The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
Global Wood Varnishes Market: Introduction
Wood varnishes are used to provide finishing to wooden surfaces. The application of varnish on wooden surfaces enhances their aesthetic appearance and provides resistance against moisture and other environmental agents. Wood varnishes are usually transparent in colour. They seal the pores on the wooden surface and thus, prevent the action of microorganisms, which could potentially damage the surface. The application of varnish also makes it easier to clean the surface. Wood Varnishes provide protection against scratches, knocks and scuffs. The major application for wood varnishes is mainly in furniture, decks, cabinets and flooring. Moreover, the varnishes applied should be flexible in nature. In case of marine varnishes, in the absence of mechanical flexibility, the varnish would soon crack and thus, allow the penetration of water inside.
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Global Wood Varnishes Market: Dynamics
Substantial growth in the residential construction industry in developing regions benefits the overall wood coatings industry including varnishes. Maintenance end users contribute to a relatively large demand for the wood varnishes market as compared to new projects.
On seeing the market from a macro-economic perspective, increasing disposable income has led to a demand for products with a better visual appeal and aesthetic appearance. There has been a growing demand for wooden furniture and décor products, which is driving the global wood varnishes market.
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. Maturity in applications, such as railroads and utility poles is further restraining the growth of the market.
Products, such as copper azole are used as wood preservatives and to treat wood
Increasingly, consumer preference is inclined towards faster drying varnishes. There has been an increase in the use of water based varnishes as they have lower levels of toxicity, emit less odor and have a faster drying capability as compared to oil and solvent based varnishes, but these varnishes are not suitable for use in high heat and where they may be exposed to chemicals.
Another trend observed in the wood varnishes market is the use of an epoxy as an undercoat and then varnish is applied over the surface of wood. This method offers better resistance.
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Global Wood Varnishes Market: Segmentation
The global wood varnishes market can be segmented on the basis of application areas, end use sector, product type and region.
On the basis of product type, the global wood varnishes market can be segmented as:
- Water based
- Oil based
- Solvent based
On the basis of application area, the global wood varnishes market can be segmented as:
On the basis of end use sector, the global wood varnishes market can be segmented as:
Global Wood Varnishes Market: Regional Outlook
The global wood varnishes market is currently dominated by the Asia Pacific region with increasing demand for wood coatings from the residential sector in the region. China has seen major growth in the global wood varnishes market in the past few years, followed by India. Europe & North America are slated to hold significant shares in the global market, followed by Japan, which holds a considerable share. Middle East & Latin America are anticipated to grow moderately over the forecast period.
Global Wood Varnishes Market: Market Participants
Examples of some of the market participants identified across the value chain of the global wood varnishes market are:
- BASF SE, Dulux (AkzoNobel N.V.),
- Ronseal (Sherwin-Williams corporation),
- The Valspar Corporation,
- Barpimo S.A.,
- PPG Industries Inc.,
- Kansai Paint Co. Ltd.,
- Nippon Paint Holdings Co., Ltd,
- Asian Paints
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