Shift towards more environmentally-friendly materials, for example, the use of water-borne rather than solvent-borne chemicals.
Wood coatings are additives or mixtures that are added to the end wood product, primarily to preserve the overall quality of the finished product, in terms of durability, color, and texture. Wood coatings cover a broad range of products including stains, varnishes, paints, and supporting ancillary products for indoor and outdoor purposes. The coating is applied after the wood surface is stained and prepared. The process of applying coating to a finished wood product is known as wood finishing. Finishing is the last step of the production process and provides desirable characteristics such as moisture and heat resistance, increased durability, and enhanced appearance to the wood surface. Finishing also helps keep the end-product sanitized and easier to maintain.
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Manufacturers of wooden furniture and related furnishing resort to wood finishing to provide low-cost wood with an appearance and texture of higher end-wood items. These products are mainly intended for sales in price-sensitive markets such as Asia Pacific and Latin America. According to a study conducted by Coherent Market Insights (2016), around 68% of the population in India was inclined towards buying low-priced wood items that appeared premium. These consumers do not lay emphasis on the quality of the wood and mainly focus on aesthetic appeal.
Wood Coatings Market Outlook – Growing Construction Industry Is Fueling Market Growth
Growing construction sector coupled with increasing population is estimated to boost the global wood coatings market over the forecast period. According to a study conducted by Coherent Market Insights, the global construction industry is projected to be pegged at over US$ 15 trillion by 2024, with Asia Pacific as the growth engine, expected to exhibit the highest CAGR of 30% over the forecast period (2016–2024). Growing population is a key contributor for growth of the construction industry. Wooden selves and displays are widely used in the retail sector, in order to enhance the aesthetic appeal of merchandising products being displayed. The rapid growth of retail industry is, thus another factor fueling growth of the wood coatings market.
Asia Pacific is expected to retain its dominance in the global wood coatings market throughout the forecast period. Conversely, health issues associated with the coating ingredients is one of the major restraining factors for the market growth.. Health issues such as skin and eye irritation, and asthma associated with direct contact with wood coatings, pose as major drawbacks for the market. In addition, constant exposure to air and sun, result in fading of these coatings over time, making the damaged areas appear yellowish.
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Manufacturers are focusing on product innovation, as part of their business strategy to cater to the increasing consumer demand. For example, Premium Coatings And Chemicals Pvt Ltd., a specialized coatings manufacturer based in India, offers natural wood coatings for furniture. The company has also introduced silk wood sealer, which provides a glossy and matte finish with excellent adhesion, enhanced heat resistance and non-discoloring features. Some of the major companies operating in the global wood coatings market are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., and Nippon Paint Co. Ltd.