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Manufacturers of wooden furniture and related furnishing resort to wood finishing to provide
low-cost wood with an appearance and texture of higher end-wood items. These products are
mainly intended for sales in price-sensitive markets such as Asia Pacific and Latin America.
According to a study conducted by Coherent Market Insights (2016), around 68% of the
population in India was inclined towards buying low-priced wood items that appeared premium.
These consumers do not lay emphasis on the quality of the wood and mainly focus on aesthetic
appeal.
Wood Coating Market Outlook-Growing Construction Industry Is Fueling Market
Growth
Growing construction sector coupled with increasing population is estimated to boost the global
wood coatings market over the forecast period. According to a study conducted by Coherent
Market Insights, the global construction industry is projected to be pegged at over US$ 15
trillion by 2024, with Asia Pacific as the growth engine, expected to exhibit the highest CAGR
of 30% over the forecast period (2016–2024). Growing population is a key contributor for
growth of the construction industry. Wooden selves and displays are widely used in the retail
sector, in order to enhance the aesthetic appeal of merchandising products being displayed. The
rapid growth of retail industry is, thus another factor fueling growth of the wood coatings
market.
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Asia Pacific is expected to retain its dominance in the global wood coatings market throughout
the forecast period. Conversely, health issues associated with the coating ingredients is one of
the major restraining factors for the market growth.. Health issues such as skin and eye
irritation, and asthma associated with direct contact with wood coatings, pose as major
drawbacks for the market. In addition, constant exposure to air and sun, result in fading of these
coatings over time, making the damaged areas appear yellowish.
Manufacturers are focusing on product innovation, as part of their business strategy to cater to
the increasing consumer demand. For example, Premium Coatings And Chemicals Pvt Ltd., a
specialized coatings manufacturer based in India, offers natural wood coatings for furniture.