Growth witnessed in the housing and residential spaces market is the primary driver of the wood coatings market. House owners are putting more capital in the upkeep of their decks, fences, floors and windows. A maintained and well-kept home adds some face and monetary value to the rooms, saving money in the long run. Additionally, strict housing regulations, high rivalry, development of unique living spaces and new product innovations are a part of the factors bringing to life the wood coatings market. Wood coatings represent most of the wood insurance request with paints and stains holding the biggest avenues of the market. Interestingly, additives, which are connected to lumber by the wood treatment enterprises, represent a smaller section of wood safety demand.
According to a report published by Transparency Market Research (TMR), the global wood coatings market is prognosticated to exhibit a vigorous growth during the forecast period of 2017-2025. The industry opportunity is expected to be supported by the brisk acceleration of the demand housing and constructions activities all over the world. Recently, at FMC China 2017, Akzo Nobel showcased their upcoming innovations in the field of wood coatings. Such efforts taken by companies to emerge at the fore, will enable market gain increased traction in the coming years
Q: What are the best market influencers of the worldwide coatings market?
A: The world wood coatings market is driven by a number of factors, such as gargantuan demand from the world’s developing economies, the rising interest in MDF Wood growing awareness of green and environmentally sustainable products. Wood coatings, on account of their brilliant adhesion attribute and properties of anti-corrosion, high durability and aesthetic characteristics is fast turning into an integral component of several commercial applications. Additionally, expansion of the global wood coatings market is due to the environmental sustainability concerns which has led to regulations to curb volatile organic compound (VOC) emissions.
The wavering prices of raw materials could prove as a hampering factor to the growth of the wood coatings market. Also, the presence of substitutes does not bode well for growth opportunities. Nonetheless, the market is prognosticated to witness high growth on account of the various contingencies in from of infrastructure boom, and higher spending capacities of people.
Q: Which regions are expected to be top market performers?
A: TMR classifies the worldwide wood coatings market geographically into North America, Europe, Latin America, Asia Pacific and the Middle East & Africa. Asia Pacific is foretold to be the dominant region, owing to the rising per capita incomes of the general populace. Europe is expected to follow closely, showcasing vital CAGR over the forecast period.
Some of the key players operating in the global wood coatings market are PPG Industries, Inc., Nippon Paint Holding Co., Ltd, Akzo Nobel N.V, The Dow Chemical Company, and BASF SE.
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