BASF, The Sherwin-Williams Company, The Dow Chemical Company, and PPG Industries.
Other Prominent Vendors in the market are: Benjamin Moore, Diamond Vogel, Drywood Coatings, Helios Group, IVM Chemicals, Jotun, KAPCI Coatings, Rust-Oleum, and Royal DSM.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing importance for UV-cured coatings. The demand for UV-cured coatings is growing, owing to lesser drying time and low VOC content. Several furniture manufacturers are adopting UV-cured coatings to conserve the production time and to expand the production volumes. In addition, the higher density achieved by UV-cured coatings results is enhanced physical properties. Therefore, the shift toward UV-cured coatings is expected to continue during the forecast period, which will boost the global furniture wood coatings market.”
According to the report, one of the major drivers for this market is Increasing availability of recycled wood. To prevent wood landfills and reduce waste, governments are imposing regulations to the limit of landfills. Europe imposed the Waste Framework Directive 2008/98EC to improve the recycling and use of resources. This regulation is aimed to meet the target of achieving 70% of recycling in construction and demolition, by 2020. It is estimated that approximately 5.1 million metric ton of wood waste is generated and 1.3 million metric ton of wood is being recovered every year in Europe. This increasing rate of wood recovery is expected to boost the global furniture wood coatings market.
Further, the report states that one of the major factors hindering the growth of this market is Drawbacks of applications. Several applications such as kitchen cabinets and office furniture require customized wood coating solutions. Waterborne and powder coatings exhibit different finishing on different applications. For instance, in the case of powder coatings, applying a thin coat stands as a challenge as powder coatings show uneven thickness, especially at the edges of furniture. Such difficulties in the applications of coatings are likely to hamper the demand for waterborne and powder coatings. This will consequently affect the global furniture wood coatings market.
Akzo Nobel, BASF, The Sherwin-Williams Company, The Dow Chemical Company, PPG Industries, Benjamin Moore, Diamond Vogel, Drywood Coatings, Helios Group, IVM Chemicals, Jotun, KAPCI Coatings, Rust-Oleum, and Royal DSM.