The global wood coatings market was valued at US$ 10,533.01 million in 2021, according to the Global Wood Coatings Market Report, by Resin Type (Polyurethane, Nitrocellulose, Polyester, Epoxy, Shellac (French Polish), Melamine and Others), by Technology (Water-borne, Solvent-borne and UV-CURING), by End User (Furniture, Siding, Flooring & Decking and Others) and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), published by Coherent Market Insights
The global wood coatings market was valued at US$ 10,533.01 million in 2021 and is expected to exhibit a CAGR of 6.2% during the forecast period (2022 to 2030). Wood coatings are additives or combinations that are applied to the finished wood product in order to improve its overall qualities, such as durability, color, and texture. Stains, varnishes, paints, and other supplementary goods for indoor and outdoor use are included in the category of wood coatings. After the wood has been dyed and prepared, the coating is applied. Wood finishing is the process of putting a coating to a finished wood product. Finishing is the final phase in the manufacturing process, and it gives the wood surface desirable properties including moisture and heat resistance, better durability, and improved look. Finishing also makes the finished object more sanitary and easier to maintain.
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Browse 44 market data tables* and 32 figures* on “Global Wood Coatings Market” - Forecast to 2030.
Key Trends and Analysis of the Global Wood Coatings Market:
- One of the emerging trends in the global wood coatings market is increased demand for wood coatings from the furniture industry, which is expected to drive market growth during the forecast period. Wood coatings are frequently utilized in the furniture industry to improve the appearance, performance, and longevity of furniture. The wood coatings industry includes coatings for industrial uses such as cabinetry, furniture, and flooring, as well as DIY items for home products such as decks and remodeling projects. Wood treatments help woods last longer while also improving their look.
Market Opportunities
- Consumer disposable income is increasing, and the standard of life in emerging nations like India and China is improving, which is boosting demand for modern furniture, which is likely to drive demand for wood coatings. According to the Ministry of Statistics and Program Implementation, per capita income of India was valued at US$ 1,258.7 in 2018, which increased to US$ 1,290.4 in 2019. Furthermore, the home and real estate markets are experiencing tremendous growth, which is positively impacting joinery demand. Cabinets and sidings are examples of joinery. These elements have a beneficial impact on market growth. On the other hand, advancements in coatings technology and an increase in the usage of radiation cure coatings are two aspects that make the wood coating business lucrative.
Market Restraints
- Challenges such as the government's and other regulatory bodies' strict environmental laws on the use of volatile organic compounds (VOC) in the production of wood coatings stifle the market's growth. This is due to the rising usage of VOCs in the production of wood coatings, which has a negative influence on the environment.
Key Takeaways
- On the basis of End User, furniture dominated the global wood coatings market in 2021, with around 46.8% of market share, in terms of revenue, followed by Siding, Flooring & Decking and Others
Key Players
- 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
- These players are constantly engaged in acquisition and new product launch to gain a competitive advantage over other players. For instance, in November 2020, BASF introduced the Joncryl 953X portfolio, which consists of five straight acrylic dispersions for water-based 1K systems, to emphasize and protect the beauty of wood while also meeting sustainability standards.
Global Wood Coatings Market - Impact of Coronavirus (COVID-19) Pandemic
- The COVID-19 pandemic has had a negative impact on the global wood coatings market. The global economy is affected by coronavirus pandemic, as governments across the globe imposed lockdown measures to curb the movement of people. Various governments across the globe have opted for lockdowns due to which industrial activities halted and international travel was ceased. These measures are having a significant toll on almost all industrial sectors. Factories and manufacturing facilities have faced supply chain breakdowns and labor shortages. The COVID-19 pandemic impacted the growth of the global paints & coatings industry. The COVID-19 outbreak has caused a major setback to the many export-oriented economy of countries such as China, Japan, the U.S., Germany, Hong Kong, etc., owing to the shutting down of manufacturing plants in the country. The furniture & construction industry is severely affected as social distancing, self-isolation, and city-wide lockdowns have forced many sites to stop construction across the world. All these have impacted the overall paints & coatings consumption across all the countries, which in turn, hampered the global wood coatings market growth.
Detailed Segmentation:
- Global Wood Coatings Market, By Resin Type:
- Polyurethane
- Nitrocellulose
- Polyester
- Epoxy
- Shellac (French Polish)
- Melamine
- Others
- Global Wood Coatings Market, By Technology:
- Water-borne
- Solvent-borne
- UV-CURING
- Global Wood Coatings Market, By End User:
- Furniture
- Siding
- Flooring & Decking
- Others
- Global Wood Coatings Market, By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
