Strategies to Develop Plant-based Wood Coatings Create New Growth Opportunities
Wood coatings offer significant functional advantages to end-users, such as augmented durability, superior aesthetics, UV- and fire-resistance, and easy-to-clean characteristics, which drives demand growth. In addition, the global construction sector and the respective end-use industry growth will contribute to market expansion during the next few years.
Wood coating raw material suppliers are witnessing a rising end-consumer demand for specific requirements, such as DIY compatibility, online ordering, and shorter product delivery time expectations. Due to market demand, wood coating manufacturers should focus on developing more sustainable chemistries over the next 5 years. For example, bio-based feedstocks, such as plant-based resins, will be an R&D focus for industry stakeholders. Furthermore, developing easy-to-apply products for DIY consumers, setting up convenient online purchase facilities, and providing speedier logistics for product delivery will be vital.
This study covers acrylics, polyurethanes, nitrocellulose, polyesters, epoxies, thermoplastics, polyamides, polyolefins, fluoropolymers, and epoxy-polyester hybrid chemistries. It discusses wooden furniture and kitchen cabinetry, doors and windows, flooring, siding, and decking applications. In addition, it analyzes solvent-based, water-based, radiation-cured, and powder-coated formulations. It covers 2 application locations of wood coating applications, which are factory and on-site. For each end-use industry application, regional volume consumption and regional revenue estimates are discussed, along with revenue and volume estimates by chemistry, formulation technology, region, and application location. The report examines market shares for the top wood coating manufacturers at the global level.
Manufacturers must make strategic acquisitions to develop an innovative product portfolio quickly or enter new geographies for a competitive advantage. They will need to partner exclusively with regional distributors or focus on direct sales to expand the business. China, India, Southeast Asia, and LATAM will be the country markets that witness high growth in the next 7 years due to their large, fast-growing end-consumer populations supporting end-use industry growth.
The increasing volume consumption of wood coatings by end-use industries and the development of plant-based and high-performance products will contribute to market growth in 5 to 7 years.
