Press release
Wood Coatings Market Size, Share and Industry Forecast 2023 by PPG Industries, Akzo Nobel, Jotun, Arkema, Nippon Paint Holdings, Berger Paints India, Kansai Nerolac, The Sherwin-Williams Company, Axalta Coating Systems, PRM International, Asian Paints
Rebound in Residential Construction Activities Bringing Fresh Hopes to the Wood Coatings Industry
July 10, 2018- AkzoNobel opened a new manufacturing facility for coil coatings in Nairobi, Kenya, to strengthen its presence in Africa. The site is used to store the company's products such as marine, protective, and powder coatings.
May 29, 2018- AkzoNobel opened a new manufacturing facility for powder coatings in Changzhou, China. The facility is one of the largest of its kind in the world and is expected to strengthen the company’s leadership position in the powder coatings market. The plant will produce the Interpon and Resicoat range of products to meet the growing demand for sustainable coating solutions. The expansion cost the company nearly USD 46.14 million.
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January 30, 2018- PPG opened a research and development lab at its Springdale, Pennsylvania (US), facility. The lab is dedicated to developing industrial coatings for wood products, such as flooring, kitchen cabinets, millwork, molding, and doors, used in the interiors of residential and commercial buildings.
July 21, 2016- Nippon Paints and IVM Chemical entered into an agreement to launch a wood coatings range in India. This agreement will help promote Nippon Paints' existing coating products and IVM Chemicals’ brands in India.
Wood Coatings Market- Competitive Landscape
The Global Wood Coatings Market is witnessing a prominent growth due to the increasing product demand as decorative and protective coatings in furniture, cabinets, siding, and flooring in the construction and renovation industry. Akzo Nobel NV (Netherlands), The Sherwin-Williams Company (US), PPG Industries, Inc. (US), Nippon Paint Holdings Co., Ltd (Japan), among others are some of the leading players in this market. Most of these participants adopt various strategies such as product launch, capacity expansion, R&D, and merger & acquisition to strengthen their market position and gain significant revenue. Considering these trends, the Global Wood Coatings Market is set to witness a considerable competition during the forecast period, 2018–2023.
Wood Coatings Market – Market Overview
Wood Coatings are a special class of paints and coatings for wooden surfaces. Various types of wood coatings include stains and varnishes, shellac coatings, wood preservatives, water repellants, and others. The Global Wood Coatings Market is projected to grow at a CAGR of 5.81% during the review period to reach USD 12,729.4 million by the end of 2023. The growth of the global construction and renovation industry is expected to be the primary driver for the growth of the Global Wood Coatings Market. Wood Coatings find application as decorative and protective coatings in furniture, cabinets, siding, and flooring and decking, among others, in both residential and non-residential structures. Increased consumer purchasing power across the globe is also contributing to the product market. The emergence of new technologies in Wood Coating and the demand for low-VOC coatings are likely to create new growth opportunities for players in the market during the forecast period.
However, the availability of low-cost substitutes and stringent environmental regulations for solvent-based Wood Coatings may restrain the growth of the product market during the forecast period. Furthermore, fluctuating prices of raw materials are considered to be the major challenge faced by manufacturers in the Global Wood Coatings Market.
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