Global Wood Coatings Market – Increasing Preference for Energy-efficient Buildings
Technavio has published a new market research report on the global wood coatings market 2018-2022 under their chemicals and materials library. The global wood coatings market is expected to grow at a CAGR of more than 6% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global wood coatings market by product type (stains and varnishes, wood preservatives, shellacs, and water repellents) and by technology (solvent-based, water-based, UV-cured, and powder-based). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
Market driver: growing preference for energy-efficient buildings
Wood is popularly used in the construction of energy-efficient buildings. The construction sector is concentrating on reducing carbon dioxide emissions by using environment-friendly materials and constructing energy-efficient structures. The demand for green buildings has been increasing rapidly because they are environment-friendly, energy efficient, and cause fewer carbon dioxide emissions.
According to a senior analyst at Technavio for paints, coatings, and pigments research, “Low-carbon economies emphasize the need for energy efficient construction materials. The US dominated the global green building materials market in 2016. Tax incentives offered for the construction of green buildings will drive the growth of the green building material market. The use of wood for constructing energy-efficient buildings will also promote market growth.”
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: increasing demand for environment-friendly wood coatings
The wood coatings market will be driven by the innovation and development of low-VOC coatings during the forecast period. The increasing preference for UV-cured and solvent-based wood coatings due to their low VOC content is expected to have a positive influence on the global wood coatings market. Manufacturers of wood coatings are concentrating on new technologies and product developments for producing environment-friendly products.
Market challenge: growing concerns about logging
Many countries have undertaken initiatives to protect the natural forests by restricting logging. Wood is a primary raw material that is used in many woodworking applications such as furniture, millwork building materials, doors, sandwich panels, and cabinets. Increasing concerns about logging can reduce the demand for wood coating.