According to a new report published by Allied Market Research, titled, " Europe Wood Coatings Market: Opportunity Analysis and Industry Forecast, 2019–2026," the Europe wood coatings market was valued at $2.4 billion in 2018, and is projected to reach $3.9 billion by 2026, growing at a CAGR of 6.0% from 2019 to 2026.
Wood coating is widely used to protect the wooden surface from moisture, water damage, and scratch, and enhances the shelf life of wood. Wood coatings are translucent paints, which provide aesthetic look to the wood used for the residential and commercial purpose. Wood coatings are used for both interior as well as exterior application. The exterior wood coating improves the durability, protect the wood from humid climate, and increases resistance toward termite attacks.
In addition, increase in purchasing power of consumers across the Europe is one of the key factors that supplement the growth of the Europe wood coating market. Furthermore, the people are expected to make long-term investments rather than spending on perishable and consumable goods due to rise in purchasing power. These long-term investments include buying real estate, increased expenditure on furniture, and preventive maintenance activities such as coating and painting for long lasting durability. Moreover, increase in new construction activities, surge in remodeling and renovations, and growth in urbanized population across the Europe are expected to drive the growth of the Europe wood coatings market.
Based on resin type, the Europe wood coatings market is segmented into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others. The polyurethane is widely used as a resin in wood coating due to its versatility and exceptional physical and chemical properties. It is used in manufacturing hard surface topcoats and is considered as high-performance coating that offers vibrant color, gloss retention, and resistance to abrasion from chemicals.
Based on technology, the market is segmented into waterborne, conventional solid solvent borne, high solid solvent borne, powder coating, radiation cured, and others. The conventional solid solvent-borne wood coatings have higher demand, owing to their low price and quick drying characteristics. The low price of these coatings is attributed to easy availability of hydrocarbon solvent base, as it is derived from crude oil. All these factors together significantly contribute toward the Europe wood coatings market growth.
Based on application, the market is segmented into furniture, joinery, flooring, and others. Wood coatings are used to protect the wood furniture from humid environmental conditions and chemical attack. The increase in demand for antique furniture especially French windows, carved doors, and other such furniture is expected to boost the growth of the Europe wood coatings market.
By country, the market is analyzed across Europe. Germany emerges as a regional leader in wood coatings market due to increase in demand for wood coatings, owing to development of the construction industry and increase in users of furniture. This factor is expected to increase the Europe wood coatings market size from 2019 to 2026.
Key Findings of the Europe Wood Coatings Market :
- The Germany wood coatings market is projected to grow at a highest CAGR of nearly 17.4%, in terms of revenue, during the forecast period.
- The polyurethane resin is expected to dominate the market, garnering a share of 42.2%, during the forecast period.
- Furniture application dominated the Europe wood coatings market with a revenue share of over 57.4% in 2018.
- The conventional solid solvent borne is expected to dominate the market, garnering a Europe wood coatings market share of 29.7%, during the forecast period.
The 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.