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.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1. BYK Additives and Instruments
2. AkzoNobel N.V.
3. BASF SE
4. Ashland Inc.
5. DOXA Chemical
6. Arkema
7. The DOW Chemical Company
8. Sherwin-Williams
9. Nexeo Solutions
10. Münzing
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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