Global Wood Coatings Market: Snapshot
As indicated by the Department of Economic and Social Affairs of United Nations, 55% of the total populace at present lives in an urban scene. By 2050, this is relied upon to witness a substantial increment to 68%, which implies extra 2.5 billion individuals moving to urban regions. With rising urbanization and extending populace, the interest for houses and consequently furniture is expanding. Since more individuals have a higher disposable income in the present situation, a better lifestyle has become a top priority. This demands for exotic and luxurious furniture which calls for better wood coatings. Owing to these parameters the global wood coating market shall witness a substantial growth in future.
What Drives the Growth of Global Wood Coating Market?
- The furniture industry is largely subjected to wood coating paints. If not for these exterior wood coatings, the wood items would not look sufficiently showy to be sold. Wood coatings are the transparent coatings that give a polished completion to the items which thusly pulls customers to make them purchase these. However, the furniture industry likewise depends on wood coatings market for protection of its products. These coatings secure the items while delivering, hence guaranteeing no harms caused. These two elements help in complementing request of the wood coatings market.
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- The rising number of individuals is moving towards the urban territory for driving a better lifestyle. Wood items are highly underrated necessity in housing needs of people as they serve in each alcove and corner of the house. Beds, seats, floors, tables, organizers, flooring and numerous different fragments of a house use wood and require completing through canvas of wood coatings. This is regarded as a crucial driver for the wood coatings market as it gives the market very appeal from both commercial and domestic sectors.
Global Wood Coatings Market: Snapshot
The global wood coatings market is choc-o-bloc with players and this has served to intensify the competition over the years. Product differentiation is a key tool leveraged by players to steal a march over their competitors. Key factors promoting growth in the market are the soaring construction activities across the globe and the increasing spending capacity of people which has stoked sales of furniture.
Another factor catalyzing growth in the global wood coatings market is the environmental concerns which has led to framing of rules to curb emissions from volatile organic compounds (VOCs). On the flipside, posing a roadblock to the market is the volatility in raw material prices such as acrylic and polyurethane. Since both are derived from crude oil, fluctuations in the latter’s prices affects prices of the final products thereby creating an uncertainty. This definitely does not bode well for the wood coatings market.
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A report by Transparency Market Research forecasts the revenue in the global wood coating market to reach a value of US$17.595 bn by 2025 from US$8.625 bn in 2016 by rising at a healthy CAGR of 8.3% from 2017 to 2025 to. Volume-wise, the report expects the market to register a CAGR of 7.5% in the forecast period.
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Resistance to Humidity and Scratch Propels Demand for Polyurethane
The different types of resins used in the global wood coatings market are polyurethane, nitrocellulose, acrylics, melamine formaldehyde, etc. Of them, the segment of polyurethane held the maximum share of 39.2% in the market in 2016. The dominant market share of the segment is primarily on account of its properties of humidity and scratch resistance. Other advantages of polyurethane is its non-yellowing property and ability to retain light colors. The segment is expected to grow its leading share further to 40.6% by 2025 by clocking maximum CAGR of 8.8% from 2017 to 2025.
The acrylics segment trails the polyurethane segment in the global wood coatings market. In 2016, the segment held a share of 25.7% and by 2025 that share would likely expand marginally to 26%. The unique perceived benefit of acrylic which has led to its second-most prominent position in the market is its ability to cross link with other resins to yield improved properties.
The other two segments – melamine formaldehyde and nitrocellulose – are predicted to pare some of their market shares in the forecast period.
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