The global Wood Paints And Coatings Market is expected to surpass US$ 13.97 Billion by 2030, exhibiting a CAGR of 4.9 % during the forecast period (2023-2030).
The growth of the Wood Paints And Coatings Market is expected to be driven by the development of railways across the globe. The government of most countries are focusing on the development of railways since the last decade and are invested in the maintenance of railways. With the rise in railway tracks, it has been estimated that the number of trains would be increasing which will require wood for its interior seating and other arrangements, thus favoring the Global wood paints and coatings market in the country. This is expected to aid in the growth of the Wood Paints And Coatings Market over the forecast period.
The global Wood Paints And Coatings Market is estimated to account for around US$ 9.04 Billions in terms of value in the year 2023 and it is predicted to grow at a CAGR of 6.0% during the forecast period (2023-2030)
Key Trends and Analysis of the Global Wood Paints And Coatings Market:
Among regions, Asia Pacific accounted for a significant market share in 2020. Rising investment in the transportation industry has been driving target market growth in Asia Pacific. In addition, the rising spending capacity of the Indian population on interior design and wooden furniture has been propelling the Wood Paints And Coatings Market in the Asia Pacific.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/wood-paints-and-coatings-market-4602
Key Takeaways of the Market:
- The global Wood Paints And Coatings Market was valued at USD 9.04 Billion in 2022 and is expected to reach USD 13.97 Billion by 2030, growing at a CAGR of 6.0% during the forecast period
- The demand for wood coating solutions is increasing at a rapid rate in every region due to rising living standards, growing disposable income, rapid urbanization, and substantial investment by the government, which contributes to the accelerated growth of the construction industry. This is positively impacting the demand for cabinets, sidings, flooring, beds, cupboards, tables, and other furniture, thus impacting the growth of wood coatings.
- Asia Pacific had the highest market share in terms of volume and revenue in 2022 and may maintain its spot during the projected period. This is due to growing construction and building activity and the automotive sector in China, India, and Japan. The rising demand for paints and coatings is due to their application in the coatings of non-residential and residential infrastructure. They have great applications for decorating furniture, windows, and walls.
Global Wood Paints And Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
With the strict restrictions and lockdown being imposed across the globe, the paints & coatings sector has been highly impacted as companies and operational units were asked to be non-operational. This led to a disruption in the industrial and paints & coatings markets and ultimately impacted the Wood Paints And Coatings Market across the globe. According to data published by the American Coatings Association, a trade association in the U.S., in the face of COVID-19, paint and coatings manufacturers have incorporated social distancing and increased hygiene measures at their manufacturing plants and instituted specific practices to accomplish heightened worker safety.
Global Wood Paints And Coatings Market: Recent Developments
- In February 2021, Dan Edwards introduced DECOPRIME, a new waterborne wood primer. This new series is designed for the interior of wooden cabinets, doors, and panels in kitchens and bathrooms. DECOGLO lacquers, available in the fall, are part of a two-product solution for interior cabinets, doors, and trim.
Competitive Section:
- BASF SE
- Arkema SA
- Ashland Inc.
- RPM International Inc.
- Hempel A/S
- AkzoNobel N.V.
- Premium Coatings
- Chemicals Pvt. Ltd.
- Nippon Paint Co. Ltd.
- Axalta Coatings Systems
