Newark, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 7.5 billion wood coatings market will reach USD 12.3 billion by 2032. Wood coating is frequently used to enhance and preserve wood or wood-made constructions. It contributes to a longer product life. Additionally, applying a wood coating improves the visual signals of a wooden object, which aids in product marketing. The market is divided into segments according to technique, including radiation-cured, powder coating, waterborne, high solid solvent-borne, ordinary solid solvent-borne, and others. Traditional solid solvent-borne coatings are more in demand because of their affordable pricing and short drying time.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 7.5 Billion |
| Market Size in 2032 | USD 12.3 billion |
| CAGR | 5.1% |
| No. of Pages in Report | 235 |
| Segments Covered | Resin Type, Technology, Application |
| Drivers | Increasing disposable income |
| Opportunities | Improving the housing industry |
| Restraints | Stringent environmental rules |
Key Insight of the Wood Coatings Market
Asia Pacific will account for the largest market size during the forecast period.
Asia Pacific is expected to have the highest wood coatings market share. India's building and furniture industries have experienced significant expansion, fueled by government programmes like "Housing for All" and rising investments in the residential and commercial sectors. It's also anticipated that the arrival of significant furniture retailers like Wayfair Inc., Bed Bath & Beyond Inc., and IKEA will accelerate the growth of the furniture industry in the area. Furthermore, the building industries in the ASEAN member states have seen a significant increase in both public and private investment in recent years. During the forecast period, these factors are expected to support Asia-Pacific's dominant position in the market.
The polyurethane segment dominated the market with the most significant revenue of USD 2.1 billion.
The polyurethane segment dominated the market with the most significant revenue of USD 2.1 billion. Polyurethane gives wood surfaces a unique finish that is unmatched in terms of mechanical resilience, chemical tolerance, and surface hardness. These characteristics make them the most widely used for wood treatment. Polyurethane parquet coatings might be used to guarantee greater resistance.
The solvent-borne segment dominated the market with the most significant revenue of USD 2.9 billion.
The solvent-borne segment dominated the market with the most significant revenue of USD 2.9 billion. The solvent-borne category is predicted to have the highest compound annual growth rate throughout the forecast period due to its low cost and quick-drying characteristics. It also contributes to the viscosity of wood coatings.
The furniture and fixture segment dominated the market with the most significant revenue of USD 2.5 billion.
The furniture and fixture segment dominated the market with the most significant revenue of USD 2.5 billion.
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Market Dynamics:
Drivers: Growing demand for furniture
Due to the needs of individuals compelled to spend money on furniture to preserve the aesthetic appeal and update the appearance, the demand for furniture has increased significantly over the past few years. The adoption rate of wood coating is anticipated to rise during the forecast period due to the increase in furniture sales. A recent survey projected that worldwide furniture sales income will reach over USD 300 billion by 2022.
Restraint: Increasing the price of petroleum-based raw material
The rise in petroleum prices is the primary cause of rising raw material costs for binders used in wood coating. For the chemical industry in general and the coating business, reconsidering petroleum-based raw materials is predictable. Generally speaking, there are two ways to overcome the substitution of petroleum-based raw materials: create new bio-based natural substitutes or use a chemical/biotechnology approach to modify renewable resources to replace the present chemical composition of petroleum-based raw materials. The first option has greater potential for developing new assets and performance criteria but carries more risk. Nonetheless, there are other challenges to overcome, including REACH registration, extensive research and development requirements, and customers who need help to switch to new binders or innovations or fear them.
Opportunity: Increasing disposable income
The primary drivers of the need for modern furniture, anticipated to drive the demand for wood coatings, are the rise in consumer disposable income and the increase in living standards in developing nations like China and India. Furthermore, a favourable correlation exists between the rise of the housing and real estate markets and the need for joinery. The joinery comprises sidings and cabinets. These factors are expected to provide market growth opportunities during the forecast period.
Challenge: Stringent environmental rules
The market's growth is challenged, among other things, by the stringent environmental rules of the government and other regulatory bodies regarding the use of volatile organic compounds (VOC) in producing wood coatings. The detrimental effects on the environment of utilising more volatile organic compounds (VOCs) in producing wood coatings explain this.
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Some of the major players operating in the wood coatings market are:
● Axalta Coating Systems
● Kansai Paint Co., Ltd
● AKZO NOBEL N.V
● DowDuPont INC
● Eastman Chemical Company
● RPM International Inc
● BASF SE
● The Sherwin-Williams Company
● Nippon Paint Holdings Co., Ltd
● PPG Industries Inc
Key Segments cover in the market:
By Resin Type:
● Nitrocellulose
● Polyurethane
● Polyester
● Acrylic
● Others
By Technology:
● Solvent-Borne
● UV-Cured
● Water-Borne
By Application:
● Cabinet
● Furniture and Fixture
● Doors and Windows
● Others
About the report:
The global wood coatings market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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