Wood Preservative Coatings Market to Register Highest CAGR of 6.2% through 2027
As per the FMI report titled “Wood Preservative Coatings: Global Industry Analysis and Opportunity Assessment, 2017-2027” the global wood preservative coatings market is predominantly contingent upon the performance of the construction and furniture industry. Currently, the market is at a stable position and is set to witness a healthy CAGR of 6.2% between 2017 and 2027 to reach a valuation of US$ 6,433,194 Mn. The report also cites that in future, preference for water-borne coatings will be higher due to their environmental advantages and adherence to VOC emission regulations.
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During this ten years of the forecast, the market for wood preservative coatings in Asia Pacific excluding Japan (APEJ) is expected to present lucrative opportunities for players. In addition, the region’s market is expected to witness an impressive CAGR over 2027. This growth is primarily attributed to the ongoing urbanisation in the APEJ region. Countries such as China and India are the major contributors to the region’s market both in terms of production and consumption. Availability of low-cost resource coupled with increasing investments in furniture industry propels the wood preservative coatings market in the region. In terms of market size, North America will continue to hold the top position through 2027.
Companies are looking to capitalise on opportunities in APEJ by offering cost effective and high solids type of wood coatings. Also, players who have recently entered or planning to initiate operations in the Asia region is likely to receive better consumer response if they offer wood preservative coatings with higher flexibility in application. FMI in its report has profiled some of leading companies operating in the global wood preservative market, which include Akzo Nobel N.V., BASF SE, The Dow Chemical Company, The Sherwin-Williams Company, PPG Industries, Inc, Valspar Corporation,
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Industrias Quimicas Kupsa S.L., RPM International Inc., Lonza Group Ltd, KMGFluoropolymer Market:Chemicals, Inc.
Additional Highlights of the Report Include:
Based on system type, around 5,759,652 tons of solvent-borne wood preservative coatings is expected to be produced towards the end of the forecast period.
By 2017-end, nearly US$ 2,873.8 Mn worth wood preservative coatings will be used only for preservative purposes.
On the basis of end-use, coatings for furniture account for more than one-third share of the market and is expected to remain dominant throughout the forecast period
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