According to the latest market study released by Technavio, the global wood coatings marketis expected to grow at a CAGR of around 7% during the forecast period.
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Technavio has published a new market research report on the global wood coatings market 2017-2021 under their chemicals and materials library. (Graphic: Business Wire)
This research report titled 'Global Wood Coatings Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global wood coatings market into the following segments based on type. They are:
- Stains and varnishes
- Wood preservatives
- Water repellents
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The top three segments by type are discussed below:
Global wood coatings market by stains and varnishes
Stains or dyes are the top coats that are used to modify the natural color of the wood. These wood stains hold colorants that are suspended in media such as water, alcohol, and petroleum distillate. Varnishes are the decorative or the preservative finish that is coated on the wood surface. It also helps to protect it from ultraviolet light. These stains and varnishes are also available as one-stop finishes and are long-lasting. These are used for furniture such as sofas, tables, chairs, decorative tables, shelves, and decking.
According to Kshama Upadhyay, a lead analyst at Technavio for paints, coatings, and pigments research, "The home furniture segment dominated the global furniture market in 2016 with a share of almost 87%. This segment was followed by the office furniture segment with a share of around 13% in 2016. The major demand for furniture is due to the increased spending on home decoration and focus on aesthetic appeal."
Global wood coatings market by wood preservatives
Wood preservative coatings are otherwise called green treatment. They protect the wood from fungi and insects and prevent the decaying of wood. The predominantly used preservative is chromated copper arsenate (CCA), followed by alkaline copper quaternary (ACQ) and copper azole (CA). These are infused into the surface of the wood through chemical reactions. These wood preservatives are used for wooden outdoor landscaping and building constructions.
"Wood preservative coatings are primarily used for lumber wood. The consumption of lumber is growing every year due to the construction of residential houses across the globe. The wood pallets market in the Americas is expected to grow at a rate of approximately 3.5% annually and will be the second largest producer globally by 2021. This high growth in the production of lumber wood and wood pallets products in regions such as the US will boost the demand for wood preservatives during the forecast period," says Kshama.
Global wood coatings market by shellacs
Shellac finishes are a combination of shellac (a resin secreted by the lac bug) and alcohol. It is available in both flake and liquid forms and can be used as a primer, tannin sealer, odor sealer, insulator, and clear wood finish. It is widely used for wooden decking. The use of shellac is expected to be moderate as the lifespan of the finish is approximately seven months when it is mixed with alcohol.
The demand for wooden decking is expected to grow during the forecast period. Decking applications mainly use pressure-treated wood as it is economical and long-lasting and requires low maintenance. Pressure-treated wood is a type of wood that undergoes the vacuum and pressure treatment to incorporate chemicals such as CCA to prevent fungal decay.
The top vendors highlighted by Technavio's market research analysts in this report are:
- Akzo Nobel
- The Sherwin-Williams Company
- The Dow Chemical Company
- PPG Industries
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