The size of the Global Market was around USD 3.64 Billion by revenue, at the end of 2018. It is expected to grow at a CAGR of 5.41 % to reach close to USD 4.74 Billion in the forecast, as mentioned earlier period.The Wood Coating Resins Market has a decent growth pace in the global market, which is driven by the demand polyurethane resin in various application and from numerous end-users. The Wood Coating Resins Market is expected to reach a total of USD 4.74 Billion with a 5.41 % CAGR.Wessex, a major resin & adhesives-based company, has announced to launch their new online store for ordering some unique range of bio-based epoxy, in Europe. This is expected to bring some dynamic shift to the wood coating resins market in this region.
The global market is mainly driven by the demand for polyurethane resin in various application and from numerous end-users. Also, the rising demand in the furniture end users and the use of Wood Coating Resins in it helps in the growth of the Wood Coating Resins market.However, the costs associated may restrain the market in the forecast period. Also, the market concentration in regions like the Asia Pacific restrains the market expansion into regions like the Middle East and Africa.
Wood Coating Resins Market Segmentation Analysis:
By Resin Type
Based on the type of resin, the global market is segmented into Polyurethane, Acrylic, Epoxy, Alkyd, Nitrocellulose, Polyester. Among the mentioned types of resins, the polyurethane segment is the largest by value and volume and is anticipated to have the fastest growth rate in the forecast period. The growth is mainly attributed to the rising demand for this resin in the end-use industries.
Based on technology, the global market is categorized into Solvent-borne, Reactive, Dispersion. Of the mentioned technology, the solvent-borne segment is the largest and is expected to have the fastest growth rate in the forecast period. The growth is mainly attributed to the full application of this kind of resins as they are applicable in various industries.
Based on the end-user, the global market is segmented into Furniture, Cabinets, Doors, and Windows, Flooring. Of the mentioned end-users, the furniture segment is the largest and is anticipated to have the fastest growth rate in the proposed forecast period. The growth is mainly attributed to the demand from this end-user due to its rapid development in the global market.
Wood Coating Resins Market Geographical Analysis:
By geography, the market is segmented as Europe, Asia Pacific, Latin America, North America, and Middle-East & Africa. The Asia Pacific region holds the largest share of the Global Market in the year of 2018, in terms of value and volume. The regional advantages in this region, like the ease of company setup, cheap resources, and a large number of the skilled population are the major reasons for the fast-emerging industries in this region, hence the region’s position in the global market. Also, the fast-developing economies like India, Japan, and China are the main reason for the developing regional market. These reasons make this region the fastest growing regional market in the proposed forecast period.North America is next in the lead of the Global Wood Coating Resins Market by both value and bulk, as of 2018. The situation of most of the key players in the global market in North America is the main reason for its market position. This region has the second-fastest growth rate on a global scale.Europe is next in the lead of the global market in the year 2018. The presence of a considerable customer base in and around this region is helping in the growth of the Wood Coating Resins Market in this region. This region is the third fastest-growing region in the global market in the projected forecast period.On the other hand, the Middle East & Africa and Latin America regions, being in the slow-developing countries, have fewer opportunities for market growth. Hence, the market growth is at a slow pace in these regions.
Wood Coating Resins Market Key Market Players:
By the end of 2018 Allnex S.à.r.l. (Germany), Nuplex Industries Limited (Australia), Dynea AS (Norway), Helios Group (Slovenia), Arkema S.A. (France), Polynt Spa (Italy), Koninklijke DSM N.V. (Netherlands), Sirca Spa (Italy), and IVM Group (Italy) among others are the leading shareholders of the global market for Wood Coating Resins Market. There is a constant competition between these companies regarding the pricing and quality of the product.
Wood Coating Resins Market Research Report Key Highlights:
Wood Coating Resins Market
Wood Coating Resins Market