The Europe wood coatings market was valued at $2.4 billion in 2018, and is projected to reach $3.9 billion by 2026, growing at a CAGR of 6.0% from 2019 to 2026. Wood coatings are chemical formulations generally used for wood processing. These coatings provide the superior quality on the wood surface and are used for variety of purposes, which include better hygiene, stabilization, and decoration of wood. These coatings are widely used for enhancing wood’s shelf life and aesthetic value. They are used in various industries such as food packaging industry, building & infrastructure, furniture, and others.
Growth of the building & construction industry is one of the important factors that drives the growth of the Europe wood coating market. Rise in construction activities across the Europe fuels the demand of the wood coatings. German government is now focusing on modernization of existing infrastructure and has laid down a new federal transport plan that is likely to be the biggest investment program on infrastructure in the world. This huge investment for infrastructure modernization is expected to propel the Europe wood coating market. Wood coating can be employed on large scale as it is the most efficient, cost-effective, and environmentally friendly coating. Furthermore, increase in disposable income of consumers and rise in standard of living fuel the demand for modern furniture such as chairs, tables, shelves, bed frames, cupboards, and chests of drawers across the Europe. This is further expected to drive the demand for wood coatings.
However, stringent environmental regulation imposed by the European government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating is expected to hamper the growth of the Europe wood coatings market. This is attributed to the fact that increased use of VOCs in the production of wood coatings has harmful impact on the environment.
In addition, volatile raw material prices restrain the growth of the market. On the other hand, advancement in coatings technology and a surge in use of radiation cure coatings are some of the factors that provide lucrative opportunities for the growth of the Europe wood coating market.
The Europe wood coatings market is segmented on the basis of resin type, technology, application, and country. Depending on resin type, the market is classified into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others. By technology, it is fragmented into waterborne, solvent borne, high solid solvent borne, powder coating, radiation cured, and others. As per application, it is segregated into furniture, joinery, flooring, and others. By country, it is analyzed across Germany, France, Italy, Spain, the UK, Slovakia, Belarus, Ukraine, Estonia, Lithuania, Latvia, Belgium, Czech Republic, Poland, Austria, Slovenia, Hungary, Russia, Switzerland, the Netherland, and Rest of Europe.
The major key players operating in the Europe wood coatings industry include Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, Jotun, Eastman Chemical Company, Kansai Paint Co., Ltd., Wendel Group, PPG Industries Inc., Tikkurila OYJ, and Teknos Group.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Resin Type
By Technology
By Application
By Country
However, stringent environmental regulation imposed by the European government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating is expected to hamper the growth of the Europe wood coatings market. This is attributed to the fact that increased use of VOCs in the production of wood coatings has harmful impact on the environment.
In addition, volatile raw material prices restrain the growth of the market. On the other hand, advancement in coatings technology and a surge in use of radiation cure coatings are some of the factors that provide lucrative opportunities for the growth of the Europe wood coating market.
The Europe wood coatings market is segmented on the basis of resin type, technology, application, and country. Depending on resin type, the market is classified into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others. By technology, it is fragmented into waterborne, solvent borne, high solid solvent borne, powder coating, radiation cured, and others. As per application, it is segregated into furniture, joinery, flooring, and others. By country, it is analyzed across Germany, France, Italy, Spain, the UK, Slovakia, Belarus, Ukraine, Estonia, Lithuania, Latvia, Belgium, Czech Republic, Poland, Austria, Slovenia, Hungary, Russia, Switzerland, the Netherland, and Rest of Europe.
The major key players operating in the Europe wood coatings industry include Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, Jotun, Eastman Chemical Company, Kansai Paint Co., Ltd., Wendel Group, PPG Industries Inc., Tikkurila OYJ, and Teknos Group.
KEY BENEFITS FOR STAKEHOLDERS
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations of the market from 2019 to 2026 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are elucidated in the study.
- The profiles of key players along with their key strategic developments are enlisted in the report.
KEY MARKET SEGMENTS
By Resin Type
- Polyurethane
- Nitrocellulose
- Acrylic
- Unsaturated Polyester
- Others
By Technology
- Waterborne
- Conventional Solid Solvent Borne
- High Solid Solvent Borne
- Powder Coating
- Radiation Cured
- Others
By Application
- Furniture
- Joinery
- Flooring
- Others
By Country
- Germany
- France
- Italy
- Spain
- UK
- Slovakia
- Belarus
- Ukraine
- Estonia
- Lithuania
- Latvia
- Belgium
- Czech Rep.
- Poland
- Austria
- Slovenia
- Hungary
- Russia
- Switzerland
- Netherland
- Rest of Europe
Frequently Asked Questions about the European Wood Coatings Market
What is the estimated value of the European Wood Coatings Market?
What is the growth rate of the European Wood Coatings Market?
What is the forecasted size of the European Wood Coatings Market?
Who are the key companies in the European Wood Coatings Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 520 |
| Published | December 2019 |
| Forecast Period | 2018 - 2026 |
| Estimated Market Value ( USD | $ 2.4 billion |
| Forecasted Market Value ( USD | $ 3.9 billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 10 |
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Europe Wood Coatings Market, By Resin Type
Chapter 5: Europe Wood Coatings Market, By Technology
Chapter 6: Europe Wood Coatings Market, By Application
Chapter 7: Europe Wood Coating Market, By Country
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
Executive Summary
According to the report titled, 'Europe Wood Coatings Market: Opportunity Analysis and Industry Forecast, 2019-2026', the Europe wood coatings market was valued at $2.4 billion in 2018, and is projected to reach $3.9 billion by 2026, growing at a CAGR of 6.0% from 2019 to 2026.Wood coating is widely used to protect the wooden surface from moisture, water damage, and scratch, and enhances the shelf life of wood. Wood coatings are translucent paints, which provide aesthetic look to the wood used for the residential and commercial purpose. Wood coatings are used for both interior as well as exterior application. The exterior wood coating improves the durability, protect the wood from humid climate, and increases resistance toward termite attacks.
In addition, increase in purchasing power of consumers across the Europe is one of the key factors that supplement the growth of the Europe wood coating market. Furthermore, the people are expected to make long-term investments rather than spending on perishable and consumable goods due to rise in purchasing power. These long-term investments include buying real estate, increased expenditure on furniture, and preventive maintenance activities such as coating and painting for long lasting durability. Moreover, increase in new construction activities, a surge in remodeling and renovations, and growth in urbanized population across the Europe are expected to drive the growth of the Europe wood coatings market.
Based on resin type, the Europe wood coatings market is segmented into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others. The polyurethane is widely used as a resin in wood coating due to its versatility and exceptional physical and chemical properties. It is used in manufacturing hard surface topcoats and is considered as high-performance coating that offers vibrant color, gloss retention, and resistance to abrasion from chemicals.
Based on technology, the market is segmented into waterborne, conventional solid solvent borne, high solid solvent borne, powder coating, radiation cured, and others. The conventional solid solvent-borne wood coatings have higher demand, owing to their low price and quick drying characteristics. The low price of these coatings is attributed to easy availability of hydrocarbon solvent base, as it is derived from crude oil. All these factors together significantly contribute toward the Europe wood coatings market growth.
Based on application, the market is segmented into furniture, joinery, flooring, and others. Wood coatings are used to protect the wood furniture from humid environmental conditions and chemical attack. The increase in demand for antique furniture especially French windows, carved doors, and other such furniture is expected to boost the growth of the Europe wood coatings market.
By country, the market is analyzed across Europe. Germany emerges as a regional leader in wood coatings market due to an increase in demand for wood coatings, owing to development of the construction industry and increase in users of furniture. This factor is expected to an increase the Europe wood coatings market size from 2019 to 2026.
Key Findings of the Europe Wood Coatings Market:
The Germany wood coatings market is projected to grow at a highest CAGR of nearly 17.4%, in terms of revenue, during the forecast period.
The polyurethane resin is expected to dominate the market, garnering a share of 42.2%, during the forecast period.
Furniture application dominated the Europe wood coatings market with a revenue share of over 57.4% in 2018.
The conventional solid solvent borne is expected to dominate the market, garnering a Europe wood coatings market share of 29.7%, during the forecast period.
The key players operating in the Europe wood coatings industry include Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, Jotun, Eastman Chemical Company, Kansai Paint Co., Ltd., Wendel Group, PPG Industries Inc., Tikkurila OYJ, and Teknos Group.
Companies Mentioned
- Akzo Nobel N.V.
- Axalta Coatings Systems
- BASF SE
- Jotun
- Eastman Chemical Company
- Kansai Paint Co. Ltd.
- Wendel Group
- PPG Industries Inc.
- Tikkurila OYJ
- Teknos Group.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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