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Wood coatings, also known as wood
treatments, have extensive use both in residential and commercial applications.
With many new advances in wood coating technology, the demand and growth of low
VOC coatings are sure to create many new growth possibilities. Other coatings
such as stain and finish also have similar benefits that wood coatings do. Many
chemicals are used in the process of creating wood coatings. A chemical process
is necessary to convert organic material to a usable state. During this
conversion process, additional chemicals are introduced into the wood products
creating further coatings. One of the most common and popular types of chemical
coatings is polyurethane foam.
Improving living standards due to
growing disposable income is a prime factor driving the market growth of wood
coatings. Expansion of the furniture industry due to increasing population
which is driving demand for residential building. This in turn is augmenting
the market growth of the wood coatings. Thus, a rise in the real estate
industry is projected to foster the market growth of wood coatings. According
to the United Nation, The world population is projected to reach 8.5 billion in
2030, and to increase further to 9.7 billion in 2050 and 11.2 billion by 2100.
On the other hand, strict regulation due to the presence of volatile organic
compounds (VOC) in the coatings is projected to hinder the market growth of the
wood coatings.
The Asia Pacific is expected to
gain significant growth over the forecast period and this is attributed to the
robust growth in the real estate sector due to the growing population in the
region. According to the India Brand Equity Foundation, the real estate sector
in India is expected to reach US$ 1 trillion by 2030. By 2025, it will
contribute 13% to the country’s GDP. Real estate attracted around Rs. 43,780
crore (US$ 6.26 billion) in investment in 2019.
Key
Developments:
1. In April
2019, Jotun launched Ultra One, Ultra Lite, and Primax Excel, which allow
engineered wood to be protectively coated in powder – and for the first time,
these products can be applied to natural wood too.
2. In November
2019, AkzoNobel digs in to launch €50 million investment in US wood coatings
site
3. In July
2020, Nippon Paint India, part of the NIPSEA Group, has launched a new range of
industrial paints under the Protec brand
4. In September
2019, Sirca Paints launched Fresco Matt Finish paint in the Indian market
5. In April
2018, HMG Paints, Manchester, UK, has launched a specialist range of decorative
coatings, including a new color collection
6. In August
2020, Costron has teamed up with DSM to launch innovative wood coating
solutions
7. In June
2020, ICL AND SPECIALCHEM PARTNER TO LAUNCH HALOX® SCRATCH-X™
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