Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Wood coatings are additives or mixtures that are added to the end wood product, primarily to preserve the overall quality of the finished product, in terms of durability, color, and texture. Wood coatings cover a broad range of products including stains, varnishes, paints, and supporting ancillary products for indoor and outdoor purposes.
The global wood paints & coatings market is estimated to surpass US$ 12,342.11 million in terms of revenue by the end of 2027, exhibiting a CAGR of 5.9% during the forecast period (2021 to 2027).
Surge in furniture industry is one of the major factors contributing to the rising demand for wood paints and coatings. In addition, increasing standard of living and rising disposable income have contributed to the expansion of the furniture industry across the globe. For instance, according to a report submitted by UNECE (United Nations Economic Commission for Europe), in 2018, the wood sold to the construction sector in Austria accounted for US$ 3.21 Bn, representing around 2.5% increase as compared to 2017. Furthermore, the same report states that the Austrian furniture industry comprises around 50 industrial plants, most of which are privately-owned medium-sized organizations. Moreover, in 2018, the furniture industry in Austria witnessed an increase of 4.9% as compared to 2017, accounting for US$ 2.50 Bn.
Increasing tourism in different countries is expected to drive investments in the hotel and tourism infrastructure and is expected to aid in growth of the wood paints & coatings market over the forecast period. For instance, the tourism industry in Croatia is known to contribute to approximately 20% of the national GDP in 2019. The tourism industry accounted for around US$ 14.31 Bn in 2019 to which the hotel industry accounted for 60% to 70% of the economy.
The growing hotel and tourism industry has been estimated to favor growth of the global wood paints & coating market as well. With the rise in the tourist footfall, the hotels and restaurants are significantly increasing capacity by renovating the current wooden floorings and furniture. The rising spending capacity on outdoor furniture and wooden decks and floors has been estimated to favor growth of the wood paints and coating market in Croatia in the near future.
Among regions, Asia Pacific held dominant position in the global wood paints & coatings market in 2020, accounting for 61.1% market share in terms of revenue, followed by Europe.
Wood Paints & Coatings Market Report Coverage
||Market Size in 2020:
||US$ 8,130.39 Mn
|Historical Data for:
||2017 and 2019
||2021 to 2027
|Forecast Period 2021 to 2027 CAGR:
||2027 Value Projection:
||US$ 12,342.11 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: U.K., Germany, Italy, France, Spain, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, South Korea, ASEAN, Australia, Rest of Asia Pacific
- Middle East & Africa: Middle East and Africa
- By Resin Type: Acrylic, Nitrocellulose, Epoxy, Polyester, Polyurethane, and Others
- By Product Type: Stains & Varnishes, Shellac, Wood Preservatives, Water Repellants, and Others.
- By Technology: Water Borne, Solvent Borne, and UV Cured
- By Application: Furnitures & Fixtures, Doors & Windows, Cabinets, Flooring & Decking, and Others
BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems
- Surge in furniture industry
- Increasing standard of living and rising disposable income
|Restraints & Challenges:
- Factors such as stringent environmental rules imposed by the government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating
Figure 1. Global Wood Paints & Coatings Market Revenue Share (%), By Region, 2020
Factors such as stringent environmental rules imposed by the government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating is anticipated to hamper the growth of the wood coatings market over the forecast period.
Increasing focus on the development of waterways infrastructure to enable easier access to water transport is the current wood paints & coatings market trend. For instance, the 959 km of Serbia’s river corridor offers cost-effective transportation routes in which the Danube represents the most reliable water route for Serbian transportation all-round the year. Moreover, to improve the economic development and wooden products trade in Serbia, the government of Serbia has undertaken numerous initiatives to boost the water industry in Serbia. For instance, in 2019, the Ministry of Construction, Transport & Infrastructure, and Republic of Serbia announced an investment of US$ 63.07 Mn on the construction of port infrastructure that would extend the capacity for bulk cargo transport.
Figure 2. Global Wood Paints & Coatings Market – Opportunity Analysis
On the basis of technology, in 2020, solvent borne segment accounted for 49.2% of the revenue share. The conventional solid solvent borne coatings have higher demand owing to the low price and quick drying characteristics. It helps in providing viscosity to wood coatings. This is expected to drive demand for global wood paints & coatings market during the forecast period.
Figure 3. Global Wood Paints & Coatings Market Revenue Share (%), By Product Type, 2020
Global Wood Paints & Coatings Market - Impact of Coronavirus (COVID-19) Pandemic
The outbreak of Coronavirus has impacted the global economy and led to shutting down of major economic sectors. The Coronavirus pandemic has caused global economic disruptions in trade. The pandemic has impacted the global supply chain industry and has been one of the major reasons for the disruption in the paints & coatings industry globally. The global coatings industry has been upended by the COVID-19 pandemic. According to a report published by Orr & Boss, Inc., range of management consulting services in the US, China has experienced the effect of the pandemic sooner, we estimate that the coatings market declined by 30% in Q1. However, manufacturers of paints & coating industries across the globe are coming up with innovation in product portfolios and relevant strategies which is propelling the global wood paints & coatings market.
Key players operating in the global wood paints & coatings market include BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems.