The wood coating is intended to make sure a high- quality protection while accentuating on the natural beauty of the original wood in a sense of long-lasting durability, texture, and color. Wood coatings consist of mixtures or additives which are laminated on the end wood product preserving supreme reliability and safety. Wood coatings encompass a wide range of materials such as paints, stains, varnishes and ancillary supporting products for outdoor and indoor purposes. The coatings are applied once the wood’s exterior surface is stained and dried.
The process of the coating to a finished wood product is referred to as wood finishing. Finishing is the last stage of the production process and offers captivating features including heat and moisture resistance, increased shelf life, and embellish appearance to the wood surface. Finishing even aids in keeping the end-product sterilized and requires easy maintenance. Wood coatings are of high importance and are used in variety of commercial, industrial, and residential areas. Owing to their superior adhesion and anti-corrosive properties, they also add up to aesthetic beauty and are becoming an integral part in various sectors.
Market Growth Affecting Aspects
Key aspects propelling the wood coatings market growth include surging construction projects across the world and rising purchasing power of the consumer that has thrilled sales of furniture. Furthermore, increasing urbanized population, increased disposable income, demand for remodeling and renovations activity and rising living standard of life has been driving the growth of the market tremendously.
Besides, environmental concerns and regulations regarding the cutting of emissions from volatile organic compounds are also heading the global wood cutting market is a positive direction. In addition, recovery of global economy and the increasing importance of wood coatings due to low VOC composition and implementation of protective regulations further adds up to stimulating overall growth of the market.
However, fluctuating raw material prices of substances such as polyurethane and acrylic, availability of cheaper yet quality substitutes including plastic wood and composites might create a roadblock in further expansion of the market. The advent of new technologies and product development strategies, adoption of low VOC coating, and arising market especially in Asia-Pacific Market provides lucrative opportunities to market players to extend their business activities. Awareness creation associated with advantages of wood coating over other replacement options and regulating prices to ensure affordability are the two biggest challenges faced by market players.
From a geographical standpoint, the global wood coating market is segmented into North America, Asia-Pacific, Europe and Latin America, the Middle East & Africa. In the last couple of years, the growth of wood coatings consumption has been remarkably high in Asia-Pacific owing to increasing wealth of people and burgeoning demand for wood production of kitchens, interiors, windows, cupboards, and others. China, followed by India, are some of the major contributors to global as well as Asia-Pacific wood coating market due to the flourishing construction industry.
The industry is experiencing a major shift of key market players from the U.S. and Europe to the developing countries of Asia-Pacific being an attractive market of wood coatings. Europe tracks a path behind Asia-Pacific and the market is primarily driven by water-based and acrylic technology.
The future of wood coating market looks promising therefore companies are increasing investment with the aim of leveraging country’s infrastructure. Coating and paint producers in the organized sector are vigorously keeping track of activities going in the market and are likely to have multiple manufacturing facilities. Acquisitions and mergers are the key approaches undertaken by leading companies in the market.
For instance, in April 2016, a leading manufacturer of adhesives, sealants and construction chemicals, Pidilite Industries, reached to a conclusive agreement to form an equal joint venture company -wood coat -with Industria Chimica Adriatica S.P.A (ICA), based in Italy.
Nippon Paint, in July 2016, declared a strategic partnership with Italy’s IVM Chemicals. The main aim of this partnership was to launch a new product range under the wood coating business in India, mainly using Japanese technology. Under this agreement, IVM Chemical’s brands including Ilva, Milesi and Croma Lacke were advertised by Nippon in India wood coatings market.
Recently, Teknos, a global coatings company providing a wide range of paints and coatings, successfully completed the acquisition with Feyco Treffert on April 2017. Feyco Treffert specializes in coating and maintenance of wood surfaces. The main goal of Teknos behind this acquisition is to expand their business and make available new market in Malaysia, Switzerland, and the USA. This will help the company to consolidate its market position in the wood coatings segment on the global level.
Global Wood Coating Market Segmentation
oStains & Varnishes
oFlooring & Decking
By Applying Method
oRoll Coating & Brush Coating
o North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA