Wood Coating Market

Wood Coating Market Size:

The global wood coating market size reached US$ 10.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.14% during 2024-2032. The market is propelled by the growing construction activities across the globe, increasing demand for furniture and interior décor, strict environmental regulations, growing disposable income levels, and significant technological advancements in coatings.

Wood Coating Market Analysis:

• Major Market Drivers: Some of the major market drivers of the market include the rapidly growing construction and infrastructure industry along with the extensively growing demand for furniture and flooring applications.
• Key Market Trends: The increasing environmental issues, significant technological advancements in confluence of the growing automotive industry are some of the major key market trends propelling the wood coating market growth.
• Geographical Trends: Asia Pacific holds maximum number of shares on account of the increasing rates of urbanization and industrialization particularly in developing economies such as India and China. Other than this, the increasing disposable income level across the Asia Pacific region is also creating a positive wood coating market outlook.
• Competitive Landscape: Akzo Novel N.V., Axalta Coating Systems Ltd., BASF SE, Brillux GmbH & Company KG, Diamond Vogel Paint Company, Eastman Chemical Company, EVM 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), are among some of the key players in the wood coating industry.
• Challenges and Opportunities: The major challenges encountered by the include growing sustainability concerns and constantly changing raw material costs. On the other hand, significant technological advancements in confluence with the increasing demand for premium wood coatings are some of the major wood coating industry trends.
   

Wood Coating Market Trends:

Exponential Expansion in the Construction Industry

The significantly rising construction industry is leading to a rising wood coating demand. On account of the rapid urbanization throughout the globe and increasing income levels, the global construction industry is constantly rising, thereby propelling the market growth. According to GITNUX, the global construction industry is projected to reach USD 14.9 Trillion by 2025. The report also stated that the construction industry yield is expected to grow by 85% to reach US$ 15.5 Trillion globally. Other than this, government initiatives and infrastructure projects lead to a rise in construction activities which further leads to a rise in the product demand.  Numerous investments in transportation infrastructure include bridges, roads, and airports are fueling the adoption of wood coatings across the globe. Moreover, renovation and remodeling activities contribute to the wood coating market revenue. As the preferences and choices of consumers change, the need for renovating existing structures increases which requires the utilization of wood coatings in order to improve the aesthetic appeal and durability of the surface, including furniture, fixtures, and floors.

Rising Demand for Furniture Globally

The increasing disposable income levels, changing lifestyles, and rapid globalization globally are leading to a rise in the demand for furniture globally. This has led to an expansion in the global furniture market, according to the IMARC GROUP, the global furniture market already reached US$ 660.5 Billion in 2023, and is expected to reach US$ 701.9 Billion by 2032. Other than this, individuals are opting for furniture pieces which complement their living areas along with suiting their personal preferences and styles. The fulfillment of this wide gap of customization these days, is leading to a rise in the furniture demand, thereby creating a positive wood coating market forecast. Besides this, individuals are seeking furniture options which are durable and long lasting which increases the need for good-quality coatings. These coating improve the aesthetic content of the furniture while safeguarding it against moisture, wear and tears, and numerous other environmental hazards.

Significant Technological Advancements

Significant technological advancements across the industry are leading to a rise in the wood coating market revenue. These developments include innovative solutions such as UV-cured coatings, nano-coatings, digital printing technologies, and water-based solutions. For instance, Dunn-Edwards announced the launch of DECORPRIME, a novel water-based primer. The new line is built for inside wood cabinets, doors, and trim in bathrooms and kitchens. Water-based solutions have lately gained recognition as they serve as an eco-friendly alternative for solvent-based coatings. They provide lesser VOC emissions and minimized environmental affect. Other than this, UV-cured coatings are popular on account of their sustainable nature and quicker curing times in comparison to traditional solvent-based coatings. Moreover, key players in the industry are extensively investing in research and development (R&D) activities in order to introduce significant developments in technology.

Wood Coating Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on coating type, resin type, formulating technology, and application.

Breakup by Coating Type:

• Stains and Varnishes
• Shellac Coating
• Wood Preservatives
• Water Repellents
• Others
   

Stains and varnishes accounts for the majority of the market share

The wood coating market report has provided a detailed breakup and analysis of the market based on the coating type. This includes stains and varnishes, shellac coating, wood preservatives, water repellents, and others. According to the report, stains and varnishes represented the largest segment.

Stains and varnishes hold the maximum number wood coating market share on account of its utilization across industries. These stains and varnishes offer numerous options associated with effects, colors, and finishes thus allowing key players and individuals to fulfill numerous aesthetic preferences. Other than this, they also offer protection against moisture, wear, moisture, and numerous other environmental factors. Moreover, the consumer demands are constantly changing as they prefer products which offer them ease of application, aesthetic appeal, and performance.

Breakup by Resin Type:

• Acrylic
• Nitrocellulose
• Polyester
• Polyurethane
• Others
   

Polyurethane holds the largest share in the industry

A detailed breakup and analysis of the market based on the resin type have also been provided in the wood coating market research report. This includes acrylic, nitrocellulose, polyester, polyurethane, and others. According to the report, polyurethane accounted for the largest market share.

Polyurethane holds maximum number of shares on account of its distinctive properties and varied applications. The versatility of polyurethane is attributed to its environmentally friendly nature. According to the ET TIMES INSIGHTS, 1kg of polyurethane products generates 3.5 kg of carbon dioxide in the manufacturing procedure, but also minimizes 350 kg of emissions over a lifetime of 50 years. Other than this, polyurethane proves its excellence by offering outstanding adhesion, resistance to chemicals, and the ability to attain seamless, glossy finishes.

Breakup by Formulating Technology:

• Solvent-Borne
• Water-Borne
• UV-Cured
• Others
   

Solvent-borne represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the formulating technology. This includes solvent-borne, water-borne, UV-cured, and others. According to the report, solvent-borne represented the largest segment.

Solvent-borne coatings dominate the market due as they offer exceptional adhesion and durability. Other than this, they dry faster as compares to water-based alternatives, which further leads to efficiency in production procedures.  These coatings have been in use for a very long period, and they have a proven record of dependability across a broad variety of applications within the wood coating sector. Manufacturers and end-users may use established procedures and equipment that are tailored to solvent-borne formulations.

Breakup by Application:

• Furniture
• Cabinets
• Siding
• Flooring
• Others
   

Furniture exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes furniture, cabinets, siding, flooring, and others. According to the report, furniture accounted for the largest market share.

Furniture remains in high demand across the globe due to the residential and commercial building industries and rapid urbanization. According to the WORLD HEALTH ORGANZIATION (WHO), above 55% of the global population already reside in urban areas. This percentage is expected to rise to 68% by 2050. In addition to this, furniture is subject to decay or frequent damage, therefore the need to refinish or coat the wooden product increases. Moreover, the growing interest in design and customization also play a significant role in propelling the market growth.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest wood coating market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

Asia Pacific holds maximum number of shares in the market on account or rapid urbanization across the region. Other than this, the rising construction activities in the Asia Pacific region is leading to rise in the demand for wood coatings within the furniture and construction sectors. Besides this, the rising furniture market of the industry is one of the major reasons driving the market. According to GITNUX, Asia Pacific is one of the fastest growing furniture industries globally exhibiting a growth rate of 5.9% from 2018- 2025.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the metal fiber industry include Akzo Novel 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).
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players are focusing on research and development (R&D) activities so as to develop products which are able to meet the constantly evolving demands of the consumers. For instance, Benjamin Moore & Co. announced the launch of an exterior paint named “Element Guard”. This product is particularly designed to be applied on numerous substrates such as wood. It is devised to offer outstanding resistance against cracking and peeling in confluence with safeguarding the surface from excessive humidity, mildew, and other weather conditions. Other than this, key players are also entering into partnerships and collaborations in order to improve their portfolio and expand their footprint across the globe.

Latest News: 

• January 2023: Asian Paints announced its investment strategy in a new manufacturing facility for warehouse paints, with a capacity of 4 lakh per annum. The facility is intended to produce waterborne wood coatings.
• February 23, 2021: Axalta Coating Systems Ltd. launched a new wood coatings pro mobile app for iOS and android devices. The new app provides simple and quick access to product information, the latest industry color trends, and best practices for the wood coatings market.

Wood Coating Market Report Scope:

Key Questions Answered in This Report:

• How has the global wood coating market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global wood coating market?
• What is the impact of each driver, restraint, and opportunity on the global wood coating market?
• What are the key regional markets?
• Which countries represent the most attractive wood coating market?
• What is the breakup of the market based on the coating type?
• Which is the most attractive coating type in the wood coating market?
• What is the breakup of the market based on the resin type?
• Which is the most attractive resin type in the wood coating market?
• What is the breakup of the market based on the formulating technology?
• Which is the most attractive formulating technology in the wood coating market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the wood coating market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global wood coating market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the wood coating market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global wood coating market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the wood coating industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.