A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global wood coatings market. Presenting exclusive insights into the market from 2019 to 2027, the report projects that the market will witness notable growth during the forecast period. Wood coating stands is a process that is widely used to refine and protect wood or wooden structures, primarily in the production of wooden furniture, and helps in extending the shelf life of the wooden products. Furthermore, the process improves the appearance of the product, thereby acting as a key marketing technique. The growth of the market is predominantly attributed to the growth of the housing furniture market and the introduction of unique formulations. Moreover, the increasing levels of disposable incomes, coupled with the improving standards of living in emerging economies, such as China and India is complementing the growth of the wood coatings market.
Polyurethane-based Wood Coatings Behold a Plunge in Usage Backed by Strong Physical Properties
Over recent years, there has been a significant increase in consumer spending on infrastructural renovations and housing decorations. This has been a significant factor in driving the wood coatings market on a positive growth trajectory. Wood coatings find remarkable applications in interior wood, small furniture, panels, tables, cupboards, chairs, and kitchen furniture, among other home furniture. As consumers emphasize the need for maintaining attractive households and express willingness to spend on their residential infrastructure, the demand for wood coatings will remain high. Besides, rising competition among players to offer better services, growth in unique formulations, and innovation of new products are also supporting the growth of the wood coatings market. Polyurethane wood coatings are expected to gain significant traction among end-users, owing to its high-performance finish, that aids in preserving and improving nature, thereby ensuring long life. The physical properties of polyurethane, such as enduring surface finish, high resistance against solvent & scratch, and protection against wear and tear, make it ideal for wood products used in heavy-duty applications. On the back of increasing disposable incomes and flourishing construction activities in the residential sector, the wood coatings market is gaining significant push from the Asia Pacific region, which is forecasted to remain one of the leading regions through the forecast period.
Government Regulations and Volatile Prices of Raw Materials Pose Challenge
Governments and other regulatory bodies across the world are imposing stringent guidelines on the use of volatile organic compounds (VOC) in the production of wood coatings. It is considered that high usage of VOCs in the production of wood coatings can negatively impact the environment. Besides, the fluctuating costs of raw materials are also posing a challenge to the market players in maintaining their profit margins. The aforementioned factors are expected to hinder the healthy growth of the market to a certain extent.