The global wood paints & coatings market was valued at US$ 8,130.39 million in 2020, according to Global Wood Paints & Coatings Market Report, by Resin Type (Acrylic, Nitrocellulose, Epoxy, Polyester, Polyurethane, and Others), by Product Type (Stains & Varnishes, Shellac, Wood Preservatives, Water Repellants, and Others), by Technology (Water Borne, Solvent Borne, and UV Cured), by Application (Furnitures & Fixtures, Doors & Windows, Cabinets, Flooring & Decking, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global wood paints & coatings market is expected to surpass US$ 12,342.11 million by 2027, exhibiting a CAGR of 5.9% during the forecast period (2021-2027). The growth of the wood paints & coatings market is expected to be driven by development of railways across the globe. The government of most of the countries are focusing on the development of railways in the country since the last decade and invested in the maintenance of railways. For instance, in 2020, the European Commission (EC) announced that it had approved an investment of US$ 94 Mn for Slovenia's project for the construction of the second track for Divaca-Koper railway line. With the rise in the railway tracks, it has been estimated that the number of trains would be increased that will require wood for its interior seating and other arrangements thus favoring the wood paints and coatings market in the country. Apart from this, the forestry sector revenue in Slovenia has being increasing significantly. This is expected to aid in growth of the wood paints & coatings market over the forecast period.
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Global Wood Paints & Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
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