The global wood coating market size is expected to reach USD 12,323.2 million by 2027, exhibiting a CAGR of 4.8% during the forecast period. The growing consumer inclination towards sustainable alternatives and eco-friendly furniture will bolster healthy growth of the market, states Fortune Business Insights, in a report, titled “Wood Coating Market Size, Share & Covid-19 Impact Analysis, By Resins (Polyurethane, Nitrocellulose, Acid-curing, Polyester, and Others), By Formulating Technology (Solvent-borne, Water-borne, UV-cured, and Others), By Application (Furniture, Cabinets, Siding, Flooring, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 8,656.6 million in 2019. The coronavirus incident has caused major damage to all industries across the globe. The governments of several countries have instigated a lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this tough time and get back to normality. Our well-revised reports will help companies receive in-depth information about every market’s present scenario so that you can adopt the necessary strategies accordingly.
Proclivity towards UV-Cured Coating to Amplify Growth
The environmental regulations and restrictions associated with the use of coatings will consequently spur demand for eco-friendly products, which, in turn, will aid the growth of the market. The focus on sustainability and green energy boost the demand for petrochemical products in the wood coatings industry. The inclination towards water-borne and radcure system owing to the solvent-free capabilities will promote the market’s growth during the forecast period. Water-borne coatings, high-solids, radcure coatings, and powder coatings are the technologies being used these days. The presence of any volatile organic compounds in the composition of coating makes it harmful for environment and human health. Hence, the diminished demand for compounds such as formaldehyde, owing to its harmful effects, will consequently fuel demand for eco-friendly products.
Drastic Drop in Oil Prices to Hinder Market Amid Coronavirus
The dramatic drop in oil prices has added to the high cost of raw materials that are dependent on petrochemicals, thus impeding the market growth. Thirty per cent of the cost of raw materials is indirectly tied to the price of oil. The lockdown imposed by the governments has simultaneously has resulted in high price of petrochemicals, in turn, dampening the market growth. The disruption in the manufacturing and supply chain of the coatings industry has exerted tremendous pressure on manufacturers. Similarly, the shortage of skilled and unskilled labor has further retarded the development of the market amid COVID-19.
Information source: https://www.fortunebusinessinsights.com/wood-coating-market-104605