Global Furniture Coatings Market - Segmented by Resin Type, Technology, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Furniture Coatings Market Size
The Global Furniture Coatings market is estimated to experience significant growth during the forecast period. Asia-Pacific is expected to hold the largest share of the market, owing to rising construction sector in the region. China is expected to hold the largest share of the market. Water Borne is expected to be the fastest growing technology.
Increasing Furniture Production Set to Propel Growth of the Market
With the increasing housing construction, population and income-levels across the world, the demand for furniture, such as chairs, table, bed, sofa, shelves, and cupboard, has also been increasing. Moreover, with the rapidly growing service sector, a huge proportion of the population has been relocating to new locations. This has increased the trend of hostels, co-living, guesthouses, and official premises, which has further added to the demand for various furniture products.
In case of the furniture industry, the concepts related to interiors of the homes, offices and flats, has also been changing, which gives scope of innovation and development in terms of designs, size, and colors of the furniture. This has further added to the production of furniture, worldwide.
Polyurethane Accounts for the Largest Share of the Resin Type Segment
Polyurethane resins are thermosetting resins, which are produced by reacting polyalcohol and an organic di-isocyanate. These resins do not melt when heated. These resins have various important properties such as high durability, easy cleaning, toughness, and high gloss.
Polyurethane paints and coatings are usually applied over primers and intermediate coats to provide a lustrous glossy finish, while maintaining resistivity and providing excellent performance against high levels of UV and other extreme weather conditions in areas that are prone to high wear and resistivity toward a wide range of solvents.
All the above factors clubbed with the nominal price range of coatings will help polyurethane to stay on top of resin type used
Asia-Pacific is Set to Dominate the Region in Furniture Coatings Market
Asia-Pacific is expected to hold a share of approx. 45% in terms of revenue in 2017, with China dominating the market. China is one of the largest economies in Asia-pacific and is home to the largest construction sector in the world. It is also the largest market for furniture coatings in Asia-pacific and is estimated to hold as much as 40% of the total share.
The major players in the Chinese wood coating market are, Nippon Paint, Carpoly, Badese, Valspar-Huarun, Akzo Nobel, and Zanchen, among others. The market is consolidated with top 5 players accounting for 35% of the share.
Notable Developments in the Furniture Coatings Market
Major Key Players: Akzo Nobel NV, the Sherwin Williams Company, and Benjamin Moore, among others.
Reasons to Purchase Furniture Coatings Market Report
To understand the impact of increasing impact of VOC regulations on the market
Analyze various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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