Global Furniture Wood Coatings Market 2019-2023 | Emergence of Natural Wood Coating Solutions to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 2, 2019--
The global furniture wood coatings market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Consumers in the APAC region are exhibiting strong demand for multi-purpose, portable, and compact furniture. In addition, the proliferation of buildings, commercial complexes, and residential buildings has further increased the demand for furniture. These factors are driving the demand for furniture wood coatings in the region. In addition, many governments in the region are introducing favorable policies on the use of solvents such as furniture wood coatings that emit lesser VOCs. This is encouraging many market players to expand their production capacities in APAC. Thus, the growth of the wooden furniture market in APAC is driving the growth of global furniture wood coatings market.
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As per Technavio, the emergence of natural wood coating solutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Furniture Wood Coatings Market: Emergence of Natural Wood Coatings Solutions
Many new entrants in the market are introducing innovative and greener products. This is compelling existing players to increase their R&D efforts to adopt sustainable practices to minimize impact on the environment and gain a competitive advantage in the market. For instance, some vendors are introducing furniture wood coatings made of natural ingredients such as whey protein. These coatings are free from VOC, have a natural odor, quick dry properties, and can be applied using brush, spray gun, or paint pads. The advent of such natural wood coating solutions is expected to boost market growth during the forecast period.
“Increasing product launches and capacity expansions along with growing demand for radiation-cured coatings will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Furniture Wood Coatings Market: Segmentation Analysis
This market report segments the global furniture wood coatings market by technology (solvent-borne, water-borne, radiation-cured, and powder coating) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market, due to demand from the rapidly growing construction industry in the region.
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Five Forces Analysis
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INDUSTRY KEYWORD: INTERIOR DESIGN RETAIL CHEMICALS/PLASTICS HOME GOODS MANUFACTURING CONSTRUCTION & PROPERTY
SOURCE: Technavio Research
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PUB: 12/02/2019 05:30 AM/DISC: 12/02/2019 05:30 AM