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Wood coatings Market

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Shift towards more environmentally-friendly materials, for example, the use of water-borne rather than solvent-borne chemicals.
Global Wood Coatings Market Size,
Share, Development, Growth and
Demand Forecast to 2024
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REPORT DESCRIPTION
• Wood coatings are additives or mixtures that are added to the end wood product primarily
to preserve the overall quality (durability, color and texture) of the finished item. The
coating is applied after the wood surface is stained and prepared. The process of applying
coating to a finished wood product is known as wood finishing. Finishing is the last step of
the production process and provides desirable characteristics such as moisture resistance,
heat resistance, increased durability, and enhanced appearance to the wood surface.
Finishing also helps in keeping the end product sanitized and easier to maintain.
• Manufacturers of wooden furniture and related furnishing resort to wood finishing to
provide low-cost wood with an appearance and texture that makes it look like a higher end
wood item. These products are mainly intended for sales in price-sensitive markets such as
Asia Pacific and Latin America. According to a study conducted by Coherent Market Insights
(2016), around 68% of the population in India is inclined towards buying low-priced wood
items that look premium. These consumers do not lay emphasis on the quality of the wood
and mainly focus on aesthetic appeal.
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Microspheres Materials Market Taxonomy
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On the basis of product type, the global market is segmented into:
Shellac
Wood Preservatives
Water Repellents
Stains
Linseed Oil
Beeswax and Carnauba wax mixtures
Acrylic Paint
Others
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Market Segmentation
• Growing construction sector coupled with increasing population is estimated to boost
the global wood coatings market over the forecast period. According to a study
conducted by Coherent Market Insights, the global construction industry is projected to
be pegged at over US$ 15 trillion by 2024, with Asia Pacific positioned as the growth
engine (the regional market is expected to witness a massive 30% CAGR over 2016–
2024). Growing population is a key factor towards the growth of the construction
industry. Wood is one of the most widely used materials in the retail sector. Major retail
players focus on effective merchandising of products at retail outlets. These products are
usually propped up on wooden shelves and displays. Thus, rapid growth of retail
industry is also fueling growth of the wood coatings market.
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Key Strategies
• Asia Pacific is expected to retain its dominance in the global wood coatings market
throughout the forecast period. Conversely, health issues associated with the coating
ingredients is one of the major restraining factors for the growth of the wood coatings
industry. Coatings when in direct contact may lead to health issues such as skin and
eye irritation and asthma. In addition, when in constant contact with air and sun the
coatings may fade over time making the damage areas look yellowish.
• Manufacturers are focusing on product innovation as a part of their business strategy
to cater the rising demand of their customer base. For example, Premium Coatings And
Chemicals Pvt Ltd., a specialized coatings manufacturer based in India, offers natural
wood coatings for furniture’s and has also introduced silk wood sealer, glossy and
matte that offer excellent adhesion, enhanced heat resistance and no yellowing
features. Some of the major companies operating in the global wood coatings market
are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel
N.V., Premium Coatings and Chemicals Pvt Ltd. And Nippon Paint Co. Ltd.
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Author
Mayuri Deore
Mayuri Deore51   document Email
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Automotive
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Tags
coatings, market, wood, coatin
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