Global Wood Coatings Market - Segmented by Technology, Resin Type and Application - Growth, Trends, and Forecast (2018 - 2023)
The global wood coatings market registered value of USD 8818.46 million, in 2017. It is expected to witness a moderate CAGR during the forecast period, 2018 to 2023. The furniture & fixtures application is expected to be the largest segment with a share of ~60%, followed by decks & cabinets in 2017.
Wood coatings are used in variety of industrial and residential areas. The coatings provide enhancement to the appearance of the wood, along with providing benefits, such as self-cleaning and graffiti resistance. Wood coatings, owing to their excellent adhesion and anti-corrosive properties, increased durability on woods and aesthetic properties, are becoming an integral part of various commercial sectors.
Increasing Furniture Production in China to Drive the Market
China's furniture manufacturing industry revenue rose from 32.7 billion Yuan in 2000 to 787.3 billion Yuan in 2015, with an average annual growth rate of 24%. China's furniture exports maintained double digit growth for many years, since 2009, exports remained stable at high levels. At present, China is the world's largest furniture exporter and furniture consumer market. China's furniture industry exports, in 2015, amounted to 199.36 billion Yuan, an increase of 1.69% year on year. This huge growth in the furniture production in China is expected to drive the wood coatings market.
Furniture & Fixtures to be the Largest Application
The Wood coatings are mainly used in furniture and cabinets. These coatings help in protecting the furniture and cabinets from termites and fungal infection. Additionally, they also protect them from moisture and mold formation. The rising demand for wood coatings is driven by the increasing infrastructural, industrial, and educational projects.
Asia-Pacific to be the Largest Market for Wood Coatings
The rising demand for wood coatings is driven by the increasing infrastructural, industrial, and educational projects. As Asia-Pacific is projected to witness highest growth in the construction activities, the demand for wood for the production of interiors, kitchens, cupboards, windows, and others is likely to increase noticeably. Asia-Pacific is also a major producer of furniture in the world. With an increase in the production of furniture, the demand for wood coatings is further likely to increase.
Key Developments in the Market
April 2017: Teknos completed the acquisition of Feyco Treffert, a company specializing in wood coatings, and Schekolin AG. The acquisition is expected to provide Teknos with access to new markets in Switzerland, Malaysia, and the United States, and strengthen its position in the global wood segment.
Major Players: Akzonobel N.V., Sherwin Williams, PPG Industries, Nippon Paint Holdings, Axalta, RPM International , amongst others.
Reasons to Purchase this Report
Current and future global wood coatings market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying 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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