Europe Wood Coatings Market by Resin Type (Polyurethane, Acrylic, Nitrocellulose, Unsaturated Polyester, and Others), Technology (Waterborne, Conventional Solid Solvent Borne, High Solid Solvent Borne, Powder Coating, Radiation Cured, and Others), and Application (Furniture, Joinery, Flooring, and Others): Opportunity Analysis and Industry Forecast, 2022–2031

Europe Wood Coatings Market - 2022–2031

The Europe wood coatings size market was valued at $555.1 million in 2021, and is projected to reach $1,010.9 million by 2031, registering a CAGR of 6.3% from 2022 to 2031.

Statement for COVID-19 banner: The outbreak of COVID-19 has negatively impacted Europe wood coatings market owing to decreased demand for various end-use industries like furniture, joinery and flooring industry during COVID-19.

The primary purpose of a wood coating is to protect the substrate's surface and maintain its characteristics, appearance, and durability against the environment as well as prevent daily wear and strain, and natural decay. It is also used to make the substrate look more appealing. Rolling, spraying, dipping, curtain coating, brushing, manual application, and other methods of application are available. Products used for coating are wax, shellac, nitrocellulose lacquer, conversion varnish, polyurethane varnish, water-based polyurethane, and oil wood finishes. UV exposure, regular use, and handling or damage are all protected by the coating. Outdoor wood coating resins are available in a variety of finishes, including high gloss and matte, and others.

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The market's expansion is predicted to increase by the rise in construction activities as well as growth in demand toward home furnishings, home décor, and upgraded interiors. In the upcoming years, the Europe wood coatings market is anticipated to develop as a result of rise in demand for new construction and popularity of imitation finishing. In addition, the market is expected to be driven by surge in mergers and acquisitions in this sector, rise in consumer disposable income, and an increase in living standards in developing nations. There are some limitations and difficulties that may prevent the market from expanding. Market restriction is anticipated to be caused by strict regulation of VOC emitting solvents.

The Europe wood coatings market is segmented on the basis of resin type, technology, application, and country. Depending on resin type, the market is classified into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others. By technology, it is fragmented into waterborne, solvent borne, high solid solvent borne, powder coating, radiation cured, and others. As per application, it is segregated into furniture, joinery, flooring, and others. By country, it is analyzed across Germany, France, Italy, Spain, the UK, and rest of Europe.

The major key players operating in the Europe wood coatings industry include Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, Jotun, Eastman Chemical Company, Kansai Paint Co., Ltd., Wendel Group, PPG Industries Inc., Tikkurila OYJ, and Teknos Group. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their Europe wood coatings market shares.

Europe Wood Coatings Market, By Resin Type

The polyurethane segment is expected to hold the largest market share during the forecast period, due to its physical characteristics, such as its long-lasting surface finish, solvent and scratch resistance, resilience to UV radiation damage, resistance to general wear and tear, quick drying, superior sanding, and application of several coats and smooth finishes. In addition, polyurethane's high-performance finish helps enhance and maintain natural wood.

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Europe Wood Coatings Market, By Technology

The others segment accounted for the largest market share in 2020. The conventional solid solvent borne segment is predicted to witness the highest significant CAGR during the forecasted period, due to low price and quick-drying characteristics. It helps in providing viscosity to wood coatings.

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Europe Wood Coatings Market, By Application

Furniture segment is anticipated to garner the highest CAGR during the forecasted period due to increase in purchasing power of consumers and improvement in the standard of living in developing countries such as Germany, France and the UK.

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Europe Wood Coatings Market, By Country

Rest of Europe is expected to witness fastest growth during the forecast period owing to rise in demand from various sectors including furniture, joinery, flooring, and others.

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Key Benefits For Stakeholders

• The report provides an in-depth analysis of the Europe wood coatings market trends along with the current and future market forecast.
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the Europe wood coatings industry for strategy building.
• A comprehensive Europe wood coatings market analysis covers factors that drive and restrain the market growth.
• The qualitative data in this report aims on market dynamics, trends, and developments.

Impact Of Covid-19 On The Europe Wood Coatings Market

• COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
• Some of the major economies suffered from the COVID-19 crises include, Germany, France, Italy, Spain, the UK, and Norway.
• Transport limitations were implemented due to the COVID-19 pandemic, which resulted in reduced industrial production and disrupted supply chains. Thus, it affected the economic growth by a substantial proportion and severely impacted the market growth.
• Companies were not earning any profit as a result of the work stoppage and the companies lost not only the money, but also the suppliers who were providing the required materials to various companies to be used in the furniture, joinery and flooring sector. All those suppliers also faced huge losses.
• The COVID-19 pandemic impacted negatively on the manufacturing and industrial sectors, due to scarcity of resources in various parts of the globe. The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet these challenges.
• COVID-19 had a negative influence on the Europe wood coatings market in 2020. The pandemic had a negative financial impacts on building and construction as well as the furniture industry, in terms of worker well-being and availability as well as the impact of lower salaries.
• However, work from home had a positive impact on household purchases of specific wood products, such as office furniture and wood for do-it-yourself projects, among other things. The sudden drop in immigration caused by the epidemic is expected to have long-term effects on housing construction. Thus, the market of wood coatings was partially affected during the COVID-19 pandemic in 2020.

 Key Market Segments & Key Market Players