The global furniture wood coatings market size is poised to grow by USD 1.80 billion during 2020-2024, progressing at a CAGR of over 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Furniture Wood Coatings Market 2020-2024 (Graphic: Business Wire)
Rapid industrialization and the growing consumer demand for hardwood and softwood-based furniture in the APAC reason would be one of the key drivers for the growth of the global furniture wood coatings market during the forecast period. This can also be attributed to the rise in the number of commercial and residential buildings in this region. Additionally, the growing space constraints in urban settings are driving consumer preference for multipurpose, compact, and portable furniture. All these factors will eventually lead to the growth of the global furniture wood coatings market.
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Report Highlights:
- The major furniture wood coatings market growth is driven by the solvent-borne furniture segment. This is due to the resistance to harsh environmental conditions, such as high temperatures and humidity.
- APAC was the largest furniture wood coatings market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the booming construction industry that would drive the growth of the furniture wood coatings market.
- The global furniture wood coatings market is fragmented. Akzo Nobel NV, Arkema SA, Ashland Global Holdings Inc., Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Jotun AS, PPG Industries Inc., RPM International Inc., and The Sherwin-Williams Co. are some of the major market participants. To help clients improve their market position, this furniture wood coatings market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global furniture wood coatings market 2020-2024 is expected to have neutral impact. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Natural wood coating solutions will be a Key Market Trend
With a focus on introducing innovative products, wood coatings manufacturers are concentrating on adopting sustainable processes. These processes are giving way to the new trend of natural woods coating solutions. The growing consumer concern about the negative effects of wood coatings owing to the considerable emission of VOCs by solvent-borne coating systems has increased the adoption of eco-friendly furniture wood coatings. This coupled with the government initiatives will be a key trend that will lead to the growth of the Furniture Wood Coatings Market during the forecast period.
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Furniture Wood Coatings Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist furniture wood coatings market growth during the next five years
- Estimation of the furniture wood coatings market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the furniture wood coatings market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of furniture wood coatings market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 2024
Five Forces Analysis
- Five forces analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Technology
- Market segments
- Comparison by Technology
- Solvent-borne Market size and forecast 2019-2024
- Water-borne Market size and forecast 2019-2024
- Radiation-cured Market size and forecast 2019-2024
- Powder coating Market size and forecast 2019-2024
- Market opportunity by Technology
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- North America Market size and forecast 2019-2024
- South America Market size and forecast 2019-2024
- MEA Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Akzo Nobel NV
- Arkema SA
- Ashland Global Holdings Inc.
- Asian Paints Ltd.
- Axalta Coating Systems Ltd.
- BASF SE
- Jotun AS
- PPG Industries Inc.
- RPM International Inc.
- The Sherwin-Williams Co.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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