Wood Coatings Market: Preservative Applications of Wood Coatings Attracts Positive Growth – Fact.MR Study
The global wood coatings market is likely to be valued at US$ 9.7 Billion in FY 2022, up from US$ 9.2 Billion in 2021. During the past year, the industry registered a Y-o-Y increase worth 5.4%. From 2022 to 2032, wood coatings sales are poised to flourish at a CAGR of 6.2% to reach a value of US$ 17.7 Billion by the end of 2032.
Key Drivers Stimulating Wood Coatings Industry Expansion
Globally Increasing Furniture Production Drives the Wood Coatings Market
Rapid urbanization in response to development and population increase has increased the demand for housing on a large scale. Consequently, the need for furniture such as chairs, tables, beds, sofas, shelves, and cupboards has skyrocketed. Furthermore, as the service sector expands, a large section of the population is migrating to new areas, fueling the development of hostels, co-living, guest houses, and official premises. This is projected to increase the demand for a variety of furniture goods.
Interior design concepts for homes, businesses, and apartments are always evolving in the furniture market. This is encouraging innovation and development, particularly in terms of design, size, and color, and is projected to increase the global production volume of furniture. Wood coatings are widely utilized in the furniture business. As a result, the rising volume of furniture manufacturers throughout the world is boosting the expansion of the market under consideration.
Preservative Applications of Wood Coatings Attracts Positive Growth
Because of its importance in preventing the wood from decay, the preservatives sector leads the market in terms of both value and volume. Interior wood applications such as cabinetry and flooring will benefit the most from preservatives.
The expansion is being fueled by a fast surge of housing constructions as well as considerable increases in maintenance and upgrade investment. An increase in home repair is expected to enhance demand for preservatives and promote market development.
Key Challenges to Wood Coatings Industry Expansion
Stringent Environmental Restrictions Act as a Prominent Restraining Factor
Stringent environmental restrictions established by the government and other regulatory organizations on the use of volatile organic compounds (VOC) in the manufacturing of wood coatings impede the market’s growth.
Usage of VOCs in the manufacture of wood coatings has a negative influence on the environment. Furthermore, unpredictable raw material prices impede the expansion of the wood coatings industry.
On the other hand, the wood will face intense competition from several nonwooden alternatives, such as plastic, wood-plastic composites, and fiber cement.