Tuesday 9 June 2015, Amsterdam
The report, now available on ASDReports, “Wood Coating Market by Coating Type (Stains & Varnishes, Shellacs, Wood Preservatives & Water Repellents), Application Method (Roll & Brush Coating, Vacuum Coating, Spray Coating), End User (Furniture, Cabinets, Siding, Flooring & Decking) & Region - Trends & Forecast to 2020” defines and segments the wood coating market, along with the analyses and projections of the market size. It also identifies the driving and restraining factors for the wood coating market with the analyses of trends and opportunities.
The wood coating market is projected to grow at a CAGR of 6.30%. Emergence of new technologies and demand for low-VOC coatings is estimated to open new opportunities for wood coating providers. The major restraining factor for the growth of the wood coating market is the inclination of the furniture industry toward particle board and other metal products. The primary challenge of the market is to manage environmental concerns and create awareness about the benefits of wood coating.
The leading players in the market include BASF SE (Germany), Akzo Nobel N.V. (The Netherlands), The Dow Chemical Company (U.S.), and The Sherwin-Williams Company (U.S.). The wood coating market is a highly fragmented one, owing to the rise in new construction projects, both commercial and non-commercial. Major companies rely on regional and local distributors in order to increase their share as well as geographical presence in the market. One of the major developments observed in the wood coating market is mergers & acquisitions. The requirements for wood coating are continuously changing, making it essential for the manufacturers to continually invest in R&D and come up with innovative solutions. Companies are adopting inorganic growth strategies such as acquisitions to cope with the increasing demand for wood coating in the key emerging markets. These strategies have aided companies create a large customer and partner base in the main markets.