NEW YORK, United States, March 20, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Wood Coatings Resins Market Size, Share, Growth Analysis Report By Resin Type (Polyurethane, Acrylic, Epoxy, Alkyd, Nitrocellulose, Polyester, Others), By Technology (Solvent-borne, High solids, Radiation cure, Waterborne, Powder), By Application (Furniture, Cabinets, Doors & windows, Flooring, Decoration, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global wood coatings resins market size & share was valued at approximately USD 3.9 billion in 2021. The market is expected to grow above a CAGR of 5.20% and is anticipated to reach over USD 5.3 billion by 2028.”
The report analyses the wood coatings resins market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global market.
What are Wood Coatings Resins? How big is the Wood Coatings Resins Industry?
Market Overview:
Wood coating resins are organic compounds used for commercial and domestic reasons. They add attractive and durable coats to furniture to protect it from harsh weather conditions while also adding aesthetic appeal. These coatings are made of different copolymers and polymers of acrylic and urethane. These coatings are widely applied to siding, decking, and furniture. The industry has witnessed numerous technological breakthroughs and improvements to provide eco-friendly substitutes for solvent-based wood finishing resins.
The market for wood coating resins will soon introduce new resin types such as water-borne and UV-curable systems. The demand for wood coating resins is predicted to increase with a substantial CAGR during the forecast period due to positive developments in the construction industry.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the updated report.
- Around 200+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
Key Insights from Primary Research
- As per the analysis, the wood coatings resins market is likely to grow above a CAGR of around 5.20% between 2022 and 2028.
- The Wood Coatings Resins market size was worth around US$ 3.9 billion in 2021 and is estimated to hit approximately US$ 5.3 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The demand for eco-friendly coating systems and rising demand from the construction and automotive industries are the main factors propelling the market's growth. Other important factors include increased infrastructure spending, increased use of liquid and bio-based epoxy resin, technological advancements in powder coating, and rising consumer spending power.
- By resin type, the acrylic category dominated the market in 2021.
- By technology, the powder category dominated the market in 2021.
- Based on region, Asia-Pacific dominated the global wood coatings resins market in 2021.
Competitive Players
The report contains qualitative and quantitative research on the global wood coatings resins market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global wood coatings resins market include;
- Arkema S.A.
- Nuplex Industries Limited
- Koninklijke DSM N.V.
- Allnex S.à.r.l.
- Synthopol Chemie Dr. rer. pol. Koch GmbH & Co. KG
- Dynea AS
- Polynt Spa
- Sirca Spa
- IVM Group
- Helios Group
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Industry Growth Drivers & Restraints:
- Increasing use of liquid and bio-based epoxy resin drives the market growth
The global wood coating resins market is anticipated to expand at a moderate rate due to the number of new homes built in all geographical areas. In addition, a sizable portion of demand is anticipated to come from the upkeep of already-existing wood products, which is anticipated to increase demand for wood coating resins. The worldwide market for wood coating resins is expected to have increased sales due to the growing demand for decorative wood coatings.
The growing popularity of DIY boxes in developed countries is also predicted to increase demand for wood coating resins because individuals will feel compelled to periodically upgrade the looks of their furniture when they see these products offered in retail stores. Additionally, throughout the projection period, a rise in the number of new environmentally friendly goods and enhanced UV protection coatings is anticipated to revitalize demand for wood coating resins sustainably.
- Variable raw material costs and declining petrochemical stockpiles may hinder the market growth
People's preferences for furniture made of wood are predicted to change, which is expected to limit development rates in the market for wood coating resins as well. In addition, declining demand from mature application sectors, including railroad goods and utility poles, is anticipated to restrain market expansion for wood coating resins.
Wood Coatings Resins Market: COVID-19 Impact Analysis
Businesses need to be cautious when interpreting these unusual demand patterns because they are rapidly expanding capacity to fulfil short-term COVID-induced demand. With projected changes in environmental legislation, the wood coating resins market business will experience post-pandemic changes in social, economic, trade, and political scenarios between 2021 and 2025. The wood coating resins market presented inconsistent results for a number of applications and geographical areas during COVID 19. The paper analyses the effects of the pandemic on each individual market segment and includes numerous case studies that highlight the market's potential until 2028.
Browse Complete Report Here | Wood Coatings Resins Market Size, Share, Growth Analysis Report - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028
Segmentation Analysis:
The global wood coatings resins market is segregated based on resin type, technology, application, and region.
Based on resin type, the market is segmented into polyurethane, acrylic, epoxy, alkyd, nitrocellulose, polyester, and others. Acrylic segment dominated the market in 2021. Based on technology, the market is segmented into solvent-borne, high-solids, radiation cure, water-borne, and powder. Powder segment dominated the market in 2021.
Based on application, the market is segmented into furniture, cabinets, doors & windows, flooring, decoration, and others. Among these, the furniture segment dominated the market in 2021.
Regional Analysis:
- Asia Pacific to dominate the global wood coating resins market in near future
The global wood coatings resins market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. It is commonly known that Asia-Pacific was a major producer and user of coating resins in 2021. Asia-Pacific is home to a wide range of economies at different growth phases. The region's rapid economic growth and significant investments in sectors including the automobile, consumer goods & appliances, building & construction, and furnishings are largely responsible for the region's prosperity.
The top manufacturers of coating resins are expanding their capacities throughout, especially in China and India. Lower manufacturing costs, the accessibility of skilled & affordable labor, and the possibility to better service the developing regional market are all advantages of moving production.
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Recent Industry Developments:
- April 2021: With immediate effect, Azelis announced a new distribution agreement with BASF for dispersions, additives, and resins throughout Australia and New Zealand (ANZ). The products covered by the agreement are extensively used in construction applications and coatings, adhesives, sealants, and elastomers (CASE).
Key questions answered in this report:
- What is the size of the wood coatings resins market and what is its expected growth rate?
- What are the primary driving factors that push the wood coatings resins market forward?
- What are the wood coatings resins Industry's top companies?
- What are the different categories that the wood coatings resins Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the wood coatings resins market sample report and company profiles?
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Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 3.9 Billion |
| Projected Market Size in 2028 | USD 5.3 Billion |
| CAGR Growth Rate | 6.10% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Arkema S.A., Nuplex Industries Limited, Koninklijke DSM N.V., Allnex S.à.r.l., Synthopol Chemie Dr. rer. pol. Koch GmbH & Co. KG, Dynea AS, Polynt Spa, Sirca Spa, IVM Group, Helios Group, and Others |
| Key Segment | By Resin Type, Technology, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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The global wood coatings resins market is segmented as follows:
By Resin Type
- Polyurethane
- Acrylic
- Epoxy
- Alkyd
- Nitrocellulose
- Polyester
- Others
By Technology
- Solvent-borne
- High solids
- Radiation cure
- Waterborne
- Powder
By Application
- Furniture
- Cabinets
- Doors & windows
- Flooring
- Decoration
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Resin Type, Technology, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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