The wood coatings function in protecting the wood structures from interior to exterior. Prevention from moisture penetration and severe climatic conditions necessitates wood coatings to ensure long term durability for its wood products. The growth in the construction activities coupled with the increase in spending power on repair and remolding is expected to drive the global wood coatings market.
Among the system type, the solvent-borne segment accounted for a major value share in 2019 and expected to lose share gradually by 2028. This is attributed to harmful emissions through the use of organic solvents. However, the excellent finishing performance with technical advantages over others marks the solvent-borne wood coatings to still dominate in the market.
Geographically, the Asia Pacific region registered a more than 45% value share in 2019 and expected to cater a significant growth by 2028. The government investments for the infrastructural development and initiatives towards housing schemes in countries such as India, Vietnam, and ASEAN countries among others, is expected to propel the wood coatings market in the region. In China, the demand for water-borne wood coatings is on rising owing to the new tax reform on VOC emissions. In early 2015, the China government implemented the new tax with an objective to reduce air pollution thereby benefitting the water-borne wood coating manufacturers. Overall, the global wood coating market is experiencing stringent environmental norms for VOCs and HAPs emissions, resulting in the gradual shift from solvent-borne coatings towards water-borne or high-solids coatings.
Some of the key players present in this market are Teknos Group Oy, BASF SE, Akzo Nobel N.V., The Sherwin-Williams Company, Valspar Corporation, Covestro AG, PPG Industries, Inc., Morrells Wood Finishes, Axalta Coating Systems, LLC, Katilac Coatings Inc. among others. Mergers/acquisition and new product launches, are some of the strategies the companies are undertaking to mark their robust presence in the global wood coatings market.
The report titled “Global Wood Coatings Market - Growth, Future Prospects, and Competitive Analysis, 2020 – 2028” offers strategic insights into the global Wood Coatings market along with the market size and estimates for the duration of 2018 to 2028. The said research study covers an in-depth analysis of multiple market segments based on system type, coating type, end-use, and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2019 & 2028. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities.
In order to help the strategic decision-makers, the report also includes profiles of the leading wood coating manufacturers, along with their, product portfolio and key developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global wood coating market, offering market size and estimates for the period from 2020 to 2028, keeping in mind the above-mentioned factors.
For the purpose of this study, the global wood coatings market by system type is categorized into:
The wood coatings are required for the durability and aesthetics of wood products. The wood coatings are produced with different systems, which consist of organic solvents, water, or high solids as the principle formulation base. The solvent-borne wood coatings effectively transfer the solids onto the timber but are responsible for high VOC’s emissions. These emissions results in environmental problems and hence the wood coatings industry is governed by stringent regulations and policies. The solvent-borne coatings were estimated to account for more than 45% value share in 2019, are expected to lose share gradually by 2028. This is attributed to the shift in the technology, from solvent-borne towards high solids and water-borne systems. The technical performance such as transfer rate of solids, quick evaporation of solvents, and efficient coatings, are the factors supporting the market of solvent-borne systems to record slow growth.
The wood coatings of water-borne systems are environmental friendly with very low to no VOC emissions. The high-solids type is high viscosity coatings which are applied by the rolling method and widely used for wood floorings. The increasing demand for high durability and quick curing is expected to boost the wood coatings market by high-solids type, registering a fast pace growth by 2028.
For the purpose of this study, the global wood coatings market by coating type is categorized into:
The wood logged from the forest undergoes preservation treatments to prevent the degradation caused by fungi, algae, and bacteria, etc. The wood preservatives are essential for interior as well as exterior protection of wood. For instance, preservatives such as biocides, alkaline copper quaternary (ACQ), azoles works on interior wood protection whereas varnishes, shellacs, and oils function for exterior protection. The growing demand for wood in the construction works is expected to drive the preservatives market and expected to account for more than 30% value share by 2028. The wood usage in flooring, decking, or windows provides fine aesthetic looks, but can also lead to fatal incidents thereby burning in minutes. Thus, preservatives such as fire-retardants, water-repellants, and insect repellants are important and anticipated to record steady growth prospects.
The stains contain dyes and pigments which are either suspended in agents/solvents or directly mixed with wood finishes such as varnish. The varnish is applied on wood stains offering a tough protective finish. The growing demand for an on-stop finish for the furniture is expected to gain momentum for the stains and varnishes segment and expected to grow at a relatively high CAGR by 2028.
For the purpose of this study, the global wood coatings market by end-user is categorized into:
The increased development in residential construction benefit wood coatings market, primarily for furniture, flooring, and decking end user. The furniture segment accounted value share of more than 25% followed by the flooring segment in 2019. The growing demand for high-quality and durable furniture products coupled with hard-wearing surfaces propels the wood coatings market for the furniture segment.
The flooring and decking generally uses hardwood or engineered woods, which are the common choices for residential properties. The floorings are required to have slip resistance and durability for higher shelf life and thus drives the wood coating market for flooring and decking. However, the wood floorings are expensive, and their maintenance and replacements are also highly valued. Vinyl floor tiles with wooden floor styles are new substitutes in the market with much cheaper value than wood. Such a substitute for flooring & decking might impact the growth of the wood coating market.
The Asia Pacific accounts for the major share of the global wood coatings market with more than 45% in terms of value in 2019. The wood coating market expansion is fueled by the growth in the construction industry especially in India, China, and ASEAN countries in the Asia Pacific. With an objective to diversify the economy and the revenue systems of the governments, the emerging countries are initiating infrastructural projects. For instance, according to the India Brand Equity Foundation, in FY 2016-17, the country gained US$ 3.49 Bn infrastructural deals and US$ 10.49 Bn towards urban development for the Maharashtra state in India. Also, multinationals are investing in these countries to capitalize on vast opportunities. For instance, the Meinhardt Group, a Singapore based engineering company plans to establish its base to meet urban developments in India. The optimistic development for commercial as well as residential projects in the Asia Pacific region is expected to influx growth for the wood coatings market during the forecast period.
The wood coatings market in North America and Europe is expected to grow steadily with the significant adoption of water-borne systems. In these regions, wood is the most preferred choice for home constructions and thus the demand for wood coatings is robust.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Wood Coatings market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
System
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Coating
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End User
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
