FURNITURE WOOD COATINGS MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

FURNITURE WOOD COATINGS MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The increasing demand for wood coatings from all over the world propels the growth in the furniture industry is the primary driver for the growth of the furniture wood coatings market.

Key Highlights

• The replacement of housing market worldwide is also driving the growth of the market.
• The top vendors introducing the natural wood coatings is driving the demand for this market. New entrants that offer innovative and green solutions are growing in the market.
• In the furniture industry, interiors of homes, offices, and flats are changing continuously. This is driving innovation and development, primarily in terms of designs, size, and colors, which is expected to increase the production volume of furniture across the world.
• Furniture wood coatings are extensively used. Thus, the increasing production volume of furniture across the world is augmenting the growth of the market studied.
• Moreover, with the rapidly growing service sector, a huge proportion of the population has been relocating to new locations, which is driving the trend of hostels, co-living, guest houses, and official premises. This is expected to increase the demand for various furniture products.

Key Market TrendsSolvent-borne Coatings Segment is the Largest Segment

The solvent-borne coatings are available at economical prices when compared with other technologies, which is driving the segment’s growth. Solvent borne coatings are used primarily as protective layers in liquid form, which are applied to the surface of a material for corrosion prevention. They comprise of organic compounds, and as a result of the curing property of solvent-borne coatings, they exhibit more toughness than waterborne coatings, thereby proving to be a preferred choice as a corrosion control solution. Solvent-borne coatings also possess a relative advantage over waterborne coatings owing to the fact that they bring effective results when applied even in humid environments, where the latter does not cure effectively.

Considering the vital advantages and applications of solvent-borne coatings pertaining to harsh environmental conditions, the study of the solvent-borne coatings market becomes an important read.

Asia-Pacific is Expected to Witness the Highest Growth

The growing urbanization and rising purchasing power of consumers in the region, especially from China and India, are expected to drive the growth of the market in the region. China has the largest furniture sector across the world, which is thriving, owing to the increasing domestic and foreign demand. In India, both the furniture and construction sectors have been witnessing major growth in the recent times. Some of the key factors that are boosting this growth include the increasing investment in the residential and commercial sector and government initiatives. The entry of major furniture companies is also expected to boost the furniture industry growth. Additionally, there has been a major growth in the public and private investments in the construction sectors of ASEAN countries, in the recent times. These factors are likely to help the Asia-Pacific region to dominate the market, during the forecast period.

Competitive Landscape

The report covers major international players operating in the Furniture Wood Coatings Market. The market is dominated by players such as Akzo Nobel, BASF, The Sherwin-Williams Company, The Dow Chemical Company and PPG Industries and others. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Akzo Nobel
BASF
The Sherwin
Williams Company
The Dow Chemical Company
PPG Industries
Benjamin Moore & Co.
Diamond Vogel
Royal DSM
Drywood Coatings
Helios Group
IVM Chemicals
Jotun
KAPCI Coatings
Rust
Oleum*

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