MARKET OUTLOOK
According to Triton Market Research's analysis, the global wood coatings market is predicted to grow at a CAGR of 6.46% for the forecasting period 20192027. In terms of volume, the market is expected to grow at a CAGR of 5.92%.
The rise in the disposable income of consumers, growth in the construction activities, and advanced living standards in developing economies drive the overall growth of the wood coatings market. Wood coatings are extensively used for the refinement and protection of wood and wooden structures. The solid solventborne coatings have huge demand due to their quickdrying characteristics and low cost. Furthermore, the growth in the real estate and housing market has been surging the demand for wooden architecture. The use of wood coatings helps in increasing the utilization properties of wooden surfaces and enhances the visual cues of wooden items. This would contribute to the growth of the wood coatings market.
An increase in the volatile raw materials and fluctuating raw material prices are some of the market restraints faced by the wooden coatings market. Moreover, an increase in crude oil prices, labor costs, and the demandsupply gap lead to the high cost of wood coatings. The market has ample growth opportunities in terms of radiation cure coatings and technological advancements. However, rigid environmental policies are a challenge faced by the market.
REGIONAL OUTLOOK
The regions of North America, Europe, the AsiaPacific, Latin America, and the Middle East and Africa are covered in the global market for wood coatings.
Due to emerging application sectors like furniture, flooring, joineries, and others, the AsiaPacific wood coatings market is anticipated to acquire the market share by the year 2027. Furthermore, a rapid increase in disposable income and significant investment in infrastructure and urbanization boost the growth of the AsiaPacific wood coatings market.
On the other hand, North America is expected to be the fastestgrowing region for the wood coatings market. High growth in urbanization and the development of the housing industry fuel the wood coatings market in the region.
COMPETITIVE OUTLOOK
Some prominent competitors in the wood coatings market are Benjamin Moore Co., Axalta Coating Systems, AkzoNobel N.V., Ltd., BASF SE, RPM International Inc., Kapci Coatings Co., Eastman Chemical Company, Nippon Paint Holdings Co., DowDuPont Inc., Helios Coatings Inc, SherwinWilliams Company, PPG Industries, Inc., Pidilite Industries Limited, Minwax Company and Kansai Paint Co., Ltd.
Axalta Coating Systems Ltd. Axalta is a leading coatings company that manufactures, develops, markets, and distributes highperformance coatings systems, including liquid and powder coatings. The company offers various services, such as retrieval systems color matching, customer support, training, and business management systems. The company marked a revenue of $4696 million in the fiscal year 2019. It operates in regions like AsiaPacific, Europe, the Americas, and the Middle East and Africa.