MARKET ANALYSIS
Wood coating additives are substances that are added to wood coatings or finishes to enhance their performance and provide additional benefits. These additives can improve the application properties, durability, appearance, and functionality of wood coatings. There are various types of wood coating additives, such as rheology modifiers, abrasion resistance agents, dispersants, surface modifiers, among others. Wood coating additives find wide-ranging applications in various industries. In the furniture and cabinetry sector, these additives enhance the adhesion, color, and smoothness of coatings, ensuring a visually appealing and durable finish.
GROWTH DRIVERS AND CHALLENGES
The growing construction and furniture industry is driving the demand for wood coating additives, which has further been driving the market growth from the past few years. The construction and furniture industries are major consumers of wood coating additives. The increasing demand for wood coatings, driven by infrastructure development and rising consumer spending on furniture, boosts the market growth for wood coating additives. Moreover, efficient forestry management and demand from countries in the Asia Pacific such as China and India are expected to drive the demand for wood in furniture industry, thereby aiding the wood coating additives market growth. Furthermore, the advancements in coating technology is another factor fuelling the demand for wood coating additives. Technological advancements in coating formulations and applications methods create opportunities for innovative wood coating additives. Additives that improve performance, enhance functionality and offer new functionalities, such as self-healing properties or antimicrobial effects, are in demand. However, high cost of raw material is one of the disadvantages. The cost of raw materials used in a wood coating additives, such as resins, pigments, and functional additives, can be volatile, and subject to price fluctuations. Rising raw material costs can impact the profitability of manufacturers and lead to higher prices for wood coating additives, potential affecting market growth.
REPORT SEGMENTATION AND SCOPE
The "Global Wood Coating Additives Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global wood coating additives market trends and growth opportunities. The report aims to provide an overview of the global wood coating additives market with detailed market segmentation by type, formulation, application, and geography. The global wood coating additives market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of wood coating additives worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the wood coating additives market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the wood coating additives market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative wood coating additives market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global wood coating additives market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global wood coating additives market is segmented on the basis of type, formulation, and application. Based on type, the wood coating additives market is segmented as, rheology modifiers, abrasion resistance agents, dispersants, surface modifiers, and others. On the basis of formulation, the market is classified as, water-borne, solvent-borne and radiation cured. The wood coating additives market is categorized on the basis of application into, residential, commercial, and industrial.
Based on type, the dispersants type accounted for a significant market share in wood coating additives share which can be attributed to its popularity across the globe and wide availability. Dispersing agents improve the stability and uniformity of the coating by preventing the settling or agglomeration of pigments and other solid particles. They help maintain the desired viscosity and prevent issues like pigment floatation or sedimentation. Based on formulation, solvent-borne accounted for a major wood coating additives market share owing to various factors such as durability, low cost and the appearance. Solvent-borne wood coating additives is immensely popular across the globe which can be attributed to the durability and visual appeal. One important type of additive used in solvent-borne wood coatings is the solvent itself. Solvents act as the carrier for the coating components, facilitating their dispersion and dissolution. Common solvents such as mineral spirits, toluene, and xylene are employed due to their ability to dissolve resins, binders, and pigments effectively. All these properties are helping in bolstering the wood coating additives market growth.
REGIONAL ANALYSIS
The report provides a detailed overview of the global wood coating additives market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. North America is estimated to account for a significant wood coating additives market share globally. Increasing preference of wood coating additives among the population along with the growing demand for independent houses have positively contributed to the market growth in North America. Europe is also expected to witness considerable growth with the increasing influx of foreigners moving to Europe. This has increased the purchase of furniture’s, thereby aiding the market growth. furniture prices in Europe witnessed an incline in the last quarter of 2022 as compared to the third quarter. Asia Pacific is also expected to be an attractive market for wood coating additives during the forecast period, owing to the growing preference of wood in the furniture industry and among the population.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global wood coating additives market.
In February, 2023, Aristoflex® Eco T – Clariant raises the bar for performance of biodegradable rheology modifiers.
In September, 2022, Evonik Expands SPHERILEX Family for Deep-Matte Wood Coatings. Evonik is launching a new product incorporating its SPHERILEX technology. Spherical silica EXP 0002-1 is characterized by particularly small particle size and suitable not only for architectural paints, but also for waterborne, deep-matte and silk-gloss wood coatings.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The covid-19 pandemic led to a decline in the progress of many industries across the globe. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for the manufacturers across the globe. Wood coating additives market experienced a slump during the pandemic owing to the limited trade of wood products across the globe. Many products used for wood coating additives are imported from countries across the globe and this led to a limited availability of products. Moreover, furniture manufacturing activities also witnessed a decline during this period owing to the shortage of raw materials and limited supply of labor. Furthermore, the pandemic’s economic impact and uncertainty led to cautious spending patterns among consumers and businesses. Many companies deferred investments in new projects or postponed maintenance and renovation activities, which further contributed to the decline in demand for wood coating additives. Therefore, the wood coating additives market has recovered quite well from the aftermath of the pandemic and is expected to grow over the coming years.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the wood coating additives market include, DOW, BYK, BASF SE, Evonik Industries, Clariant, Arkema, King Industries, Michelman, Inc., Maflon, Dynoadd, Momentive Performance Materials Inc., The Sherwin-Williams Company, The Hesse Companies, nano Care Deutschland AG, CCM GmbH, Apogee Enterprises, Inc., and Tribos Coatings (International) Ltd among others.