According to a new report published by Allied Market Research, titled,"Wood Coatings Market by Resin Type, Technology, and End Use: Global Opportunity Analysis and Industry Forecast, 2020 - 2025,"the global wood coatings market was valued at $7,800.0 million in 2020, and is projected to reach $11,985.8 million by 2025, growing at a CAGR of 6.3% from 2020 to 2025.
Wood coatings are used for protecting the wood as well help in giving aesthetic looks. It produces hard surface topcoats and are considered gloss retention, offering good color, high performance and resistance to abrasion from chemicals. Apart from enhancing the aesthetic look, wood coating protect the wood from environmental damage and chemical attacks. Wood coating can be used in interior application and as wells exterior. The exterior wood coating improves the durability, protect the wood from humid climate and increases resistance towards termites attack.
In addition, rapid increase in disposable income of consumers are some of the key factors that supplement the growth of the furniture market. Moreover, increase in preference for smart homes among customers increased the rate of furniture manufacturing. This in turn is expected to drive the need for wood coatings, as they are applied on furniture’s to increase the resistance and durability of the furniture and enhances the visual appearance of the furniture’s. Rise in consumers demand for wooden flooring and joinery that includes cabinets and siding has lead increase in use of wood coatings in construction industry. Furthermore, surge in preference for wood coatings, owing to its high-performance finish that preserve and improve natural wood.
Based on resin type, the market is segmented into polyurethane, nitrocellulose, acrylics, unsaturated polyester and others. The polyurethane resin is widely used owing to the high-performance finish that preserve and improve natural wood. Furthermore, polyurethane wood coating strengthen the properties of wood products providing color and protection.
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 coating has higher demand owing to the low price and quick drying characteristics. The low price of the conventional solid solvent borne wood coatings is due to the easy availability of the hydrocarbon solvent base and providing certain viscosity to the wood coating which help in application of coating to certain objects. All these factors together significantly contribute toward the global wood coatings market growth.
Based on end use, the market is segmented into furniture’s, joinery, flooring and others. The furniture segment is expected to grow due to increase in expenditure power of consumers and improvement in standard of living that has fueled the demand for furniture across developing countries such as China and India. Wood coatings are applied in furniture’s to increase the resistance and durability of the furniture. Furthermore, the wood coating enhances the visual appearance of the furniture’s. This factors are likely to increase the demand of wood coating which positively impacts the wood coatings market.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific emerge as a global leader in wood coatings market due to increase in demand for wood coatings in the developing economies such as India and China, owing to development of the construction industries, and increase in users of furniture. This factor is likely to increase the Asia-Pacific wood coatings market size from 2020 to 2025.
Key Findings of the Wood Coatings Market:
- The Asia-Pacific wood coatings market share is predicted to hold a share of over 55.52% by the end of 2025.
- The conventional solid solvent borne in the technology segment is expected to hold a dominant share of over 31.1% in the global wood coatings market in terms of revenue in 2020, and is predicted to reduce to 30.6% by 2025.
Market players have adopted expansion, acquisition, and collaboration as their key strategies to gain competitive advantage in this market. The key players operating in the wood coatings industry include Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, DowDuPont, Eastman Chemical Company, Kansai Paint Co., Ltd., Nippon Paints Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., and Sherwin Williams Company.