Wood Coating Resins Market size is anticipated to grow at an exponential rate from 2017 to 2024. A positive outlook towards the construction industry across the globe will primarily drive the industry growth. Rising demand of these finishes due to maintenance activities of existing wood items will further escalate the product penetration. Enhanced living standards have led to proliferating demand for decorative varnishes, positively impacting the industry over the next eight years.
Shifting consumer preference towards Do-it-Yourself methods in developed countries will provide stable growth prospects for the wood coating resins market. This can be attributed to the rising need to improve furniture aesthetics. Moreover, advanced UV protection covering and growth in upcoming eco-friendly products are other factors strengthening the product penetration over the coming years.
Manufacturers focus on developing the coatings that are formulated to fulfil the performance expectations of the end users that include DIY customers, OEMs, and professional contractors. Owing to this, there are numerous product types to coat the interior wood substrates. Shifting focus towards the formulations with lower formaldehyde content and VOC. Although, few upgraded coatings are highly solid solvent-based systems, the industry players focus on waterborne solutions.
Wood coating resins market products segment includes acrylic, polyurethane, alkyd, polyester, nitrocellulose, and epoxy. Polyurethane resins are anticipated to dominate the industry over the next eight years. These resins result in the development of hard surface courts with enhanced properties. Provision of benefits such as exceptional chemical & physical resistance and versatility will further propel the industry growth till 2024.
The industry can be segmented based on technology into reactive, water borne, solvent borne, and dispersion. Waterborne is expected to grow rapidly owing to significant application properties as compared to its counterpart technologies. Provision of numerous advantages, including early chemical resistance, hardness, and print & block resistance will further strengthen the demand for this technology over the next eight years.
By end-users, market is segmented into cabinet, furniture, windows & doors, and flooring. Furniture segment is expected to hold maximum market share over the coming years. High product demand in indoor & outdoor furniture across the globe owing to a large range of functions will primarily drive the industry growth. The significant properties of these resins such as resistance to water, abrasion, and dirt are of utmost importance in furniture coatings. This is likely to result in high adoption of these resins, thereby supporting the industry dominance.
Asia Pacific is anticipated to account for a significant share in the wood coating resins market. Rising infrastructural activities along with enhanced living standards across the region will primarily drive the regional growth over the forecast timeframe. Shifting consumer preferences and robust economic growth are other factors supporting the region’s dominance.
North America wood coating resins market will grow rapidly owing to recovery of refinishing & cabinetry activities across the region. Favorable regulatory landscape and rising demand for more sustainable products will further support the industry region. The rising need of home decorators, along with environmental pressures will contribute significantly towards the Europe wood coating resins market till 2024.
Shifting consumer preference towards other alternatives of wood furniture such as metal may hamper the industry growth over the forecast timeframe. Declining demand from emerging application areas such as utility poles and railroad products will further pose a threat to the wood coating resins market participants over the coming years. High preference for solvent borne coatings that do not comply with Volatile Organic compounds (VOC) regulations will also have a negative impact on the industry growth.
Arkema Group, Helios Group, Nuplex, Royal DSM, Synthopol Chemie, Akzo Nobel, and Allnex are among the prominent participants in wood coating resins market share. Other notable players include Dynea, Ivm Group, Polynt, Kansai Paint Co. Ltd., and Sirca SPA. Strategic alliances are among the major strategies implemented by the industry players to gain market reach. For instance, in December 2017, Allnex announced a strategic alliance with a specialty chemical distributor for expansion of its business territory to the Midwest, east coast, and Southeast regions This alliance will help the company to strengthen its wood coating resins product line.