The global wood protection coatings market is anticipated to witness growth over the forecast period. Growth in the global construction industry combined with rising demand for furniture, decking and siding products is expected to be a key driver for the market. The aftermarket for improvement, maintenance and repair construction is also expected to propel the demand for wood protection coatings. Growing market for alternative materials such as plastics and wood-plastic composites which require less maintenance and possess high durability is supposed to be a major restraining factor for the market.
Wood protection coatings are used as preservatives and to induce fire & water resistance. Owing to the aforementioned applications, these are used in furniture & flooring, construction, art & decoration, music instruments and sports equipment industries. Increasing wood applications in luxury cars and cruises also assists the wood protection coatings market. Wooden finishing is also seen as a status symbol in today’s world and the increasing disposable income of consumers is expected to fuel the demand for wooden finishing market in the near future. Asia Pacific, especially India and China, are expected to be the major markets for the wood protection coatings owing to growth in the construction sector. Brazil is also expected to witness high growth in the construction industry over the forecast period thereby, driving the wood protection coatings market.
Coatings such as paints, stains, primers and sealers account for the majority of wood protection coatings demand. Lumber preservatives comprise a smaller market share as compared to the former. Residential applications hold majority of the demand for wood protection coatings in comparison to industrial applications. Rising trend of smaller doors, windows and cabinets is expected to increase the demand for these coatings. These coatings may be natural or artificial and applied under pressure or without pressure. The American Wood Protection Association has banned the use of chromate copper arsenate (CCA) as it has an adverse impact on the environment on disposal. However, biodegradable coatings and preservatives are gaining popularity due to the increasing consumer awareness towards environment protection.
The market is fragmented in nature with major participants in the wood protection coatings market being AkzoNobel, PPG Industries, Sherwin-Williams, DuPont, I C I Dulux Paint, BASF Coatings, Valspar, SigmaKalon and Nippon Paint.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.