ALBANY, New York, August 22, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Wood Coatings Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025." According to the report, the global wood coatings market was valued at US$ 8,629.5 Mn in 2016 and is estimated to reach US$ 17,595.4 Mn by 2025, expanding at a CAGR of 8.3% between 2017 and 2025.
Wood coatings are the products that are generally used for making improvement in the appearance of a wooden article and thus protect the structure from environmental effects. The choice of a particular wood coating depends on the desired appearance of the wood and also on the amount of protection required. Growth in the wood coatings market will be fueled by the increasing number of new housing construction, which raises demand for the newly installed wood products and therefore for wood coatings. Growth will be supported by increases in the residential maintenance activities, which usually involve recoating existing wood products. Wood coatings are highly used for kitchen furnishings and flooring. Demand for side & deck in advanced countries is increasing, which is anticipated to fuel the market for wood coatings in the next few years. Increasing public awareness regarding coatings with low volatile organic compounds and the implementation of safety regulations are factors that significantly contribute to growth of the wood coatings market. Increasing disposable income is also considered as a propelling factor for global wood coatings market.
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Global wood coatings market has been segmented in terms of resin, product, technology application and geography. Resin segment has been categorized into polyurethane, acrylics, melamine formaldehyde, nitrocellulose, and others. The product segment of the wood coatings market is classified as stains & varnishes, shellacs, lacquers, and others. The technology segmentation covers oil based wood coatings, water based wood coatings and also solvent based wood coatings. The wood coatings market, by application has been categorized into furniture, cabinets, side & deck, and others. The regional analysis of global wood coatings market include includes the current and forecast consumption of wood coatings in North America (U.S, Canada), Latin America (Brazil, Mexico, Rest of Latin America), Europe (Germany, France, Italy, U.K, Spain, and Rest of Europe), Asia Pacific (China, India, Japan & ASEAN), and Middle East & Africa (GCC, Egypt, South Africa and Rest of Middle East & Africa).
Asia Pacific accounts for a major share in the global wood coatings market. Rising demand for attractive furniture and maintenance and repair of the same are factors expected to augment the demand for wood coatings in the region in the near future. The wood coatings market in North America is driven by the increase in demand for side & deck in the construction industry. Stringent regulations in Europe associated with the emission of volatile organic compounds are projected to boost the demand for wood coatings in the region in the next few years. Latin America and Middle East & Africa are estimated to witness high demand for wood coatings in the near future.
Key players profiled in the report include Akzo Nobel N.V, BASF SE, Nippon Paint Holding Co., Ltd, PPG Industries, Inc., RPM International Inc., The Sherwin Williams Company, and The Dow Chemical Company.
The global Wood Coatings market has been segmented as follows:
Wood Coatings Market - Resin Analysis
- Melamine Formaldehyde
Wood Coatings Market - Product Analysis
- Stains & Varnishes
Wood Coatings Market - Technology Analysis
- Oil based
- Water based
- Solvent based
Wood Coatings Market - Application Analysis
- Side & Deck
Wood Coatings Market - Regional Analysis
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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SOURCE Transparency Market Research