The global wood coatings
market features
a highly competitive landscape owing to the presence of a plethora of companies
competing against one another, notes Transparency Market Research (TMR). Top
players in the wood coatings market increasingly resort to forward integration
strategies to gain substantial competitive benefits, which may help them to
retain their stronghold over the assessment period. Several players are also
focusing on product differentiations to attract more consumers and consolidate
their positions in various regions. This is especially the trend among small-
and medium-scale manufacturers who find this a key strategy to gain a foothold
in the wood coatings market.
TMR
finds that the wood coatings market is also fairly consolidated as the top four
players held a combined share of nearly 60.0% in 2016. These companies are RPM
International Inc., Akzo Novel N.V., PPG Industries Inc., and The Sherwin
Williams Company. Of these, The Sherwin Williams Company alone accounted for
the leading share of 21.3% in 2016. Some of the other companies operating in
the global wood coatings market are the Dow Chemical Company, Nippon Paints
Holdings, the Asian Paints, and BASF SE.
The
global wood coating market stood at US$8.625 billion in 2016 and is projected
to rise at a promising 8.3% CAGR during 2017–2025. Rising at this pace, the
global market is anticipated to reach a worth of US$17.595 billion by the end
of 2025.
Among
the various types of resins, the polyurethane led the global wood coatings
market presently. Rising at a robust CAGR of 8.8% from 2017–2025, the segment
is likely to hold its sway throughout the forecast period. The growth is driven
by the use of these resins in the myriad applications, attributed to them being
largely scratch- and humidity- resistant.
Of
all the key regional markets, Asia Pacific held the majority of share in the
global market for wood coatings. The growth is increasingly fueled by the
burgeoning demand for wood coating applications, largely from the sales of
furniture across. The regional market is estimated to retain its dominant share
that will rise to 47.4% by 2025 end.
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Substantial
Use in Range of Applications in Construction Materials drive demand for Wood
Coatings
The
global wood coatings market is primarily driven by the substantially rising
demand for the resin coating for the wood used in a wide range of construction
materials. The widespread demand is supported by the vast strides being taken
by the building and construction activities, world over. A large chunk of the
demand comes from the residential construction activities. The market growth is
also fueled by the burgeoning demand for wood coatings in a variety of
furniture, especially those meant for residential purposes.
Over
the past several years, environmental norms pertaining to discouraging the use
of volatile organic compounds (VOCs) in various end-use industries has gained
momentum in various parts of the world. Stringent implementations of such norms
is fueled by the rising awareness about the use of low-VOC wood coatings
coatings. This is a notable factor catalyzing the expansion of the wood
coatings market.
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Advent
of Alternative Materials crippling Wood Coatings Market Prospects
However,
the notably growing use of non-wood materials in numerous applications in
end-use industries is a discerning factor that has hampered the steady growth
of the wood coatings market. The advent of alternative materials is emerging as
potential bottleneck in this regard. Moreover, the frequent fluctuations in the
prices of key raw materials prices, particularly of acrylic and polyurethane,
is a factor adversely affecting the prospects of the market.
Nevertheless,
the constant industry efforts to develop functionally-advanced wood coatings are
expected to create large lucrative avenues for vendors and manufacturers. The
rising need for versatile resins as coatings has propelled the demand for
polyurethane in the construction industry.
The
study presented here is based on a report by Transparency Market Research (TMR)
titled “Wood Coatings Market (Resin – Polyurethane, Acrylics, Melamine
Formaldehyde, and Nitrocellulose; Product - Stains and Varnishes, Shellacs, and
Lacquers; Technology - Oil Based, Water Based, and Solvent Based; Application -
Furniture, Cabinets, and Side and Deck) - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2017–2025”.
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