Rise in Demand for Housing Furniture to Stimulate the Wood Coatings Market Growth during 2022-2032

Wood coating is widely used in the protection and refining of structures made of wood or wood. This product helps in prolonging the life. In addition, the use of wood coating enhances the visual cues of the wooden object, thereby helping in the marketing of the product. On the basis of technology, the market has been segmented into waterborne, conventional solid solvent borne, high solid solvent borne, powder coating, radiation cured, and others. Traditional solid solvent borne coatings are in high demand due to their low cost and quick drying characteristics.

Increase in disposable income of consumers and improvement in living standards in developing economies such as India and China are the key factors driving the demand for modern furniture, which is expected to increase the demand for wood coatings. Moreover, as the housing and real estate market is witnessing significant growth, which is positively influencing the demand for joinery. Joinery includes cabinetry and siding. These factors are positively influencing the growth of the market.

Wood Coatings Market Growth Drivers:

• Expansion of Urbanization A large number of people are moving to the urban area to live a better lifestyle. Wood products are a lesser requirement in the housing needs of humans as they work in every nook and corner of the house. Beds, chairs, floors, tables, cupboards, floors and many other sections of the house use wood and require finishing through painting of wood coatings. It acts as a respected driver for the wood coatings market as it provides the market with immense demand from both residential and non-residential buildings.

• Furniture industry's dependence on coatings The furniture industry is largely dependent on wood coating paints. If not for these exterior wood coatings, wood products would not look good enough to be sold. Wood coatings are transparent coatings that provide a glossy finish to the products which in turn attracts consumers to buy them. But the furniture industry is also dependent on the wood coating market for protection. These coatings protect the products during shipping, hence assuring no damage. These two factors help drive the demand for wood coatings market.

Wood Coatings Market Trends:

• Eco-friendly acrylic based wood coatings With the growing concerns regarding the adoption of environmentally safe products to conserve the planet for future generations, the major market players in the wood coatings market are moving towards manufacturing natural wood finishes. Three different types of wood coatings have engulfed the market and the sales are seeing steady growth. One of them is Livos Oil which contains natural resins and provides a satin finish with water repellent properties. The second is Tung oil which is obtained by pressing the seeds of Tung tree. This oil is credited with providing an almost permanent seal to wood products. And the third is teak oil obtained from the teak tree and sold as a pure solvent without any modifiers.

• Contribution of Merger to Market Growth
To drive the wood coatings market, reputed key market players are joining hands to develop a symbiotic relationship. Akzo Nobel, one of the world's leading companies in the paints and coatings market, signed a $30 billion merger with Axalta Coating Systems. While the former is a global leader in coatings, Axalta specializes in industrial coatings. Together, they plan to expand the wood coatings across industries, which will boost the wood coatings market.

Key Benefits for the Wood Coatings Market:

• The Wood Coatings market analysis includes in-depth knowledge of key industry participants

• The size of the Wood Coatings market has been analyzed across sectors

• Porter's Five Forces Analysis helps analyze the competitive landscape of the industry to build capacity and strategy for buyers and suppliers

• The report outlines the current Wood Coatings market trends and the future outlook for the Wood Coatings market size from 2015 to 2021 to understand the current opportunities and potential investment pockets. Market forecast for 2022-2022

• Major countries in the region are mapped according to their individual revenue contribution to the regional market

• Key drivers, restrictions, and opportunities in the Wood Coatings market and their detailed impact analysis are clarified in the study

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