Global Wood Coating Market to Reach US$ 16.6 Billion by 2032, Fueled by Rapid Growth in the Construction Sector

July 25, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Wood Coating Market by Coating Type (Stains and Varnishes, Shellac Coating, Wood Preservatives, Water Repellents, and Others), Resin Type (Acrylic, Nitrocellulose, Polyester, Polyurethane, and Others), Formulating Technology (Solvent-Borne, Water-Borne, UV-Cured, and Others), Application (Furniture, Cabinets, Siding, Flooring, and Others), and Region 2024-2032,” the global wood coating market size reached US$ 10.5 Billion in 2023. Wood coating refers to a protective layer applied on wooden surfaces to improve their durability, aesthetics, and resistance to environmental factors. It involves various products such as varnishes, stains, shellacs, and lacquers that penetrate the surface of the wood to offer protection from moisture, UV radiation, and wear and tear. This coating is designed to retain the natural characteristics of the wood while extending its lifespan. The choice of wood coating product largely depends on the final desired appearance and the conditions to which the wood will be exposed. Nowadays, wood coating is widely available in a broad range of colors and finishes. In recent years, wood coating has gained immense popularity across the globe as it plays a crucial role in interior and exterior design, imparting a more sophisticated and finished look to wooden surfaces.

Global Wood Coating Market Trends:

The rising demand for furniture and flooring due to rapid urbanization and expanding middle-class population represents the primary factor driving the market growth. In addition, significant growth in the construction industry, especially in emerging economies such as China, India, and Brazil, contributes to a heightened need for wood coatings to ensure the longevity and aesthetic appeal of wooden structures. Along with this, ongoing renovation and refurbishment activities of existing residential and commercial properties are supporting the market growth. This trend is fueled by an increasing consumer focus on interior decoration and a significant shift toward a more sustainable and eco-friendlier lifestyle. Besides this, inflating consumer disposable incomes and elevating living standards have led to higher expenditure on premium quality and designer furniture, thus augmenting market growth. Furthermore, recent advancements in coating technologies are creating opportunities for more durable, efficient, and environment-friendly products. The market is also witnessing a surge in demand for water-borne and UV-cured wood coatings owing to their low volatile organic compound (VOC) content and superior finish. In line with this, as the sustainability trend continues to gain traction, the enforcement of stringent regulations by governmental bodies across the globe to reduce the environmental impact of VOCs is prompting manufacturers to innovate and introduce eco-friendly wood coatings. Moreover, the surging consumer awareness about the benefits of wood coatings, such as the extended life of wood products and enhanced aesthetics, is further anticipated to propel the market growth in the coming years. Looking forward, the market value is projected to reach US$ 16.6 Billion by 2032, expanding at a CAGR of 5.14% during 2024-2032.

Market Summary:

  • Based on the coating type, the market has been segmented into stains and varnishes, shellac coating, wood preservatives, water repellents, and others. Currently, stains and varnishes dominate the market, holding the largest market share.
  • On the basis of the resin type, the market has been classified into acrylic, nitrocellulose, polyester, polyurethane, and others. At present, polyurethane accounts for the majority of the market share.
  • The market has been divided based on formulating technology into solvent-borne, water-borne, UV-cured, and others. Presently, solvent-borne represents the largest market segment.
  • Based on the application, the market has been categorized into furniture, cabinets, siding, flooring, and others. Amongst these, furniture exhibits a clear dominance in the market.
  • Region-wise, Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) represents the leading market. Other major regions are North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Brillux GmbH & Company KG, Diamond Vogel Paint Company, Eastman Chemical Company, IVM S.R.L., Kansai Nerolac Paints Limited (Kansai Paint Co. Ltd.), Nippon Paint (India) Private Limited, PPG Industries Inc., RPM International Inc., Sirca Paints India Limited, Stahl Holdings B.V., Teknos Group Oy and Valspar Corporation (Sherwin-Williams Company).

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Coating Type, Resin Type, Formulating Technology, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Brillux GmbH & Company KG, Diamond Vogel Paint Company, Eastman Chemical Company, IVM S.R.L., Kansai Nerolac Paints Limited (Kansai Paint Co. Ltd.), Nippon Paint (India) Private Limited, PPG Industries Inc., RPM International Inc., Sirca Paints India Limited, Stahl Holdings B.V., Teknos Group Oy and Valspar Corporation (Sherwin-Williams Company). 
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Global Wood Coating Market to Reach US$ 16.6 Billion by 2032, Fueled by Rapid Growth in the Construction Sector
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