WOOD COATINGS MARKET ANALYSIS

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 colour, great performance, and chemical resistance. 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.

The global wood coatings market is expected to surpass US$ 18,143.45 Million by the end of 2030, in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2022 to 2030).

Drivers

As the service industry grows, a large section of the population moves to new areas, resulting in the growth of hostels, co-living spaces, guest houses, and government buildings. As a result, the demand for a wide range of furniture products is likely to rise. Interior design concepts for homes, businesses, and apartments are always evolving in the furniture industry. This promotes innovation and development, particularly in terms of design, size, and color, and is predicted to increase the volume of furniture produced globally. All of the aforementioned factors will have a significant impact on the demand for wood coatings in the forecast period.

To strengthen the position in the wood coating market, major firms are investing in innovative technologies and creating infrastructure. For instance, in February 2021, Axalta has created a smartphone app for users of wood coatings. New constructions, remodeling of existing houses, and a drop in the cost of raw materials will all contribute to the industry's growth as the world population grows and the housing market stabilizes. The need for wood coating, on the other hand, is a result of the world's unsteady economic situation.

Asia Pacific dominated the global wood coatings market in 2021, accounting for 58.2% share, in terms of revenue, followed by Latin America and North America. The home furnishings sector in Asia Pacific is being driven by changing lifestyles and increased disposable income in emerging economies such as India & Japan.

Figure 1. Global Wood Coatings Market, Revenue Share (%), By Region, 2021

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Market Restraints

The wood coatings market growth is expected to be restrained by preference given to laminates over wood coatings. Laminates are manufactured by pressing thin layers of flat paper or plastic resins, which are used as a finishing layer for plywood, particle board, wooden furniture, wall panels, and flooring. Laminates are available in numerous colors & shades and are easy to maintain. They are not only scratch-resistant and waterproof but are also highly durable and able to retain their look for years. Moreover, laminates only require periodic cleaning with a non-abrasive cloth and soft cleaning agent. Damaged laminate edges or surfaces can easily be removed and repaired without having to resurface the whole furniture, which in turn, lowers the maintenance costs. These factors are expected to hamper the wood coatings market growth.

Market Opportunities

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 colours, which is predicted to boost global furniture manufacturing volumes.

Figure 2. Global Wood Coatings Market – Opportunity Analysis

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Market Trends

Green coatings are the latest trend in the coating industry. Green coatings are environmentally friendly coatings that assist reduce pollution at any stage of the process. These coatings are normally more expensive than other paints and coatings on the market; nonetheless, they are more advantageous and have comparable performance attributes to traditional hazardous paints. Green coatings are becoming more popular in the coating industry as environmental regulations and standards become more stringent, particularly in Europe and North America. As a result, the need for UV curable coatings is expanding.

Figure 3. Global Wood Coatings Market, Revenue Share (%), By , in 2021

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On the basis of Technology, Solvent-borne dominated the global wood coatings market in 2021, accounting for around 56.7% of market share, in terms of revenue, owning to its low cost and quick drying properties, conventional solid solvent borne coatings are in increased demand. Due to the simple accessibility of the hydrocarbon solvent base and the addition of viscosity to the wood coating, which aids in coating application to specific objects, the standard solid solvent based wood coatings are inexpensive. The growth of the global wood coatings market is highly influenced by all of these factors taken together.

Global Wood Coatings Market - Impact of Coronavirus (COVID-19) Pandemic

Wood coatings is commonly used in furniture making such as chairs, tables, beds, sofas, shelves, and cupboards. All these sectors were negatively impacted in 2020, the supply of wood coatings was halted in most nations as a result of the pandemic's lockdown, which has impacts for businesses across a wide range of industries. Moreover, wood coatings is also majorly used in the paints and coatings industry. The COVID-19 pandemic disrupted the paints and coatings industry worldwide – particularly in low- and middle-income countries.  However, the efficiency in terms of the paints and coatings industry of some countries started propelling in the mid of 2021. For instance, according to data published by the British Coatings Federation, the sole UK Trade Association, on March 23, 2022, sales of industrial coatings dropped by 35% in April and 37% in May of 2020, but improved in June 2020. According to the same source, industry sales were up over 45% in June 2021 and grew by 4% in January 2022.

Competitive Section

Key players operating in the global wood coatings market include Akzo Nobel N.V., Axalta Coatings Systems, DowDuPont, Eastman Chemical Company, Kansai Paint Co., Ltd., BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., PPG Industries Inc., Katilac Coatings Inc. Jotun, Berger Paints India Limited, Asian Paints Limited, Sirca Paints, and Nippon Paint Co. Ltd

Few Recent Developments

In July 2020, Katilac Coatings, an industrial wood coatings producer launched an antimicrobial coatings solution, KCI-AMA. This solution protects against a variety of pathogens, including disease-causing bacteria and viruses, for a long time using a dry film.