New York, United States , July 08, 2024 (GLOBE NEWSWIRE) -- The Global Wood Coatings Market Size is Expected to Grow from USD 11.40 Billion in 2023 to USD 16.97 Billion by 2033, at a CAGR of 4.06% during the forecast period 2023-2033.
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Wood coatings are a type of substance that is applied to wooden surfaces to protect them from various natural and anthropogenic elements. These concerns include any environmental elements that might impact the wood. Wood coatings can be used on a variety of wood surfaces, including external boards, frameworks, garden and street furniture, modern and reproduction furniture, kitchens, doors, furnishing accessories, and traditional flooring. Wood coatings also assist in sealing pores, which can provide breeding grounds for germs. Coatings are the final step in wood finishing, giving hardwood surfaces an attractive appearance. Several interconnected aspects drive the wood coating market, determining its growth and dynamism. The need for wood coatings is strongly tied to the construction and housing industries, where products like furniture and flooring require long-lasting and visually appealing finishes. Consumer preferences are crucial, with an increased preference for eco-friendly and customizable coatings that offer better durability and performance. Technological advances in coating formulae, such as water-based and UV-curable alternatives, continue to improve product qualities including scratch resistance and ease of application, driving market popularity. However, the wood coating market faces various challenges that limit its growth and development, such as environmental constraints, particularly those governing VOCs and HAPs, which require the industry to adopt more eco-friendly solutions, which can be costly and technologically demanding.
Browse key industry insights spread across 211 pages with 110 Market data tables and figures & charts from the report on the "Global Wood Coatings Market Size, Share, and COVID-19 Impact Analysis, By Resins Type (Polyurethane, Nitrocellulose, Acid-curing, Polyester, and Others), By Technology (Waterborne, Solvent-Borne, Powder Coating, Radiation-Cured, and Others), By Application (Furniture, Cabinets, Siding, Flooring, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The polyurethane segment is predicted to hold the largest market share through the forecast period.
Based on the resin type, the wood coatings market is classified into polyurethane, nitrocellulose, acid-curing, polyester, and others. Among these, the polyurethane segment is predicted to hold the largest market share through the forecast period. Polyurethane coatings are extremely durable and chemically resistant, protecting wood surfaces from wear, moisture, chemicals, and UV damage. Polyurethane forms a robust, flexible, and abrasion-resistant covering on wooden substrates. Polyurethane coatings are exceptionally durable, preserving wood from weathering for many years without maintenance.
The solvent-borne segment is anticipated to hold the highest market share during the projected timeframe.
Based on the technology, the wood coatings market is divided into waterborne, solvent-borne, powder coating, radiation-cured, and others. Among these, the solvent-borne segment is anticipated to hold the highest market share during the projected timeframe. Solvent-borne coatings have a lower viscosity than other technologies, such as waterborne, which allows for better penetration and adhesion to wooden surfaces. The solvent evaporates after application, allowing the coating to dry faster. Solvent-borne coatings have excellent flow and leveling properties, resulting in a smooth finish with few brush marks or laps.
The furniture segment is anticipated to hold the greatest share of the wood coatings market during the projected timeframe.
Based on the application, the wood coatings market is categorized into furniture, cabinets, siding, flooring, and others. Among these, the furniture segment is anticipated to hold the greatest share of the wood coatings market during the projected timeframe. This is primarily due to the strong emphasis on aesthetics in wood furniture treatments. Wooden furniture is an important part of interior decorating and home design. An appealing furniture finish transforms the look and feel of living rooms. Finely carved wooden furniture is a statement piece that reflects the owner's taste and personality. Coatings play a vital role in enhancing the natural beauty of wood grains used in furniture.
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North America is estimated to hold the largest share of the wood coatings market over the forecast period.
North America is estimated to hold the largest share of the wood coatings market over the forecast period. North America has traditionally dominated the global wood coatings sector because of its well-established building and furniture industries. Countries like the United States and Canada have seen a consistent increase in housing and non-residential development activity throughout the years.
Asia Pacific is predicted to have the highest CAGR growth in the wood coatings market over the forecast period. Rapid urbanization and rising disposable incomes in developing countries like China and India are fueling growth. Both countries are experiencing major investments in the infrastructure and construction sectors. Furthermore, the growing middle-class population boosts sales of furniture and wood flooring, increasing demand for coatings. Asian coatings manufacturers are also broadening their product offerings by incorporating innovative technologies and novel solutions.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the wood coatings market include Sherwin-Williams, Asian Paints, DSM, Evonik, BASF SE, PPG Industries, RPM International Inc., Nippon Paint Holding Co., Ltd., IVM Group, Teknos Group, Axalta Coating System, Kansai Nerolac Paints, and others.
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Recent Developments
- In January 2024, Sherwin-Williams announced SHER-WOOD Environmentally Adaptable (EA) Hydroplus. This innovative water-based wood coating provides improved adaptability to a wide range of climatic conditions while avoiding the performance limitations associated with water-based coatings.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the wood coatings market based on the below-mentioned segments:
Global Wood Coatings Market, By Resins Type
- Polyurethane
- Nitrocellulose
- Acid-curing
- Polyester
- Others
Global Wood Coatings Market, By Technology
- Waterborne
- Solvent-Borne
- Powder Coating
- Radiation-Cured
- Others
Global Wood Coatings Market, By Application
- Furniture
- Cabinets
- Siding
- Flooring
- Others
Global Wood Coatings Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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