According to the latest market study released by Technavio, the global water-borne wood coatings market is expected to grow at a CAGR of more than 6% during the forecast period.
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Technavio has published a new report on the global water-borne wood coatings market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Water-borne Wood Coatings Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global water-borne wood coatings market is likely to grow at a higher pace during the forecast period due to stringent laws by governments across the globe that aim to reduce VOC emissions. On the other hand, increasing prices of raw materials like resins will stand as a major challenge in manufacturing water-borne wood coatings, in turn, affecting the market adversely during the forecast period.
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Technavio's analysts categorize the global water-borne wood coatings market into four major segments by type. They are:
- Furniture
- Decking
- Joinery
- Flooring
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The top three segments of the global water-borne wood coatings market are discussed below:
Global water-borne wood coatings market by furniture
Water-borne wood coatings for furniture, which includes sofas, tables, chairs, decorative tables, and shelves, occupy a major share owing to the rapid demand from the furniture industry. It is estimated that the furniture market has reached approximately USD 463 billion in 2016 and is estimated to reach USD 616.96 billion by 2021.
According to Kshama Upadhayay, a lead paints, coatings, and pigments research analyst from Technavio, "APAC dominated the furniture market with approximately 42.09% of share in 2016. This is expected to grow at a CAGR of 6.75% during the forecast period owing to increasing population and rising disposal income in countries such as China and India. Therefore, the immense increase in furniture demand globally is expected to fuel the demand for water-borne wood coatings during the forecast period."
Global water-borne wood coatings market by decking
The demand for wooden decking is expected to increase at a rate of 1.5% during the forecast period. North America dominates the market for wooden decking followed by Europe, Asia Pacific, and ROW. This demand is majorly due to increasing construction projects, globally. Pressure-treated wood was predominantly used due to it being economical, long lasting, and requiring less maintenance.
"The demand for wood-plastic composite is increasing majorly owing to advantages such as slip-resistance, splinter free, and minimal maintenance. This demand for wood-plastic composite, which does not need further coating, is expected to hamper the growth of water-borne wood coatings during the forecast period," says Kshama
Global water-borne wood coatings market by joinery
Wooden joinery includes staircases, linings, architraves, skirting, gates, porches, and sheds. Europe is dominating the market for wooden joinery with a share of approximately 35.3%, followed by North America, Asia Pacific, and ROW. The demand for wooden joinery in Europe is majorly due to changing lifestyles and increasing demand for luxury furniture in the region.
The joinery market is increasing at a rapid pace in this region due to intense competition between vendors and development of new engineered wood products. For instance, development of glue laminated timber that comprises several layers of glued lumber has boosted the demand for wooden joinery owing to its higher strength and longer lifespans.
The top vendors highlighted by Technavio's research analysts in this report are:
- Akzo Nobel
- Axalta Coating Systems
- PPG Industries
- The Sherwin-Williams Company
- The Dow Chemical Company
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