The global wood paints & coatings market is projected to reach around US$ 13.97 Billion by the end of 2030, in terms of revenue, growing at a CAGR of 6.0% during the forecast period (2023-2030).
Global Wood Paints & Coatings Market: Growth Drivers
Figure 1. Global Wood Paints & Coatings Market Share (%) in terms of Value, By Region, in 2022
Global Wood Paints & Coatings Market: Restraints
Factors such as stringent environmental rules imposed by the government and other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood paints & coatings are anticipated to hamper the growth of the wood coatings market over the forecast period. 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.
Furniture such as chairs, tables, beds, sofas, shelves, and cupboards has seen a huge increase in demand due to rising house construction, population, and income levels around the world. Furthermore, as the service sector expands, a large percentage of the population is shifting to new areas, driving the growth of hostels, co-living spaces, guest houses, and government offices. This is projected to boost demand for a variety of furniture items. Interior design concepts for houses, workplaces, and flats are always evolving in the furniture sector. This is spurring innovation and development, particularly in terms of designs, sizes, and colors, which is predicted to boost global furniture manufacturing volumes.
Wood Paints & Coatings Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 9.04 Bn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||6.0%||2030 Value Projection:||US$ 13.97 Bn|
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
|Restraints & Challenges:||
Increasing focus on the development of waterway infrastructure to enable easier access to water transport is the current trend in the wood paints & coatings market. For instance, the 959 km corridor of Serbia river offers cost-effective transportation routes, and the Danube river in Europe represents the most reliable water route for Serbian transportation, all year. Moreover, to improve the economic development and trade of wooden products in Serbia, the government of Serbia has undertaken numerous initiatives to boost the water industry.
Global Wood Paints & Coatings Market - Impact of Coronavirus (COVID-19) Pandemic:
The outbreak of coronavirus has impacted the global economy and led to the 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., a range of management consulting services in the US, China has experienced the effects of the pandemic sooner, and people estimate that the coatings market declined by 30% in Q1. However, manufacturers of paints & coatings industries across the globe are coming up with innovative in product portfolios and relevant strategies, which is propelling the global wood paints & coatings market.
Figure 2. Global Wood Paints & Coatings Market Share (%) in terms of Value, By Application Type, in 2022
Global Wood Paints & Coatings Market: Recent Developments
Global Wood Paints & Coatings Market: Market Segmentation
Global Wood Paints & Coatings Market: By Application Type
Global Wood Paints & Coatings Market: Key Companies
Key Companies are 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
*Definition: Wood coatings are used to maintain the wood while also adding to its visual appeal. It creates hard surface topcoats that are considered gloss retention with good color, great performance, and chemical resistance. The wood coating protects the wood from environmental deterioration and chemical attacks, in addition to improving its visual appearance. Wood coatings are suitable for both internal and external use. The outer wood coating treatment boosts the wood's endurance, protects it from humid climates, and makes it more resistant to termite attack.
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