Allied
Market Research published a report, titled, "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." According to the report,
the Europe wood coatings market generated $2.4 billion in
2018, and is expected to garner $3.9 billion by 2026, registering a
CAGR of 6.0% from 2019 to 2026.
Prime determinants of growth
Improved
standard of living among consumers leading to demand for modern furniture and
rise of the construction industry in the region drive the growth of
the Europe wood coatings market. However, variations in raw material
prices and harmful effects of VOCs present in the coatings hinder the market growth.
On the other hand, rise in usage of radiation cure coatings and advancements in
coating technologies would offer new opportunities in the industry.
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The polyurethane segment to maintain its dominant position
during the forecast period
Based
on resin type, the polyurethane segment held around two-fifths of the total
share of the Europe wood coatings market in 2018, and is estimated to
maintain its dominant position during the forecast period. Moreover, this
segment is expected to register the largest CAGR of 6.31% from 2019 to 2026.
This is due to its versatility and excellent physical and chemical properties
along with durable surface finish, solvent & scratch resistance, and
resilience to UV light damage. The research also analyzes nitrocellulose,
acrylics, unsaturated polyester, and others.
The waterborne segment to grow the fastest
Based
on technology, the waterborne segment is estimated to register the fastest CAGR
of 6.73% from 2019 to 2026, owing to minimized toxicity and stringent policies
imposed on usage of VOCs in paints and coatings. On the other hand, the
conventional solid solvent borne segment accounted for the largest share of
the Europe wood coatings market, contributing to nearly one-third of
the total share in 2018, and will continue to maintain its dominance in terms
of revenue throughout the forecast period. This is attributed to low price and
quick drying characteristics along with ease in availability of hydrocarbon
solvent base.
The furniture segment to maintain its lead status throughout the
forecast period
Based
on application, the furniture segment contributed to the largest share in 2018,
accounting for nearly three-fifths of the Europe wood coatings
market, and will maintain its lead status throughout the forecast period. This
is attributed to increase in demand for furniture from renting business along
with demand for smart homes with furnished interiors. However, the joinery
segment is expected to contribute the highest growth rate, with a CAGR of 6.30%
from 2019 to 2026. This is due to growth of the housing sector and real-estate
and prevention provided by joinery from termite attacks.
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Leading market players
- 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
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