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The furniture wood coatings market share is expected to increase by USD 1.66 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.88%.
This furniture wood coatings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers furniture wood coatings market segmentations by technology (solvent-borne, water-borne, radiation-cured, and powder coating) and geography (APAC, Europe, North America, South America, and MEA). The furniture wood coatings market report also offers information on several market vendors, including Akzo Nobel NV, Arkema SA, Ashland Global Holdings Inc., Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Jotun AS, PPG Industries Inc., RPM International Inc., and The Sherwin-Williams Co. among others.
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The increased demand for application on medium-density fiber products is notably driving the furniture wood coatings market growth, although factors such as may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the furniture wood coatings industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Furniture Wood Coatings Market Driver
The increased demand for application on medium-density fiber products is a major factor driving the global furniture wood coatings market share growth. Medium-density fiber (MDF) is an engineered wood product. It is obtained when high temperature and pressure are applied to break down hardwood and softwood residues into wood fibers. Vendors and end-users of MDF prefer furniture wood coatings over other coating products, such as paints, led by higher durability and reliability and faster setting time as well as good product performance and quality finish on MDF products. Furniture wood coatings used on MDF prevent the yellowing of wood products and protect them from UV light, chemicals, and other harmful substances. MDF products are mainly used in the production of office, home, and hospital furniture. With the increasing demand for office and home furniture, coupled with demand for furniture in hospitals, hotels, and other commercial purposes, the consumption of MDF will increase, which would directly promote the growth of the global furniture wood coatings market. Thus, economic advantages, high operational efficiency, and good product performance are expected to drive the application of furniture wood coatings on MDF and, thus, the market growth during the forecast period.
Key Furniture Wood Coatings Market Trend
The increasing product launches and capacity expansions is another factor supporting the global furniture wood coatings market share growth. Strategic initiatives such as product launches, expansions, and joint ventures can significantly increase the customer base and, thus, promote the growth of the global furniture wood coatings market. The leading vendors in the market constantly innovate and invest in the market. The increased product launches and diversified product portfolio as a result of constant innovation increase the customer base and ultimately the revenues, which would help vendors improve their profit margins. New product launches and product portfolios enable manufacturers to increase their global presence and achieve economies of scale in the manufacturing of products. For instance, in August 2017, DowDuPont launched Silicone Slip Additive for Waterborne Wood Coatings with superior benefits such as abrasion resistance and anti-blocking performance. Therefore, such factors will positively influence the growth of the market.
Key Furniture Wood Coatings Market Challenge
The stringent regulations and policies will be a major challenge for the global furniture wood coatings market share growth during the forecast period. Manufacturers in various industries focus on using environment-friendly materials that cause minimum or zero harmful emissions to ensure compliance with the stringent regulations imposed by the European Commission and federal government agencies. Guidelines and directives implemented by regulatory bodies, such as the Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), can hamper the demand for furniture wood coatings. In Europe, the Paints Directive 2004/42/EC prescribes 40 gram/liter concentration of VOCs in solvent-based wood coatings. Such stringent government regulations can promote the use of materials with low concentrations of solvents and adversely affect the demand for furniture wood coatings.
This furniture wood coatings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global furniture wood coatings market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the furniture wood coatings market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the furniture wood coatings market encompasses successful business strategies deployed by the key vendors. The furniture wood coatings market is fragmented and the vendors are deploying growth strategies such as focusing on pricing and quality to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The furniture wood coatings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the furniture wood coatings market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global specialty chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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