Globally Increasing Furniture Production Drives the Wood Coating Market

Rapid urbanization in response to development and population increase has increased the demand for housing on a large scale. Consequently, the need for furniture such as chairs, tables, beds, sofas, shelves, and cupboards has skyrocketed. Furthermore, as the service sector expands, a large section of the population is migrating to new areas, fueling the development of hostels, co-living, guest houses, and official premises. This is projected to increase the demand for a variety of furniture goods. The 𝐠𝐥𝐨𝐛𝐚𝐥 𝐰𝐨𝐨𝐝 𝐜𝐨𝐚𝐭𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 is anticipated to reach more than US$ 17 Bn by the end of the 2021-2031 forecast period, registering a CAGR of 6.4%.

𝐕𝐢𝐞𝐰 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.factmr.com/report/4538/wood-coatings-market

Widespread urbanization has impelled housing demand, enhancing sales of different furniture grades, and ultimately spurring the adoption of wood coatings.

As per historical data, sales of wood coatings expanded at a CAGR of 5%, reaching US$ 9 Bn by the end of the 2016-2020 period. As the service sector expands, a substantial portion of the population is relocating to new locations, fueling the creation of hostels, co-living spaces, guest houses, and government buildings. This is expected to raise demand for a wide range of furniture products.

The wood coating market is estimated to grow with technological advancements as well as a large demand for low VOC coatings. The recovery of the global economy would also boost the demand for wood coatings.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.factmr.com/connectus/sample?flag=S&rep_id=4538

𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲

• Global wood coating market to add 1.8x the value in 2031 compared to 2021
• By end use, furniture to emerge key application area, seeing a CAGR exceeding 6% through 2031
• Solvent-borne wood coatings to account for 66% of total demand until 2031
• Powder-based wood coatings to account for 1/3rd of global demand
• Around 2 out of 5 wood coatings sales to happen across the U.S market
• Wood coatings sales in Europe likely to register a CAGR of 5% across the forecast period
• East Asia to account for nearly a quarter of the global wood coatings demand

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 𝐨𝐟 𝐰𝐨𝐨𝐝 𝐜𝐨𝐚𝐭𝐢𝐧𝐠𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 -

Wood coating manufacturers are expanding the market through a mix of innovation and awareness. As a result of a flourishing housing industry, wood finish manufacturers continue to experience good growth.

Demand for wood coatings is expected to maintain pace with growing supplier business activities, high-gloss interior design preferences, and customer purchasing power.

Top competitors like BASF SE, The Dow Chemical Company, Nouryon, Sherwin-Williams Company, Hempel A/S., and Valspar Corporation are purchasing top shares.

Companies are taking advantage of possibilities in the Asia Pacific. Recently, the industry has seen an expansion in manufacturing capacity to build on its existing history in the field of wood coatings and paints.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐟𝐨𝐫 𝐖𝐨𝐨𝐝 𝐂𝐨𝐚𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭:

• The wood coating market analysis covers in-depth information on major industry participants
• Wood coatings market size has been analyzed across all regions
• Porter's five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy-building
• The report outlines the current wood coatings market trends and future scenarios of the wood coatings market size from 2017 to 2025 to understand the prevailing opportunities and potential investment pockets. The market is forecasted for 2020-2025
• Major countries in the region have been mapped according to their revenue contribution to the regional market
• The key drivers, restraints, and wood coatings market opportunities and their detailed impact analyses are elucidated in the study

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This release was published on openPR.