According to the latest market research report by IMARC Group, titled “Waterborne Wood Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global waterborne wood coatings market reached a value of more than US$ 2 Billion in 2018. Waterborne wood coatings are applied on a wood surface in order to protect it from chemical attacks and environmental damage. They not only enhance durability but also render an aesthetic look to the surface. These coatings are composed of minute spheres of resin that are suspended in water along with a slow-evaporating solvent. The solvent softens the protective coating on tiny resin latexes, leading them to form a continuous film, whereas the high-water content of these coatings assist in easy application. As they are highly efficient, environment friendly and possess good heat resistance, these coatings are used on doors, sofas, tables, chairs, cars, decorative wooden items, cabinets, shelves and wooden panels.
In recent years, rapid urbanization has increased the construction of residential, commercial and industrial infrastructure across the globe. This has led to a rise in the demand for wood products which, in turn, is boosting the growth of the wood coatings market. Moreover, governments of various countries are restricting the use of coatings that contain high volumes of volatile organic compounds (VOCs). As waterborne wood coatings contain relatively less quantity of VOCs, they are increasingly being used across various sectors. Further, numerous modified variants of waterborne wood coatings have been introduced by the manufacturers. For instance, the utilization of silver nanoparticles as an additive helps waterborne wood coatings to attain anti-microbial property. This aids in preventing the growth of fungi and bacteria on wood, owing to which they are gaining popularity worldwide. On account of these factors, the market is expected to grow at a CAGR of around 5% during 2019-2024, reaching a value of nearly US$ 3 Billion by 2024.
- On the basis of applications, the market has been categorized into furniture, decking, joinery, siding, flooring and others. Amongst these, furniture is the largest application segment of waterborne wood coatings.
- On the geographical front, Asia Pacific represents the leading market, holding the majority of the total share. Other markets include Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the industry has been analyzed in the report with detailed profiles of the major players operating in the market.
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