Global Wood Coatings Market: Players Bank on Product Differentiation to Grow
Presence of numerous companies makes the global wood
coatings market highly competitive. Prominent companies operating
in the global wood coatings market show high degree of forward
integration, which provides them with a decided competitive
advantage. Apart from that, manufacturers are also seen focusing on
product differentiation to entice more customers. Some of the key
players in the market are BASF SE, PPG Industries Inc., the Asian
Paints, Nippon Paints Holdings, the Dow Chemical Company, and
Sherwin-Williams Company.
The top four companies, namely The Sherwin Williams Company, PPG
Industries Inc., Akzo Novel N.V. and RPM International Inc. accounted
for almost 60.0% share in the global wood coatings market in 2016. Of
them, The Sherwin Williams Company led the market with a majority
share of 21.3% in 2016.
A noticeable trend in the global wood coatings market is the foray of
small and medium manufacturers which has served to intensify the
competition. Most of them are banking upon product differentiation to
establish a foothold in the market.
A report by Transparency Market Research predicts the revenue in the
global wood coating market to expand at a healthy CAGR of 8.3% from
2017 to 2025 to reach a value of US$17.595 bn by 2025 from US$8.625
bn in 2016. Volume-wise, it predicts the market to exhibit a CAGR of
7.5%.
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Emerging Economies, Asia Pacific Leads Market
Depending upon the type of resin, the global wood coatings market is
segmented into polyurethane, acrylics, melamine formaldehyde,
nitrocellulose, etc. Of them, the segment of polyurethane accounts
for maximum market share and going forward too is expected to retain
the share by registering a CAGR of 8.8% between 2017 and 2025. This
is because polyurethane is scratch and humidity resistant.
Regionally, the segments of the global wood coatings market studied
in the report are North America, Latin America, Asia Pacific, Europe,
and the Middle East and Africa. Asia Pacific, among them, leads the
market with maximum share powered by the densely populated emerging
economies in the region. On account of the rising wealth of people in
the region, the sales of furniture has increased and this has led to
the growth in wood coatings market in Asia Pacific. The region is
slated to grow its dominant share slightly by 2025 to 47.4%.
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Booming Housing
Construction Activities Stokes Growth
Majorly fuelling growth in the global wood coatings market are the
growing number of housing construction activities worldwide and the
increasing disposable incomes of people which has driven up sales of
furniture. Environmental regulations placed on emission of volatile
organic compounds (VOCs) is also providing headwinds to the market.
As per the lead analyst of the TMR report, “Numerous initiatives
for bringing down emission of VOCs have taken by industries and
organizations. Growing awareness about coatings with low volatile
organic compounds and implementation of safety regulations have
resulted in the swift uptake of wooden coatings.”
Fluctuating Raw
Material Prices Pose Challenge
Posing headwinds to the market for wood coatings, on the other hand,
is the volatility in raw material prices. Acrylic and polyurethane
are the primary raw materials used in the manufacture of wood
coatings. Since they are dependent on the prices of crude oil, their
prices get affected thereby posing a challenge to the market.
This review is based on the findings of a TMR report, titled, “Wood
Coatings Market (Resin – Polyurethane, Acrylics, Melamine
Formaldehyde, and Nitrocellulose; Product - Stains and Varnishes,
Shellacs, and Lacquers; Technology - Oil Based, Water Based, and
Solvent Based; Application - Furniture, Cabinets, and Side and Deck)
- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2017 – 2025.”
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