The rising applications of wood coatings in furniture and flooring, rapid urbanization, favorable government policies, and increasing foreign investments, have benefited the Asia Pacific wood coatings market immensely. The wood coatings market in the Asia Pacific region is estimated to grow at a CAGR of 6.44% in terms of revenue, and 5.91% with regards to volume, during the forecast period.
The Asia Pacific wood coatings market is assessed based on the markets situated in the regions of India, China, South Korea, Japan, and Australia, and the Rest of Asia Pacific. The availability of low-cost labor, and increasing economic progress is benefiting the market. The rising population in regions like China and India has culminated into increased demands for housing projects and infrastructure developments. The technological advancements in regions like Australia have led to rising demands for smart homes. As a result, the demand for wooden floorings, and subsequently, for radiation-cured wood coatings, is bound to increase. At the same time, the increasing industrialization has resulted in increased demands for office furniture, and setting up of industrial units. All these factors require, and are, therefore, dependent upon wood coatings. Hence, the Asia Pacific wood coatings market is making notable progress, owing to such favorable conditions.
There are large amounts of investments being done for R&D activities, by key industrial players to improve their version and quality of wood coatings. Some of the major companies in the market are Kapci Coatings, Dowdupont Inc. Kansai Paint Co., Ltd., Benjamin Moore & Co, Axalta Coating Systems, ICA Gruppen Ab (ICA), Minwax Company, Akzo Nobel N.V., Basf SE, etc.
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