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Wood Coating Resins Market Report 2024-2033 - Key Trends & Growth Forecast
Wood Coating Resins Market Report
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According to The Business Research Company's, The wood coating resins market size has grown strongly in recent years. It will grow from $4.2 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growth in construction and housing, expansion of furniture manufacturing, urbanization trends, architectural renovations, demand for high-performance finishes, rise in disposable income, sustainable and eco-friendly trends.
The wood coating resins market size is expected to see strong growth in the next few years. It will grow to $5.54 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to preference for water-based coatings, demand for antimicrobial coatings, residential housing market dynamics, green building certifications, hybrid coating formulations, smart home integration, residential and commercial interior trends. Major trends in the forecast period include shift towards waterborne resins, growing demand for uv-curable resins, high solids content formulations, advancements in nanotechnology, digital printing and coating technologies, regulatory compliance and voc reduction.
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Market Drivers and Trends:
The global wood coatings resins market is projected to grow owing to the increasing investments in the construction & building industry. This includes commercial settings such as hotels as well as residential living homes. After the impact of COVID-19, the global construction industry is steadily picking up pace as the demand for residential homes is on the rise. Factors including urbanization and increased disposable income of the general population are major contributing factors for growth in the building industry. Also, according to the India Brand Equity Foundation, a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, in Budget 2023-24, capital investment outlay for infrastructure in India is being increased by 33% to INR 10 trillion ($122 billion), which would be 3.3% of the country's GDP. Therefore, the rising investments in construction & building industry is driving the growth of the wood coating resin market.
Product innovation is a key trend gaining popularity in the wood coating resin market. Major market players are developing innovative products to sustain their position in the wood coating resin market. For instance, in November 2022, Engineered Polymer Solutions, a US-based company that provides high-performance resins and colorants for the coatings and adhesives industries launched EPS 2436, a new self-crosslinking acrylic dispersion for use as a binder for high-quality wood coatings. The EPS 2436 is a group of resins that wood coating formulators can employ to create high-performance solutions for flooring, cabinets, and industrial applications. When dry, this innovative substance exhibits outstanding clarity and superb block resistance. In interior wood applications, coatings formulated with EPS 2436 offer increased qualities such as strong chemical resistance and quick hardening. The quick hardness development speeds up production and shortens the manufacturing cycle. In addition, EPS 2436 offers a low-VOC waterborne substitute for earlier solvent-borne technologies.
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Major Key Players of the Market:
Arkema SA, Nuplex Industries Limited, Koninklijke DSM NV, Allnex SARL, Synthopol Chemie Dr rer pol Koch GmbH & Co KG, Dynea AS, Polynt Spa, Sirca Spa, Helios Group, Covestro AG, Badische Anilin und Soda Fabrik, Evonik Industries AG, Huntsman International LLC, The Sherwin-Williams Company, Jiangsu Sanmu Group Company Limited, Arakawa Chemical Industries Limited, Alberdingk Boley Inc., The Nippon Synthetic Chemical Industry Company Limited, Eternal Materials Company, CBC Company, Perstorp Group, Wanhua Chemical Group Company Limited, DIC Corporation, Wacker Chemie AG, Royal DSM NV, Akzo Nobel NV, Eastman Chemical Company, Dainippon Ink and Chemicals, Bayer AG, Lanxess
Wood Coating Resins Market 2024 Key Insights:
• The wood coating resins market size is expected to see strong growth in the next few years. It will grow to $5.54 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Growing Demand To Enhance Furniture Aesthetics
• Wood Coating Resin Market Advances With The Launch Of Eps 2436, A Breakthrough In High-Performance Wood Coatings
• Asia-Pacific was the largest region in the wood coating resins market in 2023
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