Wood Preservative Coatings Market to Witness Steady Growth at 6.2% CAGR from 2017 to 2027
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.
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Increasing investment in the furniture industry is cited as a key factor driving the sales of wood preservative coatings. Moreover, rise in construction activities across the globe has also been influencing the demand for wood preservative coatings of late. Future Market Insights (FMI) delivers such vital information in its latest report on the global wood preservative coatings market. Over the years.
application of wood preservative coatings has significantly increased in general industries, decorative, aerospace, coil packaging, auto refinish and special wood coating. The coatings industry is experiencing a shift towards adoption of new technologies such as UV and water-borne, thermosetting emulsion, powder coatings, high-solids, two component systems and colloidal dispersion. The arrival of eco-wood coating products is expected to further boost the global coatings market that was valued at US$ 125 Bn in 2016.
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, Industrias Quimicas Kupsa S.L., RPM International Inc., Lonza Group Ltd, KMG Chemicals, Inc.
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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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