- The key vendors in the global wood coatings market 2015-2019 are Akzo Nobel NV, PPG Industries Inc., RPM International Inc., the Sherwin-Williams Co., and the Valspar Corp.
London, 15 June 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global wood coatings market 2015-2019. A key trend observed in this market is the introduction of natural wood coatings. Natural wood coatings are eco-friendly and help vendors in gaining a competitive edge. These eco-friendly coatings are an alternative to water-borne wood coatings and can be used for both interior and exterior wood coating applications. This market is expected to grow at a CAGR of 5.99% during the forecast period of 2014-2019.
Market growth can be attributed to the increasing demand for premium products from regions like North America and Western Europe. Increasing disposable income of consumers is also expected to positively affect market growth as consumers nowadays require durable wood coatings that will reduce the frequency of renovations. Also, developing markets are expected to consume wood coatings faster because of the rapid growth of the housing sector.
“Implementation of stringent regulations and a growing awareness about the negative impact of coatings that release high levels of volatile organic compounds (VOCs), the market is witnessing a gradual shift toward the use of eco-friendly alternatives that have a high solid content and low emission levels such as powder coatings,” says Faisal Ghaus, Vice President of Technavio Research.
“Though the propensity to adopt this technology is high in developed regions such as North America and Western Europe, emerging regions such as Latin America and APAC are expected to witness a slower rate of adoption.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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