According to the latest report by IMARC Group, titled "Waterborne Wood Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the global waterborne wood coatings market size reached a value of US$ 1.2 Billion in 2021. Wood coatings protect the interior and exterior furniture, doors, and other wood-based items from environmental influences while decorating them. Waterborne wood coatings are surface coatings that contain 80% water and a small amount of other solvents, such as polyvinyl ether and glycol. These coatings are applied on wooden surfaces for protecting and enhancing their appearance. The composition and consistency of these coatings differ vastly, mostly depending upon the different solvents that are added to them. The coatings help protect wood and wood substrates from scratches, chemical abrasion, and corrosion. They are environmentally friendly and used for various applications, including automotive refinish, coils, protective coatings, and marine and industrial wood.
Global Waterborne Wood Coatings Market Trends:
The global market is majorly driven by the increasing production of wooden artifacts and decorative commodities. In line with this, numerous government regulations to reduce the usage of volatile organic compounds and carbon emissions, coupled with continual product innovations, are significantly contributing to the market across the globe. Furthermore, the escalating product demand from the automotive sector due to low toxicity levels is positively influencing the market. Moreover, the increasing demand for waterborne wood coatings in marine applications for their anti-corrosion, anti-fouling, and self-cleaning properties is further propelling the market. Additionally, heavy expenditure on infrastructural development projects in emerging economies is providing a boost to the market growth. Other factors, including augmenting construction activities, rapid urbanization, and the rising demand for green construction products, are also providing a boost to the market worldwide. On account of the factors above, the market is anticipated to reach a value of US$ 1.7 Billion by 2027, exhibiting a CAGR of 5.8% during 2022-2027.
- On the basis of the application, the market has been segmented into furniture, decking, joinery, siding, flooring, and others. Among these, joinery exhibits a clear dominance in the market.
- On the basis of the region, the market has been divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. At present, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
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