Global Wood Coatings Market – Increasing Preference for Energy-efficient Buildings Drives Growth | Technavio

LONDON–(BUSINESS WIRE)–#Research–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.

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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.”

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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.

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