The Global Wood Coatings Market to Gain $13445.8 Million by 2027

A Triton Market Research report determines that the global wood coatings market, which generated $7669.8 million in 2018, would show growth at a CAGR of 6.46% by the year 2027.

A study by Triton Market Research with the title ‘Global Wood Coatings Market,’ covers the Global Analysis and Forecast for 2019-2027 by Resin Type (Nitrocellulose, Polyurethane, Unsaturated Polyester, Acrylics, Other Resin Type), by Technology (Conventional Solid Solvent-borne, Waterborne, High Solid Solvent-borne, Radiation Cured, Powder Coatings, Other Technology), by Application (Joinery, Furniture, Flooring, Other Application), and by Geographical Region (Asia-Pacific, North America, Europe, Latin America, Middle East and Africa).

The wood coatings refer to a material that is used in the protection of wood or wooden objects and enhance the visual cues of the products. Wood coatings are also used to increase the product life and the utilization properties of the objects. Several types like stains, varnishes, oil finishes and water-based coatings are available in the market.

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As per the report, the global wood coatings market is expected to reach $13458.8 million by 2027, proliferating at a CAGR of 6.46% in the estimated period 2019-2027. Due to the growing disposable income, consumers can now afford to buy wood coatings. This, along with the growing construction activities, is the key factor driving the growth of the wood coatings market. However, the use of highly volatile compounds and the fluctuations in the price of raw materials are restraining the global market growth.

Based on the resin type, the wood coatings market is segmented into nitrocellulose, polyurethane, unsaturated polyester, acrylics and other resin type. While according to the technology, the market is divided into conventional solid solvent-borne, waterborne, high solid solvent-borne, radiation cured, powder coatings and other technology. Whereas, as per the application, it is segmented into joinery, furniture, flooring and other application.
According to the regional landscape, North America is likely to be the fastest-growing region for the wood coatings market in the estimated period. Vigorous R&D activities and advanced technologies are key factors driving the growth of the regional wood coatings market. The growing housing industry, which is a major end-user application segment of wood coatings, is also likely to augment the market growth in this region.

On the other hand, Asia-Pacific is expected to be the largest wood coatings market with the highest revenue in the forthcoming years. Favorable government policies, minimum labor charges and the growing demands from the application segments like furniture, flooring and joineries are expected to push the regional market growth further.

AkzoNobel, Kansai Paint Co Ltd, KAPCI Coatings, Eastman, Axalta, Minwax, Nippon Paint Holdings, BASF SE, Helios Coatings, Inc, DowDuPont, PPG Industries, Sherwin-Williams, Pidilite, Benjamin Moore and Eastman are few of the eminent players in the wood coatings market.

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Question & Answer: Wood Coatings Market

Question 1: What are the key drivers of the wood coatings market?
Answer: Due to the growing disposable income, consumers can now afford to buy wood coatings. This, along with the growing construction activities, are the key factors driving the growth of the wood coatings market.

Question 2: What are the factors restraining the growth of the wood coatings market?
Answer: The use of highly volatile compounds and the fluctuations in the price of raw materials are restraining the global market growth.

Question 3: How are the Asia-Pacific and North America impacting the wood coatings market outlook?
Answer: According to the regional landscape, North America is likely to be the fastest-growing region for the wood coatings market in the estimated period. Vigorous R&D activities and advanced technologies are key factors driving the growth of the regional wood coatings market. The growing housing industry, which is a major end-user application segment of wood coatings, is also likely to augment the market growth in this region. On the other hand, Asia-Pacific is expected to be the largest wood coatings market with the highest revenue in the forthcoming years. Favorable government policies, minimum labor charges and the growing demands from the application segments like furniture, flooring and joineries are expected to push the regional market growth further.

Question 4: Which are the players mentioned in the wood coatings market report?
Answer: AkzoNobel, Kansai Paint Co Ltd, KAPCI Coatings, Eastman, Axalta, Minwax, Nippon Paint Holdings, BASF SE, Helios Coatings, Inc, DowDuPont, PPG Industries, Sherwin-Williams, Pidilite, Benjamin Moore and Eastman are few of the eminent players in the wood coatings market.

Related Report:
Global Wood Plastics Composites Market

The global wood plastic composites market is likely to reap a revenue growth of $7262.32 million by 2027, showing growth at CAGR of 9.54% over the estimated period 2020-2028.

There is a growing demand for wood plastic composites from the building & construction industry and the automation sector owing to the performance benefits, increased durability and low maintenance charges of these composites than the conventional materials. Wood plastic composites are produced using recyclable materials and hence offer additional advantages over normal wood and are eco-friendly in nature. The government ban on the use of arsenic toxins, chromium and copper toxins, due to the environmental threats, will aid the global market growth.

The increasing awareness among the people regarding the harmful effects of plastic on the environment and the potential benefits of wood plastic composites, which can be used as an alternative, are creating business opportunities for the market growth. The growing demand for PVC-capped decking products will open new horizons for the wood coatings market.

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