Global Wood Paints and Coatings Market To Reach US $ 12,342.11
SEATTLE, Aug.27, 2021 (GLOBE NEWSWIRE) – Global Wood Paints and Coatings Market To Reach $ 12,342.11 Million By 2027 – Coherent Market Insights
The global wood paints and coatings market was valued at US $ 8,130.39 million in 2020 and is expected to grow at a CAGR of 5.9% during the forecast period (2021-2027).
Key World trends and analysis Paints and coatings for wood Marlet:
Growing urbanization in different parts of various countries has propelled globalization wood paints and coatings market. For example, according to the analysis of Worldwide Market Research, about 69.5% of the total Ukrainian population resides in urban areas and cities. The growing population moving to the cities is leading to an adaptation of the urban way of life which includes an increase in the ability to purchase wood products such as interior decoration and parquet floors. In addition, according to the State Statistics Service of Ukraine, consumer spending in Ukraine increased from US $ 15,826.4 million in the second quarter of 2020 to US $ 19,695.6 million in the third quarter of 2020. .
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Key market Take away food :
The global wood paints and coatings market is expected to grow at a CAGR of 5.9% during the forecast period (2021-2027). The rise of commercialization has fueled the growth of the target market. With the increasing spending capacity and the increasing initiatives by government for the growth of educational institutions, the demand for wood furniture is expected to increase and significantly promote the growth of the global wood paints and coatings market in the coming years. . For example, in 2018, with the start of the FIFA World Cup, the Russian government took initiatives for renovation and new infrastructure across the country. In addition, according to the International Trade Association, the Russian government plans to invest $ 87.5 billion for the modernization, renovation and repair of airports, ports, railways, highways and other transport infrastructure in the country to ‘in 2030.
The boom and expansion of the construction industry coupled with the increase in the furniture market is expected to drive the growth of the target market during the forecast period. For example, the Indonesian construction industry in 2018 was worth around US $ 32.2 billion, growing by almost 7% to 8% per year. For example, according to WMR’s analysis, the share of the Indonesian construction industry in GDP increased by 13%, from US $ 53.7 billion in 2011 to US $ 68.3 billion in 2012. , rising from 12.5% in 2013 to 68.3 billion US dollars, and 15%. to 78.5 billion US dollars in 2014.
The major players operating in the global wood paints and coatings market are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A / S, AkzoNobel NV, Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd. and Axalta Coatings Systems.
The major players are focused on strategic product launches to drive the growth of the target market. For example, in February 2017 BASF SE, a German chemical manufacturing company, launched new light stabilizers for wood and metal coatings. The Tinuvin 29 and Tinuvin DW (N) line products will meet the growing demand for high performance light stabilizers.
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Market segmentation :
- Global Wood Paints and Coatings Market, By Resin Type:
- Global wood paints and coatings Market, by product type:
- Stains & Varnishes
- Wood preservatives
- Water repellents
- Global Wood Paints and Coatings Market, By Technology:
- Carried by water
- Solvent based
- UV cured
- Global Wood Paints and Coatings Market, By Application:
- Furniture and accessories
- Doors and windows
- Flooring and decking
- Global Wood Paints and Coatings Market, By Region:
- North America
- By country
- The rest of europe
- By country
- Asia Pacific
- By country
- South Korea
- Rest of Asia-Pacific
- By country
- Latin America
- By country:
- Rest of Latin America
- By country:
- Middle East and Africa
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