Wood Coatings Market Size, Share, Growth Report 2030

Market Overview

The global wood coatings market accounted for USD 8,148 Million in 2020 and is expected to reach USD 13,952 Million by 2028, growing at a CAGR of 6.7% from 2021 to 2028.

Wood coating is a kind of material applied to the surface to protect the wood from the external factors. It helps in increasing the product life. Also, the use of wood coating increases the visual cues of wooden object, thereby helping in marketing of the product.

The growing production of furniture across the world is one of the major factors driving the market growth. In Asia-Pacific and the Middle East & Africa, the growing construction industry is also likely to boost the market growth. The demand for furnitures, such as chairs, table, bed, sofa, shelves, and cupboard, has been increasing significantly with increasing housing construction, population, and income-levels across the world. Also, with the rapidly increasing service sector, a huge proportion of the population has been relocating to new locations, which is raising the trend of hostels, co-living, guest houses, and official premises. This is expected to augment the demand for various furniture products.

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COVID-19 Impact Analysis

The covid-19 have led us to serious implications as it has deepen the growth to a significant level and wood coating wasn’t an exception. The demand for wood coating primarily depends on the construction activities at residential, commercial and industrial level. The covid-19 pandemic has brought these end use industries on backfoot as they have to face the significant loss in revenue. For instance, until 2019 the U.S construction industry was contributing around USD 2 trillion to the GDP. Now, the number reduced to USD 1.36 trillion. The end of the lockdown is anticipated to grow the wood coating market Owing to the increasing applications of polyurethane coatings across several sectors, including commercial, architectural, and structural work, paneling, furniture, etc.

Growth Factor:

Owing to the increasing applications of polyurethane coatings across several sectors, including commercial, architectural, and structural work, paneling, furniture, etc. the polyurethane segment dominated the market, and is expected to grow during the forecast period. During last few years the significant increase in in the spending power of the people thereby creating positive growth impact on the market.

However, changing government regulations, volatility in raw material prices can affect the market growth negatively. Moreover. Changing trade policies U.S. and china trade wars and outbreak of covid-19 have affected the supply chain thereby disturbing the demand and supply ration. This imbalance will create further opportunity in U.S. Market.Stringent environmental regulations may act as restrain the demand for wood coatings, during the forecast period.

Report Scope:

Applications Segment Analysis

By application the furniture segment holds the share of over 30% in the market and is projected to lead the global market, This can majorly be attributed to increased number of individual home buyers. The demand for wood coatings in the construction and furniture industries is expected to increase considerably Owing to the advantages of wood coatings such as enduring surface finish, solvent & scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick drying, superior sanding, and multi-coat & smooth finish application.

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Technology Segment Analysis

Depending on technology, owing to low price and quick drying characteristics, the conventional solid solvent borne segment holds the major share in the market. The low price of the conventional solid solvent borne wood coatings ascribe to easy availability of hydrocarbon solvent base as it is derived from crude oil. Moreover, solvent helps in providing viscosity to wood coatings.

Regional Segment Analysis

Globally, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Owing to increase in demand for wood coatings from emerging application sectors, including furniture, joinery, flooring, and others Asia-Pacific accounts for the major share in the global wood coatings market. Europe and North America will possess a huge opportunity in near future. 

North America wood coating market is majorly driven by increasing demand for the various furnitures, huge spending power, and increasing adoption of the furnitures. The market is expected to have a steady growth owing to the various regulations. U.S. is one of the major importer for the market and in 2019, the country has imported the furniture of USD 54,901.9 million. The North America market is expected to grow at the CAGR of 5.8% during the forecasted period.

Asia Pacific dominated the global market with the share of over 40% in the global market. Presence of huge manufacturer, high demand for the furnitures and presence of developing economies have driven the growth of the market. Indonesia is major producer of furniture and China is the global leader in the chemical and coating material. Continuously increasing demand for the furnitures, developing infrastructure, and changing standard of living have boosted the market growth. Owing to the huge untapped opportunity the Asia Pacific region will grow at the fastest CAGR of 6.2% during the forecast period 2021-2028.

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Key Market Players &Competitive Landscape

The major companies operating in the global wood coatings market Akzo Nobel Coatings NV, Kansai Paint Co. Ltd., DuPont Coatings and Color Technologies Group, BASF Coatings AG, Hempel A/S, Ashland Inc., Arkema SA, Sherwin-Williams Co., ICI Paints, PPG Industries Inc., Dow Coating Materials, The Valspar Corporation, RPM International Inc. and Nippon Paint Co. Ltd.

The Wood Coating Market is segmented as follows:

By Technology

• Spraying
• Conventional Spray
• High-Volume Low-Pressure
• Electrostatic
• Airless Spraying
• Non-Spray Coatings
• Rollers
• Brushes
• Vacuums
• Curtaining

By Resin Type

• Acrylics
• Polyurethane
• Nitrocellulose
• Melamine Formaldehyde
• Others

By Application

• Cabinets
• Side and Deck
• Furniture
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa