Furniture Coatings Market - Forecast(2023 - 2028)

Furniture Coatings Market Overview

The Furniture Coatings market is estimated to grow at a CAGR of 6.4% during 2022-2027 and the market size is estimated to be USD$1.70 billion by 2027. Furniture Coating is a type of coating that is applied on different types of furniture such as wood, steel, plastic, and others to protect it from environmental factors, like temperature and humidity, and produce a desired effect in terms of color or design. Furniture coatings are composed of resins such as Nitrocellulose, Polyurethane, Unsaturated Polyester, and so on. They are usually Solvent-borne or Water-borne, however there is some application of curing furniture coatings using radiation as well. In this report, we will take an in-depth look at the various segmentations of the Furniture Coatings market, the drivers and challenges involved in the Furniture Coatings Industry, and the market landscape of the Furniture Coatings Market.

COVID-19 Impact

During the Covid-19 Pandemic, there was a decrease in both the demand and production of Furniture Coatings due to various reasons, mainly due to governments mandating to seize factory operations in many countries around the globe. The supply chain on furniture coatings was also heavily disrupted due to trade restrictions and a decline in demand and consumption. Correlatively, furniture production and sales also declined during the Pandemic. IKEA reported a decline of revenue by 6.2% from FY 2019 to FY 2020. Similarly, Restoration Hardware reported a decline of revenue by 6.8% from Q3 2019 to Q3 2020. As we can see, there is a clear decrease in demand for furniture which also led to the decrease in demand for Furniture Coatings. However, the furniture coating industry is currently witnessing a growth as demand continues to rise post Pandemic as many countries have relieved lockdown mandates and factories are back in production. The Furniture Coatings Industry is expected to show tremendous growth in the forecast period of 2022-2027.

Report Coverage

The report: “Furniture Coatings Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Furniture Coatings Market.

By Resin: Acrylic, Nitrocellulose, Polyurethane, Polyester, Others.
By Coating Technique: Spray Coating, Roller Coating, Curtain Coating, Flow Coating, Vacuum Coating, Others.
By Technology: Water-based, Solvent-based, UV-cured.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa) 

Key Takeaways

• Asia-Pacific holds the largest share and is the fastest-growing market in the Furniture Coatings Industry.
• The most common resin used for Furniture Coatings is Polyurethane which is highly elastic and demonstrates strong adherence with substrates.
• Water-based Furniture Coatings is growing fast due to their low levels of Volatile Organic Compound (VOC) make them far eco-friendlier than Solvent-based Furniture Coatings.
• The growth of the industry is accounted directly to the growth of the furniture industry which is due to the increase in income levels and the growth of the housing and real estate industry.
  
  
  Figure: Asia-Pacific Furniture Coatings Market 2021-2027 (USD $ Million)

Furniture Coatings Market Segment Analysis – By Resin

Polyurethane holds the largest share in the Furniture Coatings market with a percentage of 4.6% in 2021. Polyurethane resins are copolymers that form due to a reaction between polyol and an isocyanate, within the presence of the right catalysts. They are highly elastic in character and also provide hardness and adhere strongly to the substrate. This helps improve the shelf life of the furniture as well as improving its appearance. Polyurethane is widely used in various Industries and is very profitable. According to Trademap (ITC), the estimated global export value of Polyurethane is USD $ 6,484 million in the year 2020. Another common resin that is used is Nitrocellulose which is made by treating cotton with sulfuric and nitric acid. It is highly sought after for its fast-drying properties.

Furniture Coatings Market Segment Analysis – By Coating Technique

Spray Coating holds the largest share of 31% in the Furniture Coatings Market in 2021. There are various techniques within spray coating as well, however, the conventional spray coating technique is low in investment and can be easily applicable through both manual and automatic operations. It also produces a high quality of finish and as such, it proves to be the most popular choice when it comes to coating technique. Some of the more intricate spray coating techniques are High Volume Low Pressure (HVLP) spraying, Airless Spraying, and Electrostatic Spraying. Other than spray coating, curtain coating is considered to have the highest efficiency in the coating process of nearly 100%. Roll Coating and Flow Coating are preferred for automated coating of a large volume of products.

Furniture Coatings Market Segment Analysis – By Technology

Solvent-based Furniture Coatings technology holds the largest share of 44% in 2021. Solvent-based coatings are comprised of organic compounds that help produce a hard and durable finish which makes them resistant to scratches and abrasions. They also offer high resistance to extreme weather conditions. Water-based coatings are also fast growing in the market due to their low levels of Volatile Organic Compound or VOC. This makes them a far eco-friendlier option than Solvent-based Furniture Coatings.

Furniture Coatings Market Segment Analysis – By Geography

Asia-Pacific holds the largest share in the Furniture Coatings market of 46% in 2021 and is projected to grow at a CAGR of xx% in the time period of 2022-2027. This is attributed to the rising population and the improvement in the quality of lifestyle in Asia-Pacific, especially when it comes to China and India. According to the Trade Promotion Council of India, the Indian domestic furniture market is expected to grow at a CAGR of 12.91% while China is the leading exporter of furniture products with a global share of 37.5%. According to Coatings World, Japan, and Korea account for 8.8% of the volume and 17% of value in the Asia-Pacific Furniture Coatings market in 2020, having almost twice the value to volume. The key factors driving the growth of the furniture industry in APAC are the increase in income levels and the growth of housing and commercial construction.

Furniture Coatings Market Drivers

Low Volatile Organic Compound (VOC) content of Water-based Furniture Coatings:

Water-based or water-borne furniture coatings contain far lesser VOC content than the traditional coating alternatives. Since the solvent content is much lower, there is minimal air pollution, and it doesn’t pose a risk to human health or the environment. At the same time, they provide excellent durability and have good elasticity as well. According to Sayerlack, Innovative Wood Solutions, Water-based coatings have a 95% reduction in emissions compared to synthetic products. Water-based coatings also maintain many of the properties of synthetic coatings while also not having any pot life problems.

Furniture Coatings Market Challenges

High Volatile Organic Compound (VOC) content of Solvent-based Furniture Coatings and Stringent Regulations:

Solvent-based Furniture coatings possess a high amount of VOC content which has led to many governments limiting the production and sale of solvent-based coatings by companies. It not only causes air pollution but can also have adverse effects on employees involved in the manufacturing process. An example of such a regulation is the Clean Air Act Guidelines and Standards for Solvent Use and Surface Coating Industry by the United States Environmental Protection Agency. This act puts many different control measures and guidelines for controlling the pollution brought about by solvents, among which are furniture coatings. They regulate emission limits and work practices on additives and cleaning materials in manufacturing facilities. There are many such regulations implemented by various countries to control the emission of VOC through furniture coatings.

Furniture Coatings Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Furniture Coatings Market. The key companies in the Furniture Coatings Market include:

1. BASF SE
2. AkzoNobel
3. Benjamin Moore & Co.
4. Dupont
5. Helios Group – A member of Kansai Paint
6. Teknos Group Oy
7. Jotun
8. KAPCI Coating
9. IVM Chemical Srl
10. PPG Industries

Recent Developments

• In October 2020: Teknos Group Oy launches INFRALIT Powder coating for Aicci Tables, modern lighting products that is based on LED lights integrated in the metal frame of the glass table. The INFRALIT powder paints prove to be a formidable coating that have properties like durability and surface quality that enhances the Aicci Tables.
• In April 2019, Teknos developed a 100% UV-curing option, known as the UVILUX Putty, which is designed to repair moldings, door frames, furniture, and flooring at a rate of 100 meters/minute.

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