Wood Coatings Market Overview:
The Global Wood Coatings Market was valued at $7,850 million in 2016, and is projected to reach $11,880 million by 2023, growing at a CAGR of 6.3% from 2017 to 2023.
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Wood coating is used in the protection of wood surface, which helps increase the utilization. Apart from enhancing the aesthetic look, wood coating protects the wood from environmental damage and chemical attacks. Wood coating can be used in interior and exterior application. The exterior wood coating improves the durability of the wooden structure, protects the wood from humid climate, and increases resistance toward termites attack. Wood coatings are largely used in furniture, which represent a large portion in the wood coating market. Furniture consists of wooden kitchen furniture, bathroom furniture, cabinet, doors, and others.
Growth of housing industry across the globe majorly drives the wood coating market. The global population is moving toward urbanization, which leads to surge in construction of houses, thereby increasing the demand for wood products. Moreover, as there is an improvement in the global economy, which is expected to surge the demand for wood coating. However, volatile raw material prices and harmful impact of VOCs present in the coating restrict the market growth. Conversely, growth in use of radiation cure coatings are anticipated to provide new opportunities for the key players.
The report segments the wood coatings market based on resin type, technology, end user, and region. Based on resin type, the market is divided into polyurethane, nitrocellulose, acrylics, unsaturated polyester, and others. Based on technology, the market is classified into waterborne, conventional solvent borne, high solid solvent borne, powder coating, radiation cured, and other. Based on end user, the market is categorized into furniture, cabinet, siding, flooring, paneling, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include Akzo Nobel N.V, BASF SE, Nippon Paint Holding Co., PPG Industries, Inc., RPM International Inc., The Sherwin Williams Company, The Dow Chemical Company, Valspar Corp., Benjamin Moore & Co., and Hempel A/S.
Global Wood Coatings Market Share, by Geography
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Asia-Pacific wood coating industry is anticipated to witness high growth rate during the forecast period owing to rapid economic development and mega construction projects. Moreover, wood products are highly consumed in this region which further increases the demand for wood coating.
Global Wood Coatings Market, by Technology
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The waterborne wood coating segment is projected to be the most lucrative segment, as these coatings contain lower volume of VOCs compared to other type of coatings. The market for waterborne wood coating is expected to grow owing to many stringent policies imposed by the government on the use of VOCs in paints and coatings.
Global Wood Coatings Market, by End User
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Based on end user, the cabinet segment is estimated to grow at the highest CAGR during the forecast period. There is a boost in the demand for cabinets owing to the growth of the housing market. This in turn is anticipated to increase the demand for wood coatings used in cabinets.
Key Benefits
- Porters Five Force’s analysis helps analyze the potential of buyers and suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future scenario of the wood coatings market from 2017 to 2023 to understand the prevailing opportunities and potential investment pockets.
- Major countries in each region have been mapped according to their individual revenue contribution to the global/regional market.
- An in-depth analysis of the current R&D within the market is provided along with the key dynamic factors.
- The key drivers, restrains, and opportunities and their detailed impact analyses are elucidated in the study.
- The profiles of key players along with their key strategic developments are enlisted in the report.
Wood Coatings Market Key Segments:
By Resin Type
- Polyurethane
- Acrylic
- Nitrocellulose
- Unsaturated Polyester
- Others
By Technology
- Waterborne
- Conventional Solvent Borne
- High Solid Solvent Borne
- Powder Coating
- Radiation Cured
- Others
By End User
- Furniture
- Cabinet
- Siding
- Flooring
- Paneling
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Turkey
- Rest of LAMEA
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