Albany, New York, Nov. 21, 2017 (GLOBE NEWSWIRE) -- The global market for wood coatings is highly competitive, thanks to the presence of a number of companies, states Transparency Market Research (TMR) in a new report. The leading vendors of wood coatings are concentrating on product differentiation to attract more customers and strengthen their presence. In 2016, the top four players, The Sherwin Williams Company, PPG Industries Inc., Akzo Novel N.V. and RPM International Inc., held nearly 60.0% of the overall market. With a little more than 21%, Sherwin Williams Co. declared its supremacy that year and scenario does not look like changing anytime soon. BASF SE, Asian Paints, Nippon Paints Holdings, and The Dow Chemical Co. are some of other prominent players functioning in this market, notes the research study.
As per the research study, the global market for wood coatings , which was worth US$8.6 bn in 2016, is projected to report a healthy CAGR of 8.30% over the period from 2017 to 2025 and rise to US$17.5 bn by the 2025 end. In terms of volume, the market is expected to rise at a CAGR of 7.50% during the period of the forecast. Polyurethane has surfaced as the most valued resin in the global market. Rising at a CAGR of 8.80% between 2017 and 2025, this segment is likely to remain on the top over the next few years. In terms of geography, Asia Pacific led the global market in 2016 with a share of 26.5%. Thanks to the increasing uptake of acrylics and water-based technology in Asian countries, this regional market is predicted to retain its dominance in the years to come, states the market report.
Rising Demand for Furniture to Boost Global Wood Coatings Market
“The global wood coatings market is benefiting substantially from the rise in the housing sector, thanks to increasing number nuclear families across the world,” says a TMR analyst. The augmented construction activities, on account of the swift surge in the trend of urbanization and industrial expansion, have also fueled the demand for wood coatings, reflecting greatly on the market’s growth.
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Going forward, the continual upswing in the demand for furniture, driven by the increasing disposable income of consumers, globally, is likely to boost this market considerably in the years to come. Apart from this, the market will also gain from the implementation of environmental policies to regulate the discharge of volatile organic compounds (VOCs) over the next few years, owing to the increase in the awareness regarding coatings with low VOCs, states the report.
Price Volatility of Raw Materials to Act as Restraint
Although the future of the global market for wood coatings looks bright, it may face several obstacles in its growth trajectory over the coming years. The most prominent among them is the volatile prices of raw materials. Primarily, polyurethane and acrylic are utilized as raw materials to produce wood coatings. Largely depended on the crude oil, their prices of these raw materials are severely affected by the instability in the crude oil industry. This, as a result, will hamper the growth of the worldwide wood coatings market in the near future, reports the study.
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