Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Canada Industrial Wood Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Canadian industrial wood coatings market is experiencing significant growth trends, according to a newly added research publication. With an estimated market size of USD 187.48 million in 2023, the sector is poised for a rise in valuation up to USD 226.82 million by 2028, marking a robust Compound Annual Growth Rate (CAGR) of 3.88% over the forecast period.
The in-depth market analysis identifies key drivers influencing this surge, including a rise in consumer disposable income and an evolving standard of living in Canada, leading to an increased demand for furniture which, in turn, spurs the need for wood coatings. Moreover, the booming joinery sector that heavily relies on industrial wood coatings for protection and aesthetic enhancement is contributing to the market's expansion.
However, the market faces challenges from stringent government regulations aimed at limiting volatile organic compounds (VOCs) usage in wood coatings production. Yet, despite these hurdles, advancements in coating technologies and the growing adoption of radiation cure coatings present new opportunities that could shape the industry's future.
Emerging Trends and Predictions
Joinery Sector Spurs Demand: The research highlights the joinery sector as a primary consumer of industrial wood coatings. An emerging trend is that doors, windows, trims, and cabinets require high-quality finishes to withstand various factors. With notable ventures, such as the recent CAD 25 million expansion by Cabico&Co, and a growing number of housing construction units, demand in this sector is anticipated to climb, influencing market growth positively.
Upsurge in Furniture Requirements: A parallel trend is the blossoming furniture market, aligned with the rise in housing projects and the increasing per capita income. Industries related to manufacturing office furniture are witnessing substantial contributions to GDP, confirming the sector's vitality. Canadian furniture market dynamics, coupled with a projected annual growth rate of 5.48% from 2022 to 2026, indicate booming demand for industrial wood coatings to cater to the increasing production of wooden furniture.
Market Overview: The Canadian market landscape for industrial wood coatings is partly consolidated with influential players such as RPM International Inc., AkzoNobel NV, Axalta Coatings Systems, The Sherwin Williams, and PPG Industries Inc. steering the market growth with their innovative solutions and extensive product portfolios. The synergy of these companies underlies the market's projected expansion and adoption of sustainable practices.
The comprehensive analysis presented in this research provides valuable insights, trends, and forecasts for stakeholders, investors, and industry professionals. With 3 months of analyst support, this publication serves as a pivotal resource for understanding the dynamics of the Canadian industrial wood coatings market.
- Increasing consumer disposable income amplifying furniture sales
- Joinery sector advancements shaping demand for high-quality wood coatings
- Environmental regulations pushing innovations in coating technology
The insights and data encapsulated in the research are instrumental for formulating strategic business plans and tapping into the burgeoning Canadian wood coatings market.
A selection of companies mentioned in this report includes
- AkzoNobel NV
- Axalta Coatings Systems
- Jotun
- PPG Industries Inc.
- RPM International Inc.
- Kansai Paint Co. Ltd
- Nippon Paint Holdings Co. Ltd
- Henkel AG & Co. KGaA
- BASF SE
- Katilac Coatings
- CANLAK
- The Sherwin Williams
For more information about this report visit https://www.researchandmarkets.com/r/w3pos
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