The global wood coating resins market is projected to reach USD 4.24 Billion by 2021, at a CAGR of 5.39% from 2016 to 2021.
The global wood coating resins market is projected to grow at a CAGR of 5.39% from 2016 to 2021 in terms of value. Growth in the global wood coating resins market is due to the green, environment friendly properties of wood coating resins, healthier coating systems, more durable coating resins with better performance and better aesthetics, the growing demand for water borne and solvent free coating resins, VOC regulations driving the demand for water borne coating resins, and the growing end-use industries.
| Wood Coating Market to Grow at a
CAGR of 5.39% from 2016 to 2021
Market to Grow at a CAGR of 5.39%
Furniture - Dominant Application Segment
Modern indoor and outdoor furniture has an increasing array of functions that need different kinds of coatings. Superior resistance to dirt (pendulum hardness), abrasion (Taber abrasion) and water (water spot) are the most significant properties required for wood coating resins for the furniture application. Additionally, superior chemical (stain) resistance to shoe polish, nail polish remover, soft drinks and other agents that might be commonly found in office environments was also identified as an important criterion for office wood coatings. There is a growth in the demand for modern as well as traditional furniture in the market and the demand for furniture is directly proportional to the demand for wood coating resins.
Water borne - The Fastest-growing Technology
Water borne wood coating resins in many cases, exceed the performance and application properties of existing solvent-based wood coating resins. This technology offers excellent performance properties such as early chemical resistance, block and print resistance, and hardness.
Asia-Pacific to Register Highest Growth Rate
The Asia-Pacific region wood coating resins industry is witnessing a phase of rapid transformation and growth, mainly driven by stable economic growth and infrastructure development. The Asia-Pacific region is a global sourcing hub for the key companies owing to the region’s rapidly increasing demand for wood coating resins. Healthy economic growth, changing consumer preferences, improvement in the standards of living and increased spending on infrastructure are expected to drive the Asia-Pacific region wood coating resins market.
The key players in this market are Arkema S.A. (France), Nuplex Industries Limited (Australia), Koninklijke DSM N.V. (Netherlands), Allnex S.à.r.l. (Germany), Synthopol Chemie Dr. rer. pol. Koch GmbH & Co. KG (Germany), Dynea AS (Norway), Polynt Spa (Italy), Sirca Spa (Italy), IVM Group (Italy), and Helios Group (Slovenia).
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