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The global wood coating market size is expected to reach USD 12,323.2 million by 2027. The shift towards powder-coated timber owing to its exceptional durability and outstanding UV and moisture penetration tolerance will bolster the healthy growth of the market, mentioned in a report, titled “Wood Coating Market Size, Share & Covid-19 Impact Analysis, By Resins (Polyurethane, Nitrocellulose, Acid-curing, Polyester, and Others), By Formulating Technology (Solvent-borne, Water-borne, UV-cured, and Others), By Application (Furniture, Cabinets, Siding, Flooring, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 8,656.6 million in 2019 and is expected to exhibit a CAGR of 4.8% between 2020 and 2027.
Announcement of Akzo Nobel's Wood Coatings Plant to Incite Development
Akzo Nobel, a Dutch multinational company that creates paints and performance coatings for both industry and consumers worldwide announced an investment of US$ 60.65 million for its Wood Coatings plant in High Point, North Carolina. This investment will transform the development potential of the factory. The company has planned to install state-of-the-art manufacturing technology apart from the construction of a modern raw materials facility, testing laboratory and technological application center for a comprehensive upgrade. Moreover, the introduction of the RUBBOL 100 percent UV cured exterior collection of Sikkens wood coatings is expected to have a tremendous impact on the market. The coating system can significantly save production time and energy costs, while delivering the highest performance by reducing drying time by up to 16 hours.
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Surging Petroleum prices to Dampen Business Growth
The increasing raw material costs for wood-coating binders are interlinked with the high price of petroleum, which, in turn, will diminish the market growth. There are two methods of overcoming the replacement of petroleum-based raw materials and develop new bio-based raw substitutes. The method includes substituting the current chemical composition of petroleum-based raw materials with the alteration of renewable resources by a chemical/biotechnology approach. This method is hazardous and also downgrades performance standards. However, traditional solvent-based resin solutions are still favoured in water-based technology. Still, regulations regulating VOCs, eliminates the use of occupational flammables, thus forcing producers to build comparable performance alternative technologies.
Key Strategies Adopted by Companies to Support Industry
The market comprises of various major players along with regional players operating in the market. Prominent companies are contesting on the basis product quality and the technology used for the manufacturing of coatings. Major players adopting strategies such as mergers, acquisitions, product enhancement, expansion plans, R&D investments to integrate verticals across the value chain. Moreover, companies are also focused on introducing innovative products to strengthen their position in the market.
The Report Lists the Key Players in the Wood Coating Market:
Further Report Findings:
The Market is Segmented into:
Value (USD Million) and Volume (Kilo Tons)
Resin, Formulating Technology, Application; and Geography
By Formulating Technology