Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2027 for the Wood Paints & Coatings Market
Wood coatings are substances or mixtures that are added to finished wood products in order to maintain their overall quality in terms of tensile strength, color, and texture. Wood coatings include a wide variety of products for both indoor and outdoor use, such as stains, varnishes, paints, and supporting ancillary goods.
Global demand for wood
paints and coatings has been driven by increasing urbanization in various
regions and nations. For instance, 69.5% of the entire Ukrainian population,
according to an analysis by Worldwide Market Research, lives in urban areas and
cities. The increasing number of people moving into urban areas causes a change
in urban lifestyle, which increases consumer spending on wooden goods like flooring
and interior design.
Over
the forecast period, the Wood
Paints & Coatings Market is anticipated to grow at a CAGR of 5.9
percent (2021-2027). The growth of the target market has been fueled by the rise of
commercialization. The demand for wooden furniture is anticipated to increase
in the coming years and will significantly support the growth of the global
wood paints and coatings market due to rising spending power and increasing
government initiatives for the expansion of educational facilities. For instance,
the Russian government launched initiatives for the renovation and construction
of new infrastructure across the nation in 2018 as the FIFA World Cup got
underway.
Wood Paints & Coatings Market is frequently used
to protect and refine structures made of or from wood. It contributes to longer product life. Additionally, the use of wood coating improves the visual
cues of wooden objects, aiding in product marketing. The Wood Paints & Coatings Market is divided into
categories based on technology including waterborne, high solids solvent borne,
conventional solid solvent borne, powder coating, radiation cured, and others.
Due to their low cost and quick drying qualities, conventional solid solvent-borne coatings are in higher demand.
Section for Competition
BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems are some of the major companies active in the global wood paints & coatings market.
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