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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Wood Coatings Market Taxonomy
On the basis of product type, the global market is segmented into:
Beeswax and Carnauba wax mixtures
On the basis of application, the global market is segmented into:
On the basis of finishing processes, the global market is segmented into:
On the basis of geography, the global market is segmented into:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Rest of Middle East
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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 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.
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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