The Wood Coatings Market is segmented by Resin Type (Acrylic, Nitrocellulose, Polyester, Polyurethane, and Other Resin Types), Technology (Water-borne, Solvent-borne, and UV-cured), Application (Furniture and Fixtures, Doors and Windows, Cabinets, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers the market sizes and forecasts in revenue (USD million) for all the above segments.
Wood Coatings Market Analysis
The market for wood coatings is likely to register a CAGR of less than 5% during the forecast period.
The coronavirus pandemic, the series of nationwide lockdowns, strict social distancing regulations, and disturbances in the worldwide production network hampered the wood coating market. Numerous processing plants and businesses were closed worldwide, influencing interest in the market. However, the market is estimated to have reached pre-pandemic levels and is expected to grow positively during the forecast period.
- One of the major factors driving the market studied is the growing furniture production worldwide. The ever-increasing construction industry in Asia-Pacific, Middle-East, and Africa will likely boost the market growth.
- Stringent environmental regulations may restrain the demand for wood coatings during the forecast period.
- The increasing demand for UV-cured coatings is likely to act as an opportunity for the market in the future.
- Asia-Pacific dominated the wood coatings market across the world during the forecast period.
Wood Coatings Industry Segments
Wood coatings are materials applied to wooden surfaces to protect the wood from natural and manmade factors. The wood coatings market is segmented by resin type, technology, application, and geography. By resin type, the market is segmented into acrylic, nitrocellulose, polyester, polyurethane, and other resin types. By technology, the market is segmented into water-borne, solvent-borne, and UV-cured. By application, the market is segmented into furniture and fixtures, doors and windows, cabinets, and other applications. The report also covers the market size and forecasts for the wood coatings market in 15 countries across the major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
|Other Resin Types|
|Furniture and Fixtures|
|Doors and Windows|
|Other Applications (including Floors, Decks, and Molding Products)|
Wood Coatings Market Trends
Growing Furniture Production Worldwide is Driving the Market Growth
- With increasing housing construction, population, and income worldwide, the demand for furniture such as chairs, tables, beds, sofas, shelves, and cupboards has increased significantly.
- The total revenue of the Furniture market is expected to reach USD 770.0 billion in 2023. The market is also expected to grow annually by 5.31% for the next five years.
- A significant portion of the market is occupied by Living Space Furniture, with an estimated market volume of USD 227.70 billion in 2023.
- Moreover, with the rapidly growing service sector, a considerable proportion of the population has been relocating to new locations, driving the trend of hostels, co-living, guest houses, and official premises. This is expected to augment the demand for various furniture products.
- In the furniture industry, concepts related to the interiors of homes, offices, and flats are changing continuously. This is driving innovation and development, primarily in terms of designs, size, and colors, which is expected to augment furniture production volume worldwide.
- In the furniture industry, wood coatings are extensively used. Thus, the increasing production volume of furniture across the world is augmenting the growth of the market studied.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific region has been dominating the global market share for the Wood coatings market. China has the largest furniture sector in the world, which is thriving due to increasing domestic and foreign demand. In India, both the furniture and construction sectors have been seeing significant development as of late.
- Some of the key factors driving this growth include increased investment in the residential and commercial sectors, as well as government initiatives such as "Housing for All."
- Hong Kong's housing authority initiated a number of initiatives in China to jump-start the development of affordable housing. By 2030, the authorities hope to have 301,000 public housing units available. Similarly to this, it is anticipated that 7,000 additional shopping malls will be built in China and opened by 2025.
- According to the Forest Trends Association, the Indian domestic furniture market is expected to grow at an annual rate of 12.9% between 2020 and 2024. IKEA has also announced its future plans to open more than 25 stores across the country, with investments of more than USD 1 billion in stores alone.
- Additionally, there has been major growth in public and private investments in the construction sectors of ASEAN countries in recent times.
- These factors are likely to help the Asia-Pacific region to dominate the market during the forecast period.
Wood Coatings Market Recent Developments
- In November 2022, The Sherwin-Williams Company announced an agreement to acquire German-based Specialized Industrial Coatings Holding (SIC Holding), a Peter Möhrle Holding and GP Capital UG venture comprised of Oskar Nolte GmbH and Klumpp Coatings GmbH. With a presence in Europe, Asia, and South America, the business has approximately 220 employees and annual sales of more than EUR 91.5 million (~USD 98.6 million). It will become part of the Sherwin-Williams Performance Coatings Group reportable segment.
- In December 2022, AkzoNobel completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, a deal that strengthened the company’s performance coatings portfolio.
- In August 2022, PPG Industries Inc. announced that two of its industry-leading antimicrobial and antiviral products had been recognized with 2022 R&D 100 Awards in the Mechanical/Materials category – COPPER ARMORTM antimicrobial paint by PPG with Corning Guardiant technology and COMEX VINIMEX TOTAL antiviral and antibacterial paint.