— Wood Coatings Biocide Market size is forecast to reach $1.3 billion by 2026, after growing at a CAGR of 5.5% during 2021-2026. Biocides are the products or chemicals that combat pests or micro-organisms. Wood Coatings Biocide is widely used in the protection of wood or wood-made structures and also helps in increasing product life. The increasing demand for tebuconazole and propiconazole based products to control fungicides control wood-destroying due to their adaptability and abundance across indoor and outdoor applications of residential, commercial, and industrial sectors and boost the market growth. Additionally, Zinc Pyrithione (ZNP) powder is also used to protect stains and emulsion paints from fungal and algal.
Furthermore, the increase in demand for wood in home décor and roofing across the developing regions also drive the market growth. Furthermore, high investment in the tourism, healthcare, and education sectors has encouraged the growth of the construction industry in Saudi Arabia, which is subsequently driving the demand for the wood coating biocide market. The COVID-19 pandemic continues to unfold every day with a severe impact on people, communities, and businesses. The pandemic has reduced the demand for Wood Coatings Biocide. The growth of construction industry and the sales of furniture unit has decreased, these two are the primary users of the biocide coatings and has severely impacted the market's growth.
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Wood Coatings Biocide Market Segment Analysis - By Formulation
Solvent-Borne segment is projected to witness a significant CAGR of 3.5% in the Wood Coatings Biocide Market during the forecast period. The low cost, quick-drying ability and microporous protection against wood rot, fungi, mold, and insect attack properties make solvent-borne coatings as useful products across various wood applications. Solvent-Borne Coatings are less sensitive to environmental conditions such as temperature change and humidity, which is why they are widely used for wood preservation as wood is temperature coefficient.
Solvent based wood coating biocides also provides excellent protection against ultraviolet radiation and waterproofs any cracks up to 0.4mm, which is why they are used on external wood structures like decks, railroad ties, fences, garden furniture, and wooden shed, which will further drive the markets growth.
Wood Coatings Biocide Market Segment Analysis - By Applicant Process
Brushing segment held the largest share of more than 30% in the Wood Coatings Biocide Market in 2020. Brushing is the simplest form of protective treatment and is widely used in the coating process, as they are cheap and don’t require any expensive equipment, like spray treatment. When applying a protective layer to a furniture brush coating is more feasible, as the painter has better control over the tool, and the protective coating is equally applied. Brush coating offers various benefits such as better control, very good adhesion, equal & uniform coverage than spraying coating, which makes brushing coating suitable for the various wooden application. According to research done by Checka trade, a trade directory, estimated around $71.3 billion to be spent on renovations in 2020 in the United Kingdom, which will further propel the market.
Wood Coatings Biocide Market Segment Analysis - By Application
Furniture segment held the largest share of more than 35% in the Wood Coatings Biocide Market in 2020. The growth of this market segment is attributed to the changing people lifestyle, increase in consumer income, growing consumer interest in home decoration, and increase in residential and commercial properties. Furthermore, increasing promotional activities for commercial & residential building accommodation with ready-to-use furniture to attract buyers and get better deals are likely to propel market growth.
Wood Coatings Biocide Market Segment Analysis - By Geography
APAC segment held the largest share of more than 45% in the Wood Coatings Biocide Market in 2020. The increase in demand for biocide coatings from different applications encompass joinery, flooring, railroad tie, cabinet, and decks. Furthermore, an increase in commercial housing activities, growing industrial construction, and the development of historic places further drive the market growth. According to Organization for Economic Co-operation and Development (OECD), estimated that the global middle-class population is estimated to be 3.2 billion in 2020 and will increase to 4.9 billion by 2030. The bulk of this growth will come from Asia and will represent 66% of the global middle-class population by 2030.
Wood Coatings Biocide Market Driver
Rapid Urbanization boosting the growth of the market
Surging Demand from the furniture Industry
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Major players in the Wood Coatings Biocide Market are Lonza Group AG, Akzo Nobel N.V., PPG Industries, Inc., BASF Wolman GmbH, Lanxess AG, Troy Corp., Wacker Chemie AG, Clariant AG, Reactive Surfaces Ltd, Organics GmbH, and among others.
North America is projected to grow at a substantial rate over the forecast period due to the growing construction industry across the region. Whereas, the US holds the largest share in the region.
Wood Coatings Biocide can have toxic carcinogen, which can cause cancer and environmental degradation and will likely hinder the market growth.
COVID 19 has reduced the demand of the market due to the shutdown of many industrial operations and construction activities.
Related Reports :
A. Biocides Market
B. Metal Biocides Market
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