The global wood paints and coatings market Growth Accelerated by Increasing Demand from Construction Industry

-

Wood paints and coatings have high durability and protect wood from physical damage, environmental stress, and wear & tear. They provide aesthetic appeal and protect wood surfaces from moisture, mildew, and other corrosive elements. Thus, wood paints and coatings finds extensive application on wood and wood-derived substrates in furniture, doors, windows, flooring and other construction applications.

The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand from the construction industry is one of the key trends driving the growth of the wood paints and coatings market. Wood is widely used in construction for features like paneling, flooring, decking etc. Construction activities have picked up pace globally post pandemic recovery. Additionally, rising disposable income and changing lifestyle trends are also fueling residential construction in developing regions of Asia Pacific and Latin America. This increasing construction and renovation activities geared towards wood applications is anticipated to bolster the demand for wood paints and coatings during the forecast period.

Segment Analysis
The global wood paints and coatings market size is dominated by decorative paints and coatings. This is due to increasing spending on home renovation and remodeling activities around the world. Decorative paints and coatings are designed to protect and beautify interior and exterior surfaces made of wood. They impart an aesthetic appeal and offer excellent UV protection. Thus, their extensive use on wood surfaces like doors, window frames, furniture, and decking has been fueling market growth over the past few years.

Key Takeaways
The global wood paints and coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.

Regional analysis: Asia Pacific region currently dominates the global wood paints and coatings market and is expected to grow at the fastest CAGR during the forecast period. Countries like China, India, Japan, and South Korea are major consumers of wood paints and coatings owing to rapid urbanization, rising disposable incomes, and increasing residential and commercial construction activities in the region.

Key players: Key players operating in the wood paints and coatings market are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems. BASF SE and AkzoNobel N.V. captured a significant share of the market in 2021 owing to their diversified product portfolio and strong distribution network across major countries globally.

Comments

Post a Comment

Popular posts from this blog

The global Calcium Citrate Malate Market Growth Accelerated by Expanding Applications

-
Image
Calcium citrate malate is an essential mineral compound that provides calcium and supports bone health. Calcium citrate malate supplements help maintain healthy bones and teeth as we age. They support calcium absorption and distribution throughout the body. The global Calcium Citrate Malate Market is estimated to be valued at US$ 334.08 Mn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The expanding applications of calcium citrate malate are expected to drive the market growth over the forecast period. Calcium citrate malate supplements are increasingly being used to prevent and treat osteoporosis. They are especially recommended for people who cannot digest lactose or avoid dairy products. The compound is also finding wider use in functional foods and beverages with added calcium and minerals. Manufacturers are developing various product formats like...
Read more

Labor Productivity Tracking Market Growth Accelerated by Remote Work and Digitalization Trend

-
Image
Labor productivity tracking solutions help businesses and organizations track employee productivity in real-time. These solutions offer features like time tracking, activity monitoring, goal setting, resource allocation, attendance logging, and analytics. They help enhance productivity by identifying opportunities for improvement, streamlining workflows, and ensuring employees are focused on tasks that add value. The global Labor Productivity Tracking Market is estimated to be valued at US$ 6.81 Billion in 2024 and is expected to exhibit a CAGR of 38% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The rapid adoption of remote work and digitalization trend across industries during the pandemic has been a major driver accelerating growth of the labor productivity tracking market. Many organizations have now accepted work from home and hybrid work models. Labor productivity tracking solutions help employers...
Read more

Tamponades is fastest growing segment fueling the growth of the Global Vitreous Tamponades Market

-
Image
The global Vitreous Tamponades Market is estimated to be valued at US$ 83.89 Mn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market Overview : Vitreous tamponades are substances used to seal retinal breaks and provide internal tamponade during vitrectomy surgeries. They help stabilize the retina and promote posterior vitreous detachment. The different types of tamponades include gases, silicone oils and perfluoro-n-octane. Market key trends : One of the key trends in the market is the preference for non-silicone tamponades over traditional silicone oils. Silicone oils have been commonly used but are difficult to remove and can cause complications. Newer tamponades such as perfluorocarbon liquids and gases provide effective internal tamponade with better removal properties. They minimize complications and improve surgical outcomes leading to their increased demand. Segment ...
Read more