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Wood Coatings market to grow 5.80% by 2023 according to new research report

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Reportocean.com adds "Wood Coatings Market Report" New Study to its portfolio

Wood Coatings are a special class of paints and coatings for wooden surfaces. They are used to enhance aesthetic appeal and ensure surface protection of wooden surfaces such as furniture, cabinets, sidings, and decking & floorings, among others.

Various types of wood coatings include stains and varnishes, shellac coatings, wood preservatives, water repellants, and others. Wood coatings are available in different categories, based on technology such as solvent-based, water-based, high solids, and UV curing.

Resins are one of the vital ingredients present in wood coatings. Some of the commonly used resins in wood coatings are polyurethane, nitrocellulose, acrylic, and polyester.

Wood coatings find extensive scope in both residential and non-residential applications. Wood coating process involves smoothening the wooden surface by sanding, scraping, or planing, followed by filling the imperfections or nail holes on the surface using wood putty or wood filler.

Once the wooden surface is smooth, stains or bleach are used to change color of the wood according to the preference. The next step involves the application of coatings which consists of several coats of wax, shellac, drying oil, lacquer, varnish, or paint, and each coat is typically followed by sanding.

Finally, the surface is polished using steel wool, rottenstone or other materials, depending on the degree of shine required. Additionally, a final coat of wax is applied over the finish to add a layer of protection.
The global wood coatings market is valued at USD 9,118.3 Million in 2017 and expected to grow substantially and register a healthy CAGR of 5.80% to reach USD 12,729.4 Million by the end of 2023. In terms of volume, the market was sized at 3,139.0 thousand tons in 2017 and is expected to grow at a CAGR of 4.91% over the forecast period.

The growth of the global construction and renovation industry is expected to be the primary driver for the growth of the global wood coatings market. Increased consumer purchasing power across the globe is also contributing to the product market. 
Based on type, solvent-based coatings accounted for the largest market share in 2017 by generating 40.0% of the total market revenue. Based on technology, furniture accounted for the largest market share in 2017 by generating 54.1% of the total market revenue.

Based on end-user industry, residential segment accounted for largest market share and witness remarkable growth in near future. The emergence of new technologies in wood coating and the demand for low-VOC coatings are likely to create new growth opportunities for players in the market during the forecast period. 

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However, the availability of low-cost substitutes and stringent environmental regulations for solvent-based wood coatings may restrain the growth of the product market during the forecast period. Furthermore, fluctuating prices of raw materials are considered to be the major challenge faced by manufacturers in the global wood coatings market.
Global Wood Coating Market Share, by Product, 2017 (%) 


Regional Analysis 

The global wood coatings market has been analyzed with respect to five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. 
Asia-Pacific is expected to be the fastest-growing and largest market, accounting for 50.1% of the overall market in 2017. This can be attributed to the aggressive growth of the residential construction in the region. 
Europe held the second largest market share of 20.9% in 2017. The region is slated to grow at a CAGR of 5.41% during the forecast period, 2018-2023. 
North America held the third largest market share of 18.0% in 2017. The region is slated to grow at a CAGR of 5.84% during the forecast period, 2018-2023. 
Segmentation
The global wood coatings market has been segmented on the basis of type, by technology, by resin, application and region.
Based on type, the market comprises solvent-based, UV curing, high solid solvent-based, and water-based coatings. Among these segments, solvent-based coatings accounted for the largest market share in 2017 by generating 40.0% of the total market revenue. 
Based on technology, the market comprises furniture, cabinets, sidings, decking & flooring, and others. Among these segments, furniture accounted for the largest market share in 2017 by generating 54.1% of the total market revenue. 
Based on end-user industry, the market is segmented as residential and non-residential. Among these end user industry, residential segment accounted for largest market share and witness remarkable growth in near future.
The global wood coatings market has been studied with respect to five regionsAsia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Key Players
Some of the major players in global Wood Coatings market are Asian Paints, Jotun, DowDuPont, Inc., Arkema SA, Hempel A/S, Akzo Nobel NV, DowDuPont, Inc., Berger Paints India Limited, Nippon Paint Holdings Co., Ltd, Axalta Coating Systems Ltd, Kansai Nerolac Paints Limited, the Sherwin-Williams Company, PPG Industries, Inc., and PRM International, INC.
Key Findings 
According to Market Research Future The global wood coatings market is projected to grow at a CAGR of 5.81% during the review period to reach USD 12729.4 million by the end of 2023. The solvent-based wood coatings segment accounted for the largest share of 40.0% in 2017 with a market value of USD 3646.4 million and is projected to grow at the highest CAGR of 5.79% during the forecast period owing to the growing consumer demand for a high gloss finish.
Geographic Analysis
The report covers a brief analysis of geographical region includes
World
> North America
o US
o Canada 
> Europe
o Germany
o Netherlands
o Belgium
o Poland
o Italy
o Russia
o UK
o France
o Spain
o Rest of Europe 
> Asia-Pacific
o China
o Japan
o India
o Australia & New-Zealand
o Malaysia
o Thailand
o South Korea
o Rest of Asia-Pacific 
> Middle East & Africa
o Egypt
o UAE
o Israel
o Saudi Arabia
o Turkey
o Rest of the Middle East & Africa
> Latin America
o Brazil
o Argentina
o Mexico
o Rest of Latin America
Intended Audience
> Wood Coatings manufacturers
> Coating manufacturers
> Traders and distributors of Wood Coatings 
> Research and development institutes
> Potential investors
> Raw material suppliers
> Nationalized laboratories
DC description 
> Wood Coatings
> Wood Composite Coatings
> Coatings
> Composite Coatings
> Paints & Coatings
> Wood preservatives

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