About this market
Growing demand for radiation-cured coatings to drive market growth. The increasing demand for radiation-cured coatings will significantly drive market growth during the forecast period. Radiation-cured coatings offer numerous advantages including smaller manufacturing footprints, reduced energy consumption, low VOCs, solvents are not required, and environmental impact. lesser curing time, and increased production rate. These coatings can be easily and conveniently applied on wooden surfaces of furniture as it does not require thermal heating or pressure application. ’ s analysts have predicted that the furniture wood coatings market will register a CAGR of over 6% by 2023.
Market Overview
Increased demand for application on medium-density fiber products
Medium-density fiber (MDF) is an engineered wood product. It is obtained when high temperature and pressure are applied to break down hardwood and softwood residues into wood fibers. It is a composite manufactured by combining wood fiber and resin. Vendors and end-users of MDF prefer furniture wood coatings over other coating products, such as paints, led by higher durability and reliability and faster setting time as well as good product performance and quality finish on MDF products.
Increasing concern about wood logging
Wood logging is the process of cutting, skidding, and slicing of forest woods for industrial activities. An estimated 500,000 hectares of forest area is cleared or degraded each week globally, and approximately 40 million hectares of tropical forest area was cleared in the past decade in South East Asia and Latin America. Therefore, the most important sites for plant diversity are threatened by commercial logging.
For the detailed list of factors that will drive and challenge the growth of the furniture wood coatings market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Akzo Nobel and BASF the competitive environment is quite intense. Factors such as the increased demand for application on medium-density fiber products and the growing demand for radiation-cured coatings, will provide considerable growth opportunities to furniture wood coatings manufactures. Akzo Nobel, BASF, DowDuPont, LANXESS, PPG Industries, and The Sherwin-Williams Company are some of the major companies covered in this report.