The Wood coatings are chemical interpretations commonly utilized for the wood processing. These coatings deliver the greater quality on the wood surface and are utilized for the variety of purposes, which involve the better hygiene, stabilization, and decoration of wood. These coatings are broadly utilized for enhancing wood’s shelf life and aesthetic worth. They are utilized in the several industries such as food packaging industry, building & infrastructure, furniture, and many others.
According to the report analysis, ‘Europe Wood Coatings Market by Resin Type (Polyurethane, Nitrocellulose, Acrylic, Unsaturated Polyester, and Others), Technology (Waterborne, Conventional Solid Solvent Borne, High Solid Solvent Borne, Powder Coating, Radiation Cured, and Others), and Application (Furniture, Joinery, Flooring, and Others): Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the Europe wood coating market there are several corporates which recently operating more effectively for leading the highest market growth and registering the greatest value of the market share around the globe throughout the near years while decreasing the linked prices, increasing the applications of the wood coatings, implementing the profitable strategies, advancing the specifications of the production technologies, spreading the awareness related to the wood coatings, analyzing the strategies of the competitor’s, delivering the better consumer satisfaction and employing the young work force includes Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, Jotun, Eastman Chemical Company, Kansai Paint Co., Ltd., Wendel Group, PPG Industries Inc., Tikkurila OYJ, Teknos Group and several others.
In addition, the Europe wood coatings market was worth at USD 2.4 billion in 2018, and is projected to reach USD 3.9 billion by 2026, increasing at a CAGR of 6.0% from 2019 to 2026. The speedy growth of the building & construction industry is one of the essential factors that propels the growth of the Europe wood coating market. Growth in construction activities around the Europe fuels the requirement of the wood coatings. German government is now aiming on modernization of prevailing infrastructure and has laid down a new federal transport schedule that is probable to be the biggest investment program on infrastructure across the world. This massive investment for infrastructure modernization is projected to propel the Europe wood coating market.
Wood coating can be engaged on great scale as it is the most effectual, cost-effective, and environmentally outgoing coating. Furthermore, augment in the disposable income of consumers and increase in the standard of living fuel the requirement for the modern furniture such as chairs, tables, shelves, bed frames, cupboards, and chests of drawers across the Europe. This is further predicted to drive the requirement for wood coatings.
However, the stringent environmental regulation imposed by the European government & numerous other regulatory bodies on the usage of volatile organic compounds (VOC) in the establishment of wood coating is projected to restrict the growth of the Europe wood coatings market. This is accredited to the fact that augmented the use of VOCs in the production of wood coatings has destructive impact on the environment.
In addition, the volatile raw material prices detain the growth of the market. On the other hand, advancement in the coatings technology and surge in usage of the radiation cure coatings are some of the aspects that deliver the lucrative opportunities for the growth of the Europe wood coating market. Therefore, in the near years, it is predicted that the market of wood coating in Europe will increase around the globe over the forthcoming duration.
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Ankur Gupta, Head Marketing & Communications