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New Product Development is the Key Strategy Adopted By Industry Players to Boost Their Growth in the Global Wood Coating Resins Market
The global wood coating resins market is projected to reach USD 4.24 Billion by 2021, at a CAGR of 5.39% from 2016 to 2021. The market is mainly driven by green, environment friendly, healthier coating systems, the growing demand for water borne and solvent free coating resins, and the growing end-use industries.
New product development is the key strategy adopted by industry players to boost their growth in the global wood coating resins market. This strategy accounted for a share of 63%, between 2013 and 2016, of all the growth strategies adopted by the market players. The increasing demand for wood coating resins, and new product developments by market players to expand their product portfolios, is paving the way to meet the growing demand from consumers. Besides new product developments, companies are investing in expanding their wood coating resins manufacturing facilities in emerging regions across world. This strategy accounts for a share of 29% of all the developments between 2013 and 2016. Companies are also focusing on the partnerships, contracts & agreements, and acquisitions strategies since the last three years. These strategies together accounted for 29% of all the strategic developments.
Europe was the most active region from 2013 to 2016, in terms of strategic initiatives. New product launch is one of the preferred strategies in this region. Companies such as Allnex S.à.r.l. (Germany), Arkema S.A. (France), and Synthopol Chemie (Germany), among others, launched several new products and expanded their manufacturing facilities in the region to increase their production capacities of wood coating resins.
Major manufacturers such as Arkema S.A. (France), Nuplex Industries Limited (Australia), Koninklijke DSM N.V. (Netherlands), Allnex S.à r.l. (Germany), Synthopol Chemie Dr. rer. pol. Koch GmbH & Co. KG (Germany), Dynea AS (Norway), Polynt S.p.A. (Italy), Sirca S.p.A. (Italy), IVM Group (Italy), and Helios Group (Slovenia) are profiled in this report. These companies have adopted both, organic and inorganic growth strategies.
Synthopol Chemie is the most active player in the global wood coating resins market. The company accounted for the largest share of all the developmental activities undertaken in the global wood coating resins market. As a part of its strategy, the company focuses on expanding its wood coating resins business by investing in research & development activities, specifically, in the European region, because the environmental regulations are stricter in Europe than in any other region. The company has launched various wood coating resins products during the last one year. In June 2016, Synthopol introduced Synthalat A-BWH 2623 ,an aqueous, hydroxyfunctional, self-crosslinking acrylic resin for 1-C, oven-drying clear and pigmented topcoats. The material is designed to perform without the addition of catalysts at temperatures above 120 °C. Also in April 2016, the company unveiled Synthalat QWL 2532 (99% NVC) , a water-dilutable long-oil alkyd resin which can be used as a main or co-binder in water-based decorative paints such as wood care products, window coatings and other applications. It can be used directly in aqueous media.
Another company that has established a strong foothold in the global wood coating resins market is Allnex S.à r.l. (Germany). The company is focused on both, organic and inorganic growth strategies. The company also focuses on expanding its base through partnerships, and contracts & agreements. Recently, in September 2016, Allnex and Nuplex merged to form one company with a combined revenue of USD 2.5 billion. In February 2016, the company entered into a partnership with Peninsula Polymers to distribute its wood coating resins products in the North American market. Apart from this, in June 2015, Allnex introduced a new polyester acrylate which gives balanced properties to UV cured sealers for wood applications.
Wood Coating Resins Market by Resin Type (Polyurethane, Acrylic, Epoxy, Alkyd, Nitrocellulose, Polyester), Technology (Solventborne, Reactive, Dispersion), End User (Furniture, Cabinets, Doors and Windows, Flooring) - Global Forecast to 2021
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