The latest market report published by Acute Market Reports “Wood Coatings Market By System Type (Solvent-borne, Water-borne, and high solids), Coating Type (Preservatives, Stains & Varnishes, Shellacs and Other), End-User (Furniture, Flooring, Decking, Siding, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa) - Growth, Future Prospects, and Competitive Analysis, 2020 - 2028,” the global wood coatings market is expected to expand by 6.5% CAGR during 2020-2028.
Browse the full Wood Coatings Market - Growth, Future Prospects, and Competitive Analysis, 2020 – 2028 report at https://www.acutemarketreports.com/report/wood-coatings-market
Market Insights:
The growth in the construction activity with recovery in housings and residential projects is expected to drive the global wood coatings market. The worldwide trend shift from solvent-borne coatings towards water-borne type is gradually rising, yet currently, solvent-borne coatings are dominant owing to its technical advantage, such as low cure time. In North America and the European region, the water-borne wood coatings have higher penetration owing to the high adoption of eco-friendly products compared to the Asian counterpart.
Demand for wood coatings is expected to gain traction owing to the upsurge in repair and refreshing of the wood products from existing homes. For instance, staining is often required before the sale of the house and hence the stains & varnishes segment frequently undergo a lag period of 6-12 months. Other influence, such as do-it-yourself (DIY) for homeowners which remolds their furniture according to their expression also boosts the global wood coatings market.
Competitive Insights:
The key players present in this market are Akzo Nobel N.V., The Sherwin-Williams Company, and Valspar Corporation among others. The companies are taking the advantage of digitalization and offering e-platform for various entities in the supply chain of wood coatings. For instance, the Lubrizol Corporation introduced a mobile app for wood coatings formulators to access the company’s various chemistries thereby improving the coating performance. This was aimed to provide a guide to the formulators in selecting the correct materials for exceptional wood coating challenges. The mergers/ acquisitions, divestiture, and new product launches are some of the strategies companies are advocating to achieve a robust geographical presence coupled with an increase in their market share.
Key Trends:
