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Wood Coating Resins Market Industry Analysis Forecast 2024
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Rise in demand for solvent-borne coatings that do not emit VOCs, higher price of water based coatings, and preference of furniture manufacturers for various metal products and particle boards are expected to restrain the wood coating resins market in the near future. Increase in inclination of the people to opt for other substitutes for wood based furniture and decrease in demand in various applications such as utility poles and rail road products are also anticipated to hamper the wood coating resins market.
The wood coating resins market has been segmented based on resin type, technology, application, and region. Based on resin type, the market has been divided into acrylic, epoxy, nitrocellulose, polyester, alkyd, and others. Polyurethane resin type hold major share in wood coating resins Polyurethane wood coatings are versatile and offer exceptional physical and chemical resistance. These coatings helps produce hard surface topcoats with excellent properties. Polyurethane reinforces the properties of wood based materials by providing protection and color. It also provides several high performance properties for wood coating substrates such as superior chemical, long-lasting surface finish, resistance to UV light, scratch resistance, general wear and tear, quick drying, and excellent sanding.
In terms of on technology, the wood coating resins market has been segregated into water borne, solvent borne, radiation cure, high-solids, and powder. The water borne technology surpasses the application properties and performance of solvent borne wood coating resins. The technology provides significant performance properties such as print and block resistance, early chemical resistance, and hardness.
Based on application, the market has been divided into cabinets, furniture, doors & windows, decoration, flooring, and others. Different kinds of coatings are used in furniture (indoor and outdoor) depending upon its applications and functions. Pendulum hardness (higher resistance to dirt), is vital properties for the usage of wood coating resins in furniture (indoor and outdoor) applications. Rise in demand for traditional and modern types of furniture in end-users companies is anticipated to boost the demand for wood coating resins in the next few years.
Based on region, the wood coating resins market has been classified into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is one of the key regions in terms of consumption of wood coating resins across the globe. Changing consumer tastes, strong economic growth, increase in infrastructure, and improvement in lifestyle and standard of living of people are expected to drive the wood coating resins market in Asia Pacific in the near future. The wood coating resins market in Latin America is also anticipated to expand at a rapid pace, due to the rise in construction activities and improvement in standard of living of the people in the region. North America is also anticipated to account for major share of the wood coating resins market in the near future, led by the rise in number of infrastructure activities. Furthermore, increase in need of home decorators in Europe is projected to boost the demand for wood coating resins in the region. Stringent environmental pressures and regulations are major factor to drive the wood coating resins market in Europe.
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Key players operating in the global wood coating resins market are Nuplex Industries Limited, Koninklijke, DSM N.V., Dynea AS, Akzo Nobel India Ltd., Polynt Spa, Kansai Paint Co. Ltd., SigmaKalon Group BV, Allnex S.à r.l., Valspar Corp., and BASF Coatings AG.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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