Wood Varnishes Market: Global Opportunity Analysis and Industry Forecast, 2021-2031 Market

Wood Varnishes Market Analysis 2020-2027:

Wood varnishes are a special class of paints and coatings for wooden surfaces. Wood-based products are often prone to corrosion, destruction, and getting stained. Wood varnishes are usually transparent in color. They seal the pores on the wooden surface and thus prevent the action of microorganisms, which could potentially damage the surface. Different kinds of wood varnishes are available in the market, including exterior wood varnishes, waterborne proof varnishes, radiation cure, and wood finishing. The application of varnish makes it easier to clean the surface. Wood varnishes provide protection against scratches, knocks, and scuffs. Wood varnishes are majorly applicable in furniture, decks, cabinets, and flooring. 

COVID-19 scenario analysis:

The coronavirus outbreak has affected the industrial sector notably. The economy has declined in many countries due to halt of many sectors, majorly transportation and supply chain. The outbreak has caused loss of jobs, which resulted in reducing the cost of living of the population. Moreover, the worldwide lockdown has halted the sales of products in many industries.  The abovementioned factors are thus responsible for reduction in the use of the wood varnishes. However, post lockdown, the market is expected to grow, as reconstructions, rebuilding, and maintenance activities are anticipated to increase at a considerable rate.

Market scenario analysis

Increase in purchasing power around the world is a major driver for of the wood varnishes market. With increase in urbanization and increase in population, the demand for houses and subsequently furniture is increasing, thereby boosting the global market growth of wood varnishes. Moreover, substantial growth in the residential construction industry in developing regions fuels the expansion of the overall wood varnishing industry. In addition, end users contribute to large demand for the wood varnishes market as compared to new projects. However, the availability of low-cost substitutes and stringent environmental regulations for solvent-based wood coatings may restrain the growth of the product market during the forecast period.On the contrary, the demand for low-VOC coatings is likely to create potential growth opportunities for players in the market during the forecast period.

Market drivers

A large population base is shifting toward the urban area for leading a better lifestyle. This acts as a major driver of the global wood varnish market, owing to high demand from both residential and nonresidential buildings. Moreover, increase in disposable income has led to increase in demand for wood varnishes for enhanced aesthetic appearance. Furthermore, surge in demand for wooden furniture and décor products is driving the growth of the global wood varnishes market. This is attributed to the fact that wood varnishes are the transparent coatings that provide a glossy finish to the products. Furthermore, these coatings protect the products while shipping, therefore assuring the safety of products. These two factors help in accentuating the demand for wooden varnishes market.

Market trends

Increase has been witnessed in the use of water-based varnishes as they have lower levels of toxicity, emit fewer odors, and have a faster drying capability as compared to oil and solvent based varnishes. With growing concerns about adoption of environmentally safe products to conserve the planet for future generations, key market players of the wood varnishes market are shifting their focus toward manufacturing natural wood finishes. In addition, reputed market players are developing symbiotic relationships to expand the wood varnishes market. For instance, Akzo Nobel, one of the world’s leading companies in paints and coatings market, signed a $30 billion merger with Axalta Coating Systems.

Market challenges

The major challenge faced by the global wood varnishes industry is the use of non-wooden materials in a large number of applications. For example, the use of alternate materials, such as plastics has caused a major impact on the use of wood, which, in turn, is impacting the global wood varnishes market. Furthermore, wood varnishes make use of VOCs, which are harmful to the environment. This is expected to hinder the market growth in the forecast years. Many companies trying to combat this by innovating and coming up with bio wood coatings that are not harmful for the environment, which is anticipated to offer remunerative opportunities for the expansion of the global market.

Key benefits of the report

• This study presents the analytical depiction of the global wood varnishes industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Wood varnishes market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global wood varnishes market growth scenario.
• The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global wood varnishes market research report:

• Which are the leading players active in the global wood varnishes market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Wood Varnishes Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights