WOOD COATINGS MARKET TO REFLECT IMPRESSIVE GROWTH RATE BY 2025
Global Wood Coatings Market: Snapshot
The global wood coatings market is choc-o-bloc with players and this has served to intensify the competition over the years. Product differentiation is a key tool leveraged by players to steal a march over their competitors. Key factors promoting growth in the market are the soaring construction activities across the globe and the increasing spending capacity of people which has stoked sales of furniture.
Another factor catalyzing growth in the global wood coatings market is the environmental concerns which has led to framing of rules to curb emissions from volatile organic compounds (VOCs). On the flipside, posing a roadblock to the market is the volatility in raw material prices such as acrylic and polyurethane. Since both are derived from crude oil, fluctuations in the latter’s prices affects prices of the final products thereby creating an uncertainty. This definitely does not bode well for the wood coatings market.
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A report by Transparency Market Research forecasts the revenue in the global wood coating market to reach a value of US$17.595 bn by 2025 from US$8.625 bn in 2016 by rising at a healthy CAGR of 8.3% from 2017 to 2025 to. Volume-wise, the report expects the market to register a CAGR of 7.5% in the forecast period.
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