According to the latest market study released by Technavio, the global furniture wood coatings market is expected to grow at a CAGR of more than 6 percent until 2021.
According to the report, the global furniture wood coatings market is likely to grow at a fast pace, due to the high demand from the wood furniture industry. Also, increasing demand for green building and the growth in Asia Pacific are considered major factors for the global market. Further, the growing popularity for UV-cured wood coatings and increasing mergers and acquisitions are considered trends that are expected to boost the market growth. The top three segments for wood furniture coatings are solventborne, waterborne and radiation cured.
Wood coatings manufacturers interviewed by Coating World reported good growth in 2017 and are optimistic for 2018.
“It was a good year for coatings as Sherwin-Williams Industrial Wood Coatings Division saw steady gains in all of the market segments in which we participate,” said Joe Kujawski, business director, Sherwin-Williams Industrial Wood Coatings Division. “We are closely tied with the housing market, serving manufacturers in the kitchen cabinetry, furniture, flooring and wood building products segments. Both single family and multifamily housing gains were a part of that. As housing has a good year, so do we.”