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Wood Coatings Market report categorizes global market by product type, application, finishing process, and geography - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018–2024
Wood Coatings Market - Global Industry Insights, Trends, Outlook,
and Opportunity Analysis, 2018–2024
Wood coatings are additives or mixtures that are added to the end wood product, primarily to
preserve the overall quality of the finished product, in terms of durability, color, and texture.
Wood coatings cover a broad range of products including stains, varnishes, paints, and
supporting ancillary products for indoor and outdoor purposes. 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 and heat resistance, increased
durability, and enhanced appearance to the wood surface. Finishing also helps keep the
end-product sanitized and easier to maintain.
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Manufacturers of wooden furniture and related furnishing resort to wood finishing to provide
low-cost wood with an appearance and texture of higher end-wood items. 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 , around 68% of the
population in India was inclined towards buying low-priced wood items that appeared
premium. These consumers do not lay emphasis on the quality of the wood and mainly focus
on aesthetic appeal.
Wood Coatings Market Outlook – Growing Construction Industry Is Fueling Market
Growth
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 as the growth engine, expected to exhibit the
highest CAGR of 30% over the forecast period (2016–2024). Growing population is a key
contributor for growth of the construction industry. Wooden selves and displays are widely
used in the retail sector, in order to enhance the aesthetic appeal of merchandising products
being displayed. The rapid growth of retail industry is, thus another factor fueling growth of
the wood coatings market.
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 market growth.. Health issues such
as skin and eye irritation, and asthma associated with direct contact with wood coatings,
pose as major drawbacks for the market. In addition, constant exposure to air and sun, result
in fading of these coatings over time, making the damaged areas appear yellowish.
Manufacturers are focusing on product innovation, as part of their business strategy to cater
to the increasing consumer demand. For example, Premium Coatings And Chemicals Pvt
Ltd., a specialized coatings manufacturer based in India, offers natural wood coatings for
furniture. The company has also introduced silk wood sealer, which provides a glossy and
matte finish with excellent adhesion, enhanced heat resistance and non-discoloring 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, Chemicals Pvt. Ltd., and Nippon Paint Co. Ltd.
For More Information:
https://www.coherentmarketinsights.com/ongoing-insight/wood-coatings-market-261
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering
action-ready syndicated research reports, custom market analysis, consulting services, and
competitive analysis through various recommendations related to emerging market trends,
technologies, and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email​: [email protected]
Author
apeksha motghare
apeksha motghare235   documents Email
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