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2019
Wood Coatings Market

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
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A04318
Pages: 420
May 2019 | 17920 Views
Author(s) : Anil Chaudhary and Shruti Hariharan , Eswara Prasad
Tables: 224
Charts: 40
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Wood Coatings Market Outlook: 2025

The global wood coatings market was valued at $7,800.0 million in 2018, and is projected to reach $11,985.8 million by 2025, growing at a CAGR of 6.3% from 2020 to 2025.

Wood Coatings Market

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Wood coating is widely used in the protection and refinement of wood or wood made structures. It helps in increasing the product life. Moreover, the use of wood coating enhances the visual cues of wooden object, thereby helping in marketing of the product. 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 coatings have higher demand owing to the low price and quick drying characteristics.

Increase in disposable income of consumers and improvement in standard of living in developing economies such as India and China are the key factors are fueling the demand for modern furniture, which in turn is expected to drive the demand for wood coatings. In addition, as the housing and real estate market is witnessing significant growth which is positively affecting the demand for joinery. Joinery includes cabinets and sidings. These factors are positively impacting the market growth.

However, factors such as stringent environmental rules imposed by the government & other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating hamper the growth of the wood coatings market. This is attributed to the fact that increased use of VOCs in the production of wood coatings has harmful impact on environment. In addition, volatile raw material prices hinders the wood coatings market growth. On the other hand, advancement in coatings technology and surge in use of radiation cure coatings are some of the factors that provide lucrative opportunities in the wood coating market.

The wood coatings market is segmented based on resin type, technology, end use, and region. 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 end use, it is segregated into furniture, joinery, flooring, and others. The wood coating market is segmented based on region including North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA).

The major 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. Other players operating in this market include Ashland Inc., Arkema SA, Hempel A/S, and ICI Paints. These major key players are adopting different strategies such as acquisition, business expansion, and collaboration to stay competitive in the global market.

Global wood coatings market, by region

Wood Coatings Market by Region

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Region wise, Asia-Pacific accounts for the major share in the global wood coatings market, owing to increase in demand for wood coatings from emerging application sectors, including furniture, joinery, flooring, and others. Owing to the advantages of wood coatings such as enduring surface finish, solvent & scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick drying, superior sanding, and multi-coat & smooth finish application, the demand for wood coatings in the construction and furniture industries is expected to increase considerably.. In addition, cabinets are storage compartments, which comprise doors and drawers. They are either built on a platform or are attached to the wall, and are made from wood. Coatings with lower or no content of VOCs are gaining high importance in the coatings market. Technological advancements in the development of coalescing solvents for waterborne resins, such as core-shell technology, latent cross-linking, 1K technologies, to modify and improve the surface properties of materials for protection in severe conditions or aggressive environments, and for enhanced functional performance pose lucrative opportunities for the market growth..

Global wood coatings market Size, by resin type

Wood Coatings Market Size by Resin Type

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Based on material, the polyurethane segment holds the major share in the market, as it is widely used owing to high-performance finish of polyurethane that preserves and improves natural wood. In addition, it possesses physical properties such as enduring surface finish, solvent & scratch resistance, resilience to UV light damage, resistance to general wear and tear, quick drying, superior sanding, and multi-coat & smooth finish application. Thus, these benefits together are expected to increase the demand for polyurethane in manufacturing of wood coatings.

Global wood coatings share, by technology

Wood Coatings Market Share by technology

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Depending on technology, the conventional solid solvent borne segment holds the major share in the market, owing to low price and quick drying characteristics. Low price of the conventional solid solvent borne wood coatings is attributed to easy availability of hydrocarbon solvent base, as it is derived from crude oil. Furthermore, solvent helps in providing viscosity to wood coatings. Thus, all these factors together significantly contribute toward the growing demand of wood coatings market.

Global wood coatings market, by end use

Wood Coatings Market by End Use

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As per end use, the furniture segment holds the major share in the market, due to increase in expenditure power of consumers and improvement in standard of living across developing countries such as China and India. Wood coatings are applied in furniture to increase its durability & resistance toward termites attack.

Key Benefits for wood coatings market:

  • The wood coatings market analysis covers in-depth information of major industry participants
  • Wood coatings market size has been analyzed across all regions
  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building
  • The report outlines the current wood coatings market trends and future scenario of the wood coatings market size from 2017 to 2025 to understand the prevailing opportunities and potential investment pockets. The market is forecasted for 2020-2025
  • Major countries in the region have been mapped according to their individual revenue contribution to the regional market
  • The key drivers, restraints, and wood coatings market opportunities and their detailed impact analyses are elucidated in the study

Key Market Segments

  • BY RESIN TYPE
    • Polyurethane
    • Acrylics
    • Nitrocellulose
    • Unsaturated Polyester
    • Others

  • BY TECHNOLOGY
    • Waterborne
    • Conventional Solid Solvent Borne
    • High Solid Solvent Borne
    • Powder Coating
    • Radiation Cured
    • Others

  • BY END USE
    • Furniture
    • Joinery
    • Flooring
    • Others

  • BY REGION
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • Italy
      • Spain
      • UK
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Rest of Asia-Pacific
    • LAMEA
      • Brazil
      • Saudi Arabia
      • South Africa
      • Rest of LAMEA

Key Market Players

  • AKZO NOBEL N.V
  • Axalta Coating Systems
  • BASF SE
  • DowDuPont INC
  • Eastman Chemical Company
  • Kansai Paint Co., Ltd
  • Nippon Paint Holdings Co., Ltd
  • PPG Industries Inc
  • RPM International Inc
  • The Sherwin-Williams Company
 

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The wood coatings market is expected to witness substantial growth during the forecast period, owing to various factors such as development of the construction industry and increase in demand for furniture. These coatings witness remarkable adoption due to their resistance to solvent, scratch, & general wear and tear; resilience to UV light damage; quick drying; superior sanding; and multi-coat & smooth finish application. Furthermore, development of coatings technology over the years has resulted in a significant increase in its usage in various applications, including furniture, joinery, flooring and others.

Construction and furniture industries serve as the most attractive end-use industries in U.S., India, and China, and are expected to be the first preference for new entrants, owing to increase in usage of these coatings for wood protection.

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