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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.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/wood-paints-and-coatings-market-4602

Browse 50 market data tables* and 45 figures* on "Wood Paints & Coatings Market” - Global Forecast to 2027.

Key Trends and Analysis of the Global Wood Paints & Coatings Market:

  • Among regions, Asia Pacific accounted for a significant market share in 2020. Rising investment in the transportation industry has been driving the target market growth in Asia Pacific. In addition, rising spending capacity of the Indian population on interior designing and wooden furniture has been propelling wood paints & coatings market in Asia Pacific.

Key Takeaways of the Market:

  • Among technology, solvent borne segment accounted for 49.2% of the revenue share in 2020. Solvent borne have low price. Moreover, solvent borne help in providing viscosity to wood coatings. They consist quick drying characteristics.

Key players

  • Major players operating in the global wood paints & coatings market include 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.
  • Key players operating in the wood paints & coatings market are focusing on various strategies such as product portfolio expansion in order to strengthen their market presence and expand their product portfolio. For instance, in May 2019, Ashland, Inc., a specialty chemicals company, launched Aquaflow NMS-460E rheology modifier, which is a high-performing, efficient synthetic thickener that is used in wood coatings.

Global Wood Paints & Coatings Market - Impact of Coronavirus (Covid-19) Pandemic

  • With the strict restrictions and lockdown being imposed across the globe, paints & coating sector has been highly impacted as the companies and operational units were asked to be non-operational. This led to a disruption in the industrial and paints & coatings market and ultimately impacted the wood paints & coatings market across the globe. According to a data published by American Coatings Association, a trade association in the US, in the face of COVID-19, paint and coatings manufacturers have incorporated social distancing and increased hygiene measures at their manufacturing plants, and instituted specific practices to successfully accomplish heightened worker safety.
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