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Home / India News / 2007 / February / February 22, 2007
Environmental Friendly Coatings Expected to Drive Growth of Industrial Wood Finishes Market

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Environmental Friendly Coatings Expected to Drive Growth of Industrial Wood Finishes Market

Mumbai, Maharashtra, India

As the global economy booms and the spending power increases, sectors such as housing are likely to be positively influenced by this. With the expansion of the housing sector, markets such as wood coatings will be positively impacted due to the growth of their major end-user. In the U.S. industrial wood coatings market, the segment that is likely to exhibit most growth is that of kitchen cabinets. Companies as a result are keen on focusing all their energies on this market in addition to other building products such as pre-finished flooring and panels. Penetration of environmental friendly coatings in various applications is expected to drive the revenues in this market.

New analysis from Frost & Sullivan (www.chemicals.frost.com), U.S. Industrial Wood Coatings Market, reveals that the market earned revenues of $800.0 million in 2006 and estimates to reach $982.40 billion in 2013.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the U.S. industrial wood coatings market, then send an e-mail to Shwetha Thomas , Corporate Communications, at sthomas@frost.com with your full name, company name, title, telephone number, fax number, and e-mail address. Upon receipt of the above information, an overview will be sent to you by e-mail.

"Despite the decline in the furniture market, growth of industrial wood coatings is expected to occur in certain segments such as kitchen cabinets," says Frost & Sullivan Research Analyst Krithika Tyagarajan. "The market for kitchen cabinets was worth $13.50 billion in 2005 with a growth of six percent in the same year; this application is expected to drive the usage of wood coatings in the next five years."

An increasing number of consumers are spending on home improvement and remodelling. Most of this home improvement is in the kitchen space. This trend is likely to continue and sustain the demand for kitchen cabinets. In addition, this market will move toward using more environmental friendly coatings through either legislations or voluntary compliance thereby altering the nature of the market.

Despite the positive outlook forecast for this market, the major threat arises from imports of cheaper wood products from countries such as China. This has already affected the furniture market to a great extent. There is a concern that this may seep into other wood products markets in which case, the local market for industrial finishes may also be affected.

"China is the largest exporter of furniture in the world and almost 50-60 percent of furniture is imported today into U.S. from China and other countries," explains Tyagarajan. "This is likely to further increase and in addition, imports of other wood products such as pre-finished flooring are also likely to increase."

Global expansion is the key to the growth of this market. Companies have responded to the threat of being overshadowed by cheaper imports of end-use products from China by investing more in those very markets. These coating companies are willing to partake in the growth through either having own operations or acquiring stakes in local companies in Asia. Development of environmental friendly coatings that can also increase productivity in wood finish operations will be the focus of most coating companies.

The U.S. Industrial Wood Coatings Market is part of the Chemicals & Materials Growth Partnership Service, and it provides market revenue forecasts for industrial wood finishes, analysis and trends by key applications, and by technology. It also includes a complete analysis of key market drivers, challenges and restraints that are likely to impact this market in the future, and strategic recommendations to tap growth opportunities. In this research service, Frost & Sullivan's expert analysts thoroughly examine industrial wood coatings, their applications, and technologies. Interviews are available to the press.

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com.

U.S. Industrial Wood Coatings Market
P064-39

Shwetha Thomas, Corporate Communications - South Asia & Middle East, Frost & Sullivan, +91 (022) 4001 3429 sthomas@frost.com

Vanessa Quezada, Corporate Communications - North America, Frost & Sullivan, +210 477 8427 vanessa.quezada@frost.com

Source: Frost & Sullivan (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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