Wood Coatings Market
Rapid urbanization in response to development and population increase has increased the demand for housing on a large scale. Consequently, the need for furniture such as chairs, tables, beds, sofas, shelves, and cupboards has skyrocketed. Furthermore, as the service sector expands, a large section of the population is migrating to new areas, fueling the development of hostels, co-living, guest houses, and official premises. This is projected to increase the demand for a variety of furniture goods. The ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฐ๐จ๐จ๐ ๐๐จ๐๐ญ๐ข๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐ข๐ณ๐ is anticipated to reach more than US$ 17 Bn by the end of the 2021-2031 forecast period, registering a CAGR of 6.4%.
๐๐ข๐๐ฐ ๐ ๐ฎ๐ฅ๐ฅ ๐๐๐ฉ๐จ๐ซ๐ญ @ https://www.factmr.com/report/4538/wood-coatings-market
Widespread urbanization has impelled housing demand, enhancing sales of different furniture grades, and ultimately spurring the adoption of wood coatings.
As per historical data, sales of wood coatings expanded at a CAGR of 5%, reaching US$ 9 Bn by the end of the 2016-2020 period. As the service sector expands, a substantial portion of the population is relocating to new locations, fueling the creation of hostels, co-living spaces, guest houses, and government buildings. This is expected to raise demand for a wide range of furniture products.
The wood coating market is estimated to grow with technological advancements as well as a large demand for low VOC coatings. The recovery of the global economy would also boost the demand for wood coatings.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ https://www.factmr.com/connectus/sample?flag=S&rep_id=4538
๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ ๐๐ซ๐จ๐ฆ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ญ๐ฎ๐๐ฒ
โข Global wood coating market to add 1.8x the value in 2031 compared to 2021
โข By end use, furniture to emerge key application area, seeing a CAGR exceeding 6% through 2031
โข Solvent-borne wood coatings to account for 66% of total demand until 2031
โข Powder-based wood coatings to account for 1/3rd of global demand
โข Around 2 out of 5 wood coatings sales to happen across the U.S market
โข Wood coatings sales in Europe likely to register a CAGR of 5% across the forecast period
โข East Asia to account for nearly a quarter of the global wood coatings demand
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐๐ง๐๐ฌ๐๐๐ฉ๐ ๐จ๐ ๐ฐ๐จ๐จ๐ ๐๐จ๐๐ญ๐ข๐ง๐ ๐ฌ ๐ฆ๐๐ซ๐ค๐๐ญ –
Wood coating manufacturers are expanding the market through a mix of innovation and awareness. As a result of a flourishing housing industry, wood finish manufacturers continue to experience good growth.
Demand for wood coatings is expected to maintain pace with growing supplier business activities, high-gloss interior design preferences, and customer purchasing power.
Top competitors like BASF SE, The Dow Chemical Company, Nouryon, Sherwin-Williams Company, Hempel A/S., and Valspar Corporation are purchasing top shares.
Companies are taking advantage of possibilities in the Asia Pacific. Recently, the industry has seen an expansion in manufacturing capacity to build on its existing history in the field of wood coatings and paints.
๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐๐จ๐ซ ๐๐จ๐จ๐ ๐๐จ๐๐ญ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ:
โข The wood coating market analysis covers in-depth information on major industry participants
โข Wood coatings market size has been analyzed across all regions
โข Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy-building
โข The report outlines the current wood coatings market trends and future scenarios of the wood coatings market size from 2017 to 2025 to understand the prevailing opportunities and potential investment pockets. The market is forecasted for 2020-2025
โข Major countries in the region have been mapped according to their revenue contribution to the regional market
โข The key drivers, restraints, and wood coatings market opportunities and their detailed impact analyses are elucidated in the study
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This release was published on openPR.