According to the research report titled ‘GLOBAL WOOD COATINGS MARKET 2019-2027’, available with Market Study Report, global wood coatings market is expected to grow with a CAGR of 6.46% in terms of revenue and 5.92% CAGR in terms of volume over 2019-2027.
 

Rising per capita income coupled with evolving standards of living have resulted in increased infrastructural development, which in turn is a major factor driving the growth of global wood coatings market.
 

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For those uninitiated, wood coatings are widely adopted for polishing as well as protecting wooden structures. These solid solvent-borne coatings are presently witnessing high demand owing to their high affordability and quick-drying characteristics, which in turn is favoring the overall market outlook.
 

Rapid expansion of real estate and housing sector has impelled the demand for wooden architecture, thereby stimulating global wood coatings market outlook. The product helps in enhancing the useful properties of wooden surfaces as well as improves the aesthetic appeal of wooden items.
 

Technological advancements and development of radiation resistant coatings are facilitating the business scenario. However, fluctuating prices of raw materials and inflating cost of crude oil may restrain worldwide wood coatings industry remuneration. Other factors such as high labor costs, demand and supply gap, and strict environmental regulations may also hamper the industry growth in the ensuing years.
 

As per resin type, global wood coatings market is segmented into unsaturated polyester, acrylics, nitrocellulose, polyurethane, and others. Moving on to technology type, the market is split into radiation-cured, power coating, high solid solvent-borne, conventional solvent-borne, water-borne, and others. The application scope of the market comprises of flooring, joinery, furniture, and others.
 

From the regional perspective, worldwide wood coatings market is divided into Latin America, Asia-Pacific, Europe, North America, and Middle East & Africa. The report cites that Asia-Pacific is predicted to emerge as a major revenue generator for the overall industry in the ensuing years. Factors including escalating investments towards infrastructural development along with surging disposable income are adding traction to Asia-Pacific wood coatings market.
 

Meanwhile, North America wood coatings market is reckoned to witness remunerative growth during the study duration. Flourishing housing sector and swift urbanization are complementing the industry dynamics in North America.
 

The major competitors in global wood coatings market are Minwax Company, Kansai Paint Co. Ltd., ICA Gruppen AB, Sherwin-Williams Company, PPG Industries Inc., DuPont de Nemours Inc., Helios Coatings Inc., Eastman Chemical Co., KAPCI Coatings, RPM International Inc., BASF SE, Nippon Paint Holdings Co. Ltd., Benjamin Moore & Co., Akzo Nobel N.V., and Axalta Coating Systems among others.