The global furniture paint market is anticipated to grow steadily during the forecast period due to factors such as increased disposable income, urbanization, significant investments by governments, and growth in the real estate sector. As a result, there is a rise in demand for furniture such as beds, tables, cupboards, and flooring, which positively affects the furniture paint market. The increased adoption of coating techniques guarantees the quality of products. The market is also driven by various regulations imposed by governments on VOC-free coatings and eco-friendly techniques. The furniture paint market is expected to grow rapidly due to increased demand for UV-cured wood coatings, which have unique properties such as protection from corrosion, anti-friction, hardness, and other environmental factors. However, the pandemic disrupted the supply chain of operations in the companies, which led to decreased revenue growth.
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The significant growth in real estate and housing has positive impacts on demand for joinery, which includes cabinets and sidings, driving revenue growth of the furniture paint market. However, the drying time required for waterborne coatings is more in comparison to solvent-borne coatings, and many are unusable after freezing. The process of powder coating is effective in procuring thick and smooth coatings, but the difficulty in the procurement of thin films is expected to hamper revenue growth of the market.
The increased application of fluoropolymers in the building and construction industry such as Polyvinylidene Difluoride (PVDF) in industrial and architectural coatings is driving revenue growth of the market. The polyurethane segment revenue is expected to account for the largest revenue share over the forecast period due to its high-performance finishing, scratch resistance, resilience to UV light, resistance to wear and tear, and multi-coat.
The Asia Pacific region is expected to account for the largest revenue share in the global furniture paint market, followed by North America, which continues to lead in terms of revenue CAGR.
Furniture Paint Market: Drive Factors
The furniture paint market is expected to experience steady revenue growth during the forecast period, driven by several factors. Increased disposable income, urbanization, significant government investments, and growth in the real estate sector are positively impacting the construction industry, which, in turn, is driving demand for furniture such as flooring, beds, cupboards, tables, and other furniture.
The adoption of coating techniques that guarantee quality products is also driving demand. Furthermore, various regulations imposed by governments, especially those calling for VOC-free coatings, have raised demand for eco-friendly techniques.
The market is expected to grow at an increased rate due to the increased demand for UV-cured wood coatings. Mergers and acquisitions amongst manufacturers have also marked a boost in the market.
However, the pandemic disrupted the supply chain of operations in many companies, highlighting the importance of smooth logistics and distribution of raw materials.
Overall, the significant growth in real estate and housing, along with various regulations promoting the adoption of environment-friendly and new coating technologies, are driving revenue growth of the global furniture paint market.
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