Report Code : A04318
Several coating companies have entered the wood coatings manufacturing business to expand their product offering. The global wood coatings market has registered a dynamic growth over the past few years, owing to significant development of the furniture and construction sectors in countries across Asia-Pacific. In addition, rise in disposable income of consumers and improvement in standard of living has fueled the demand for modern furniture and joinery in the newly constructed houses. These factors all together have boosted the demand for wood coatings, which in turn is expected to drive the growth of the global wood coatings market
Eswara Prasad
Manager, Chemical and Material at Allied Market Research
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.
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.
Talk to David (Europe)
Talk to Sona Padman (Americas)
5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91 2066346060
Fax: +1(855) 550-5975
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com
Wood Coatings Market by Resin Type (Polyurethane, Nitrocellulose, Acrylic, Unsaturated Polyester, and Others), Technology (Waterborne, Conventional Solid Solvent Borne, High Solid Solvent Borne, Powder Coating, Radiation Cured, and Others), and End Use (Furniture, Joinery, Flooring, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2025
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Buy Full Version
"Global Wood Coatings Market"
Purchase Enquiry
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers