Market Trends of United States Industrial Wood Coatings Industry
Increase In The Construction Projects To Drive The Market
- Doors, windows, cabinets, wooden furniture, wood flooring, and others are found in various construction projects, which include hospitals, theatres, schools, and residential houses.
- In the recent past, there has been a rise in demand for the construction of new residential projects in the country. According to the United States Census Bureau, in 2021, the total number of newly constructed houses accounted for 1,341,000 units compared to 1,286,000 units in 2020.
- Recently due to the COVID-19 pandemic and lockdowns imposed by the governments, there was a halt in many house construction projects. This led to a decrease in demand for wood coatings. However, the DIY (Do It Yourself) coatings segment saw a rise in demand during the pandemic year.
- According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, in Nov 2022, the number of new building permits given was 1,342,000 units and permits for new houses were 1,427,000 units.
- With the increase in mortgage rates and application of new housing homes, the demand for new building and new house construction is expected to see a surge in demand in the future.
Understand The Key Trends Shaping This Market
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Solvent-Borne Coatings to Dominate the Market
- The solvent-borne industrial wood coating is a liquid protective layer primarily composed of organic compounds. It is applied to a material's surface to prevent corrosion, chemical effects, and other external factors.
- Solvent-borne coatings are typically more resilient than water-borne coatings during the curing of the coating.
- Solvent-borne industrial wood coatings are preferred for applications in humid environments that don't allow water-borne coatings to cure properly.
- Solvent-borne wood coatings cure due to a chemical reaction between oxygen in the atmosphere and the constituents of the solvent-borne wood coating, and not by the evaporation of water.
- However, solvent-borne industrial wood coatings emit high levels of VOCs, which are dangerous to inhale during the application and drying process and are also dangerous to exposed skin.
- Hence, stringent laws have been implemented in order to reduce the risk caused due to the usage of solvent-borne coatings.
- Advances in water-borne industrial wood coatings are making them an increasingly better option to protect wooden surfaces.
