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The market for wood coatings is likely to register a CAGR of over 5% during the forecast period. One of the major factors driving the market studied is the growing production of furniture across the world. The growing construction industry in Asia-Pacific, and Middle East & Africa is also likely to boost the market growth.
- The polyurethane segment dominated the market, and is expected to grow during the forecast period, owing to the increasing applications of polyurethane coatings across several sectors, including commercial, architectural, and structural work, paneling, furniture, etc.
- Stringent environmental regulations may restain the demand for wood coatings, during the forecast period.
- There is a huge potential market for water-based coatings in developing countries, owing to the increasing awareness toward eco-friendly products. This is likely to act as an opportunity for the market, in the future.
- Asia-Pacific dominated the wood coatings market across the world, in 2018, and is expected to continue dominating the market during the forecast period, owing to the major growth of construction activities in countries, like India.
Key Market Trends
Growing Furniture Production Worldwide is Driving the Market Growth
- With increasing housing construction, population, and income-levels across the world, the demand for furnitures, such as chairs, table, bed, sofa, shelves, and cupboard, has been increasing significantly.
- Moreover, with the rapidly growing service sector, a huge proportion of the population has been relocating to new locations, which is driving the trend of hostels, co-living, guest houses, and official premises. This is expected to augment the demand for various furniture products.
- In the furniture industry, concepts related to interiors of homes, offices, and flats are changing continuously. This is driving innovation and development, primarily in terms of designs, size, and colors, which is expected to augment the production volume of furniture across the world.
- In the furniture industry, wood coatings are extensively used. Thus, the increasing production volume of furniture across the world is augmenting the growth of the market studied.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market share. China has the largest furniture sector across the world, which is thriving, owing to the increasing domestic and foreign demand. In India, both the furniture and construction sectors have been witnessing major growth in the recent times. Some of the key factors that are boosting this growth include the increasing investment in the residential and commercial sector and government initiatives, like "Housing for All". The entry of major furniture companies, like IKEA, is also expected to boost the furniture industry growth. Additionally, there has been a major growth in the public and private investments in the construction sectors of ASEAN countries, in the recent times. These factors are likely to help the Asia-Pacific region to dominate the market, during the forecast period.
The wood coatings market is consolidated, with the top three players accounting for nearly 70% of the entire revenue share. The top three companies in the market are the Sherwin-Williams Company, AkzoNobel NV, and PPG Industries, among others.
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