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Some of the major drivers behind the growing demand of global wood coating market include rise in new construction (both residential and commercial), recovery of global economy, increasing disposable income and increasing urbanized population. The growing construction of residential and non-residential buildings is driving the demand for wood coating. For infrastructure development, the U.K government’s public sector investment was increased by $4.9 billion to about $77.7 billion in 2013 – 2014, over 2012 – 2013. It is expected to further increase to about $92.0 billion in 2016-2017. With the increase in infrastructure investment, the demand for wood coating is expected to increase. The increasing disposable income across the globe has enhanced the living standards of people, with increased spends on houses; which also contributed to the increased demand for wood coating. According to the National Bureau of Statistics of China, the annual per capita disposable income of urban households in China increased from $2,271.0 in 2008 to $3,408.5 in 2012. The overall annual disposable income in medium households in India increased from $1,366.2 billion in 2010 to $1,587.6 billion in 2013.
In the current scenario, the homeowners are interested in investing more in the upkeep of their floors, fences, siding and decks. Properly managed and highly maintained home adds value of the home and saves money in the long term. Moreover, the increasing competition, stringent regulations and new product developments are some of the important factors for the growth of the wood coatings market. However, the availability of quality and cheaper alternatives, such as plastic wood and wood composite is expected to hamper the growth of the wood coatings market. These substitutes are frequently sturdier and require less maintenance, in contrast to wood items. Despite the fact that substitutes are accessible, wood is an essential choice for residential and commercial purposes owing to wide accessibly in the market.
Based on coating type, the global wood coating market is segmented into stains and varnishes, shellacs, water repellents and others. Based on end-user, the global wood coating market is segmented into furniture, cabinets, siding, flooring, decking and others.
Geographically, Asia-Pacific is the largest market for wood coating followed by Europe and North America. During the forecast period, the Asia-Pacific wood coating market is expected to grow at the fastest rate, owing to increase in the disposable income and construction activities in the region.
Some of the major competitors in the wood coating market include Akzo Nobel Coatings NV, Sherwin-Williams Co., Kansai Paint Co. Ltd., ICI Paints, DuPont Coatings and Color Technologies Group, PPG Industries Inc., BASF Coatings AG, Dow Coating Materials, Hempel A/S, The Valspar Corporation, Ashland Inc., RPM International Inc., and Arkema SA, Nippon Paint Co. Ltd.
Global Wood Coating Market Segmentation
By Coating Type