According to a report made available by Radiant Insights, Inc.; the global wood coatings market is anticipated to register substantial growth by 2022. Rising construction activities and sales of furniture due to increasing spending capacity of consumers can propel the market over the forecast period (2018 to 2022).
Increasing demand for environment-friendly materials and the necessity to construct energy-efficient buildings to reduce carbon dioxide emissions can drive the market for wood coating materials. These coatings find numerous applications including furniture, sliding, and decking to protect wooden furniture from moisture and mold formation.
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Paint is the primary wood protection product broadly used on doors, windows, and sidings. Stains and sealers are used on furniture, flooring, decks, and cabinets. The coatings consist of anti-corrosion and adhesion properties, which increases durability and aesthetic value of wood. . Rising popularity of wood furniture can drive the market over the forecast period. However, volatile prices of raw materials may hinder the market growth in near future.
The worldwide wood coatings market can be segmented on the basis of technology, product type, and regions. As per technology, the market can be segmented into solvent-based, water-based, UV-cured, and powder-based coatings. Based on product type, the market can be categorized into stains and varnishes, wood preservatives, shellacs, water repellents, and others. Geographically, the market can be divided into Americas, Asia Pacific, and Europe and Middle East and Africa.
Asia Pacific is anticipated to showcase rapid growth over the forecast period. This growth can be accredited to rise in industrial and infrastructural projects. The demand for wood is likely to increase with growing construction and reconstruction of interiors, windows, cupboards, kitchens, and other building components. The region is one of the largest producers of wooden furniture. Therefore, the regional market is anticipated to witness impressive growth over the forecast period.
Europe is also considered as one of the largest markets for wood coating. The market in the region is mainly driven by water-based and acrylic technology. The green drive and emphasis on clean indoor air quality (IAQ) have been prompting the regional demand for interior wood coatings. Reduction or removal of formaldehyde can further boost the regional wood coatings market over the forecast period. The companies from Europe, the Middle East, and Africa (EMEA) have adapted to this change due to rising concerns regarding air quality and health. Strict rules regarding indoor air quality is projected to boost the regional expansion.
The Americas is also looks attractive due to increasing use of biodegradable coatings and preservatives owing to high consumers awareness regarding protection of environment. The American Wood Protection Association has expelled the usage of chromate copper arsenate (CCA), which has a hostile effect on the environment on disposal. This factor is anticipated to impel the regional market for wood coatings over the forecast period.
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Prominent companies operating in the wood coatings market include BASF, RPM International, Akzo Nobel, and The Sherwin-Williams Company. In a recent market development, BASF launched a new light stabilizer for metal and wood coatings. It includes Tinuvin DW (N) range and Tinuvin 249 can be utilized in high-performance light stabilizers to form durable coatings for exterior use.
Tinuvin 249 aids making of coatings with weather resistance capabilities and a high degree of color-fastness. This light stabilizer additive can be easy to combine owing to its low level of viscosity. The product can be well-suited for manufacturing high-quality clear coatings as it consists of little original color and better color stability.
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