Wood Coating Market – Overview
Apart from the aesthetic aspects, the wood needs to be protected against mechanical, physical and chemical attack is the reason why we coat the wood. There are verity of demands on wood coatings. The demand for materials for exterior application are different to those for products for furniture or floorings. To fulfil this demand, several types of binders and additives are available. Furthermore, the application technology used depends on both the binder and the market. Improvement in sustainability, reduction of harmful substances and reduction of volatile organic compounds (VOC) are some of the general trends all follows as per the requirement and regulations. The relative importance of the various trends depends on the governmental regulations and on consumer need.
The growth in Wood Coating Market will primarily be driven by a boom in residential construction activity in the world and increasing spending capacity of people which has stoked sales of furniture, which in turn benefits the major applications in which Wood Coatings and preservatives are used – namely furniture, decking and siding among others.
Industry/ Innovation/ Related News:
January 2017 – Conestoga Wood Specialties completed a 47,000-square-foot addition to its East Earl, Pennsylvania, and facility to consolidate and expand its finishing operation and streamline capabilities. The cabinet components manufacturer cited consistent market growth and a rising demand for painted kitchens among the reasons for the expansion. This expansion has significantly increased the finishing capabilities, enabling Conestoga to meet the customers’ demands for the highest quality finishes and on-time delivery they’ve come to expect for many years to come.
March 2017 – Nippon Paint announces strategic alliance with IVM Chemicals from Italy. The paint and coating maker is expanding its portfolio by launching ‘wood art by Nippon Paint’. As part of the strategic alliance with Italian Wood Coating Manufacturer IVM Chemicals, The Company will promote Wood Coatings in India.
February 2017 – BASF introduced new light stabilizers for wood and metal coatings. The five products from the Tinuvin® DW (N) range as well as Tinuvin® 249 will meet the increasing demand for high-performance light stabilizers to formulate durable coatings for exterior use. The trends in the field of light stabilizers are cost efficiency, increased performance and sustainability. With the new Tinuvin products, BASF offer the customers innovative solutions to meet these key challenges in wood coating market.
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May 2017 – Axalta Coating Systems, a leading global supplier of liquid and powder coatings, has completed its previously announced acquisition of The Valspar Corporation’s North American Industrial Wood Coatings business. Valspar divested the business in connection with the antitrust approval of its acquisition by The Sherwin-Williams Company. The acquisition strategy by Axalta Coating Systems would help the organization to increase its market share in North America region.
May 2017 – Teknos has entered into an agreement with Looser Holding AG, an industrial holding company recently acquired by Arbonia AG, to acquire its global wood coatings division, Feyco Treffert, operating in Switzerland, Germany, Malaysia, China, the USA and Liechtenstein. The acquisition strengthens Teknos’ position in the wood segment globally, provides access to new markets in Europe, Asia Pacific and North America, and opens up new business opportunities in the wood and construction industry.
Wood Coating Market – Regional Analysis
Asia Pacific region accounted largest market share in the Global Wood Coating Market and expected to dominate during the forecast period due to rising population and growing residential and non-residential activities in the region. China being largest consumer, manufacturer and exporter of Wood Coating. Chinese manufacturers are mostly small manufacturers and some of the prominent manufacturers. In addition to this, North America & Europe have witnessed healthy growth in Wood Coating Market owing to a growing non-residential repair, renovation and new construction activities in the region.
The report analyses the degree of competition among the industry players as well as industry growth and market scenario. The Global Wood Coating Market is at a growing stage, which represents moderate stats in terms of market value and overall volume. Over the past few years, Wood Coating Market has witnessed healthy demand due to increasing spending capacity of people which has stoked sales of furniture. Nevertheless, the degree of competition among the market players is still less owing to limited major key market players across the globe. Globally market for Wood Coating is fragmented and it is moving towards growth expansion by specifically adopting partnership, expansion and joint-venture strategies and product launch strategies.
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