Wood Coating Market Trends

Growth Drivers

• Growth in Demand for Furniture - The demand for furniture has considerably risen up in the past few years owing to the needs of people who are propelled to spend a portion on furniture to maintain the aesthetic look and upgrade the appearance. With furniture sales going up, the adoption rate of wood coating is expected to increase in the forecast period. As per a report published recently, it was anticipated that the global furniture sales revenue to reach approximately USD 300 billion in 2022.
• Rising Employment in Construction Industry – Recent calculations stated that there were almost 10 million construction workers in the United States, approximately 8% of the total working population as of 2021.
• Burgeoning Population - As per World Bank, the total population in the world stood at 7.76 billion in 2021, up from 7.09 billion in 2012.
• Increased Research & Development (R&D) Expenditure - As per World Bank, the Research and Development expenditure accounted for 2.63% of total GDP in 2020, up from 2.13% of total GDP in 2017.

Challenges

• Growing Costs of Raw Materials – owing to raw material shortages, and logistical challenges. The market has to adjust its planning and processes to continue service with limited products available.
• Stringent Government Rules on the Usage of Volatile Organic Compounds (VOC)
• Rising Concerns about Adverse Effects on the Environment