Wood Coatings Market to Perceive Substantial Growth During 2025
Presence of numerous companies makes the global wood coatings market highly competitive. Prominent companies operating in the global wood coatings market show high degree of forward integration, which provides them with a decided competitive advantage. Apart from that, manufacturers are also seen focusing on product differentiation to entice more customers. Some of the key players in the market are BASF SE, PPG Industries Inc., the Asian Paints, Nippon Paints Holdings, the Dow Chemical Company, and Sherwin-Williams Company.
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The top four companies, namely The Sherwin Williams Company, PPG Industries Inc., Akzo Novel N.V. and RPM International Inc. accounted for almost 60.0% share in the global wood coatings market in 2016. Of them, The Sherwin Williams Company led the market with a majority share of 21.3% in 2016.
A noticeable trend in the global wood coatings market is the foray of small and medium manufacturers which has served to intensify the competition. Most of them are banking upon product differentiation to establish a foothold in the market.
A report by Transparency Market Research predicts the revenue in the global wood coating market to expand at a healthy CAGR of 8.3% from 2017 to 2025 to reach a value of US$17.595 bn by 2025 from US$8.625 bn in 2016. Volume-wise, it predicts the market to exhibit a CAGR of 7.5%.
Depending upon the type of resin, the global wood coatings market is segmented into polyurethane, acrylics, melamine formaldehyde, nitrocellulose, etc. Of them, the segment of polyurethane accounts for maximum market share and going forward too is expected to retain the share by registering a CAGR of 8.8% between 2017 and 2025. This is because polyurethane is scratch and humidity resistant.
Regionally, the segments of the global wood coatings market studied in the report are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific, among them, leads the market with maximum share powered by the densely populated emerging economies in the region. On account of the rising wealth of people in the region, the sales of furniture has increased and this has led to the growth in wood coatings market in Asia Pacific. The region is slated to grow its dominant share slightly by 2025 to 47.4%.
Majorly fuelling growth in the global wood coatings market are the growing number of housing construction activities worldwide and the increasing disposable incomes of people which has driven up sales of furniture. Environmental regulations placed on emission of volatile organic compounds (VOCs) is also providing headwinds to the market. As per the lead analyst of the TMR report, “Numerous initiatives for bringing down emission of VOCs have taken by industries and organizations. Growing awareness about coatings with low volatile organic compounds and implementation of safety regulations have resulted in the swift uptake of wooden coatings.”
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Posing headwinds to the market for wood coatings, on the other hand, is the volatility in raw material prices. Acrylic and polyurethane are the primary raw materials used in the manufacture of wood coatings. Since they are dependent on the prices of crude oil, their prices get affected thereby posing a challenge to the market.
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