Wood Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 3.54 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wood Coatings Market Analysis
The Wood Coatings Market size is estimated at 3.30 Million tons in 2024, and is expected to reach 3.93 Million tons by 2029, growing at a CAGR of greater than 3.54% during the forecast period (2024-2029).
The market faced setbacks due to the COVID-19 pandemic. Lockdowns and restrictions caused the closure of manufacturing facilities and plants. Disruptions in supply chains and transportation posed further challenges. Nevertheless, in 2021, the industry made a notable recovery, leading to a resurgence in demand.
- Over the short term, increasing furniture production and escalating demand for interior design and decoration are the major factors driving the demand for the market studied.
- However, stringent environmental regulations are expected to hinder the market's growth.
- Nevertheless, the increasing demand for ultraviolet (UV)-cured coatings is expected to create new opportunities for the market studied.
- Asia-Pacific is expected to dominate the global market, with the majority of demand coming from China, India, and Japan.
Wood Coatings Market Trends
Furniture Segment to Dominate the Market
- Wood coatings are vital in furniture production, enhancing visual appeal and offering essential protective benefits. In the furniture industry, wood coatings serve multiple purposes: they boost aesthetic appeal, shield against daily wear, resist moisture, protect from UV rays, offer versatility, and address environmental concerns.
- Global demand for wood coatings is surging, owing to the booming construction of housing, the growing population, and the rising global incomes. The increasing need for furniture, including chairs, tables, beds, and cupboards, fuels this demand.
- As per the data from the China National Information Center of Light Industry, China's production volume for furniture reached 1.31 million pieces in 2023 from 1.19 million pieces in 2022, thereby augmenting the growth of the market studied.
- In India, the furniture rental sector, especially for office furnishings, commands a notable portion of the overall furniture market, projected to hit USD 13 billion by 2025. Such dynamics underscore the rising demand for wood coatings in India's furniture segment.
- With rising disposable incomes and improving lifestyles, consumers are gravitating toward stylish, high-quality furniture. This shift is set to enhance domestic sales and exports in the furniture market in the United States. In 2023, the United States was the global frontrunner in furniture e-commerce, amassing estimated revenues exceeding USD 90 billion.
- With furniture companies ramping up investments, the market's demand is primed for further escalation. Notably, in April 2023, IKEA announced a hefty USD 2.2 billion investment in its omnichannel growth strategy for the United States, spanning the next three years. This initiative includes opening new stores, bolstering the fulfillment network for enhanced delivery, and tailoring product offerings to suit diverse regional preferences.
- The data from the Global Wood Trade Network indicates that the German furniture industry saw a dip in exports in Q1 2024. Exports plummeted by nearly 9% to around EUR 2 billion (~USD 2.2 billion) compared to the same quarter last year, attributed to weak consumer demand and stagnating housing construction activities impacting export markets.
- According to Forest Economic Advisors LLC, Brazil's wooden furniture exports grew from USD 52.1 million in May 2023 to USD 54.6 million in May 2024, marking a 5% uptick.
- Qatar's Ministry of Commerce and Industry reported that the country boasts over 28 factories producing diverse furniture items, from wooden doors to dining tables. Major players like Almuftah Group, Al Rugaib Furniture, IKEA, and HomeCenter are expanding their capacities, bolstering their market presence, and driving the growth of the market under study.
- For instance, in June 2024, LASKASAS, a prominent hand-crafted furniture brand from Porto, Portugal, intended to broaden its footprint in Doha, Qatar. Over the last three years, LASKASAS experienced a notable 70% sales surge in Qatar, achieving a turnover of EUR 2.3 million (USD 2.54 million) in 2023. With the brand's established export foothold in the Middle East, launching a facility in Qatar's capital is a calculated strategy.
- These shifting dynamics are poised to boost global furniture production volumes. Given the prevalent use of wood coatings in the furniture industry, this production increase further accelerates the growth of the wood coatings market.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific commands a significant portion of the global market. China, home to the world's largest furniture industry, is witnessing a surge driven by domestic and international demand.
- China's furniture industry operates on a large-scale, factory-centric model, capitalizing on economies of scale to drive high-volume production. The market is fiercely competitive, hosting a mix of domestic and international players.
- Key domestic names like Suofeiya, Chengdu Shuanghau Industrial Company, Oppein Homes, and Landbond Group dominate, while the sector's growth is luring new entrants, both local and foreign. Moreover, China is a global leader in wooden furniture exports.
- The Chinese furniture industry showcased a robust recovery in the initial months of 2024, as highlighted by the Ministry of Industry and Information Technology. The collective operating revenue of the nation's major furniture manufacturers surged by 14.9% Y-o-Y, reaching USD 12.92 billion.
- India's furniture market is a dynamic industry that significantly impacts local consumption and exports. Projections from Invest in India indicate a robust growth trajectory, with a CAGR of 10.9% from 2023 to 2028, targeting a milestone of USD 32.7 billion by 2026.
- Boosted by rising investments in residential and commercial sectors and proactive government initiatives, India's furniture market is poised for growth, which is expected to subsequently uplift the wood coatings market.
- India's residential sector drives the demand for wooden furniture in the country, with items like dining sets, tables, and chairs witnessing a notable uptick, which is projected to maintain this momentum.
- Reinforcing this growth, the Indian government allocated a substantial INR 48,000 crore (~USD 5.84 billion) in its Union Budget 2022-23 for the 'PM Aawas Yojana' scheme, underscoring its commitment to the 'Housing for All' initiative, targeting 8 million affordable homes in FY 2022-23.
- Japan's home furniture sector, encompassing living, dining, bedroom, and kitchen furniture, is experiencing a surge in demand. This uptick is fueled by heightened construction activities, a rise in new housing units, and an increase in the average consumer's disposable income.
- Data from the International Trade Centre revealed that in 2023, the Philippines exported 4,606 tons of wooden doors, frames, and thresholds and 516 tons of wooden windows and French windows with their frames, bolstering the market's growth.
- Additionally, several furniture companies in India are strategically positioned to amplify demand for furniture and cabinet applications, thereby supporting the market's growth. For instance:
- In December 2023, Stanley Group, an India-based furniture company, inaugurated its flagship store, Stanley Next Level, in Gurugram, India, showcasing a range of home and kitchen furnishing products, including kitchen cupboards.
- In November 2023, Oppein Home Group Inc., a China-based kitchen and home-furnishing company, celebrated the launch of its expansive 372 sq. m showroom in Hyderabad, India, prominently featuring products like kitchen closets.
- Considering these dynamics, Asia-Pacific is set to uphold its market dominance throughout the forecast period.
Wood Coatings Industry Segmentation
The wood coatings market is partially fragmented in nature. The major players include Sherwin-Williams Company, Akzo Nobel NV, PPG Industries Inc., RPM International Inc., and Asian Paints.
Wood Coatings Market Leaders
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The Sherwin-Williams Company
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Akzo Nobel N.V.
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PPG Industries, Inc.
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RPM International Inc.
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Asian Paints
*Disclaimer: Major Players sorted in no particular order
Wood Coatings Market News
- April 2024: Axalta Building Products, a division of the globally renowned Axalta Coating Systems, unveiled its innovative Zenamel range of wood coating solutions tailored for cabinet manufacturers. With this launch, Axalta Building Products seeks to empower its wood finishing industry clients to create top-tier, sustainable, eco-friendly products that align with tightening regulatory standards and evolving consumer preferences.
- April 2023: Benjamin Moore & Co. unveiled Element Guard, a new exterior paint tailored for diverse substrates, wood included. With the launch of Element Guard, Benjamin Moore & Co. seeks to empower painting professionals, ensuring its exterior projects endure the elements and satisfy client expectations.
- January 2023: Asian Paints planned to invest in a new manufacturing facility dedicated to water-borne paints, boasting an annual capacity of 4 lakh kl. This facility will also produce water-borne wood coatings, with operations slated to begin in 2026. Through this expansion, Asian Paints seeks to bolster its production capacity, aligning with the projected surge in demand for water-borne wood coatings in India.
- December 2022: Sherwin-Williams Company announced the successful completion of its acquisition of the ICA Group. By acquiring the ICA Group, Sherwin-Williams aimed to create a more diversified and competitive wood coatings company with a stronger presence in the European market and a broader range of products and technologies to offer its customers.
Wood Coatings Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Furniture Production
- 4.1.2 Escalating Demand for Interior Design and Decoration
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Stringent Environmental Regulations
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 By Resin Type
- 5.1.1 Acrylic
- 5.1.2 Nitrocellulose
- 5.1.3 Polyester
- 5.1.4 Polyurethane
- 5.1.5 Other Resin Types
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5.2 By Technology
- 5.2.1 Water-borne
- 5.2.2 Solven-borne
- 5.2.3 UV-cured
- 5.2.4 Powder Coatings
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5.3 By Application
- 5.3.1 Furniture and Fixtures
- 5.3.2 Doors and Windows
- 5.3.3 Cabinets
- 5.3.4 Other Applications (including Floors, Decks, and Molding Products)
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5.4 By Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Malaysia
- 5.4.1.6 Thailand
- 5.4.1.7 Indonesia
- 5.4.1.8 Vietnam
- 5.4.1.9 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 France
- 5.4.3.4 Italy
- 5.4.3.5 Spain
- 5.4.3.6 NORDIC Countries
- 5.4.3.7 Turkey
- 5.4.3.8 Russia
- 5.4.3.9 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Colombia
- 5.4.4.4 Rest of South America
- 5.4.5 Middle East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 Qatar
- 5.4.5.3 United Arab Emirates
- 5.4.5.4 Nigeria
- 5.4.5.5 Egypt
- 5.4.5.6 South Africa
- 5.4.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Akzo Nobel NV
- 6.4.2 Asian Paints
- 6.4.3 Axalta Coating Systems
- 6.4.4 Benjamin Moore & Co.
- 6.4.5 Ceramic Industrial Coatings
- 6.4.6 Hempel AS
- 6.4.7 Jotun
- 6.4.8 Kansai Paint Co. Ltd
- 6.4.9 KAPCI Coating
- 6.4.10 MAS Paints
- 6.4.11 National Paints Factories Co. Ltd
- 6.4.12 Nippon Paint Holdings Co. Ltd
- 6.4.13 PPG Industries Inc.
- 6.4.14 Ritver
- 6.4.15 RPM International Inc.
- 6.4.16 Teknos Group
- 6.4.17 Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Demand for UV-cured Coatings
- 7.2 Other Opportunities
Wood Coatings Industry Segmentation
Wood coatings are applied to wood surfaces to protect, enhance, and decorate them. They can be used on various wood products, including furniture, flooring, and cabinets.
The wood coatings market is segmented based on resin type, technology, application, and geography. By resin type, the market is segmented into acrylic, nitrocellulose, polyester, polyurethane, and other resin types. By technology, the market is segmented into water-borne, solvent-borne, UV-cured, and powder coatings. By application, the market is segmented into furniture and fixtures, doors and windows, cabinets, and other applications. The report also covers the market size and forecasts for the wood coatings market in 27 countries across major regions. For each segment, the market sizing and forecasts are provided in terms of volume in kilotons.
| By Resin Type | Acrylic | |
| Nitrocellulose | ||
| Polyester | ||
| Polyurethane | ||
| Other Resin Types | ||
| By Technology | Water-borne | |
| Solven-borne | ||
| UV-cured | ||
| Powder Coatings | ||
| By Application | Furniture and Fixtures | |
| Doors and Windows | ||
| Cabinets | ||
| Other Applications (including Floors, Decks, and Molding Products) | ||
| By Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Malaysia | ||
| Thailand | ||
| Indonesia | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| NORDIC Countries | ||
| Turkey | ||
| Russia | ||
| Rest of Europe | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of South America | ||
| By Geography | Middle East and Africa | Saudi Arabia |
| Qatar | ||
| United Arab Emirates | ||
| Nigeria | ||
| Egypt | ||
| South Africa | ||
| Rest of Middle East and Africa |
Wood Coatings Market Research FAQs
How big is the Wood Coatings Market?
The Wood Coatings Market size is expected to reach 3.30 million tons in 2024 and grow at a CAGR of greater than 3.54% to reach 3.93 million tons by 2029.
What is the current Wood Coatings Market size?
In 2024, the Wood Coatings Market size is expected to reach 3.30 million tons.
Who are the key players in Wood Coatings Market?
The Sherwin-Williams Company, Akzo Nobel N.V., PPG Industries, Inc., RPM International Inc. and Asian Paints are the major companies operating in the Wood Coatings Market.
Which is the fastest growing region in Wood Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wood Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Wood Coatings Market.
What years does this Wood Coatings Market cover, and what was the market size in 2023?
In 2023, the Wood Coatings Market size was estimated at 3.18 million tons. The report covers the Wood Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wood Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the challenges faced by the Wood Coating Industry?
The challenges faced by the Wood Coating Industry are a) Stringent environmental regulations on volatile organic compound (VOC) emissions b) Unpredictable raw material prices and competition from non-wooden alternatives such as plastic and fiber cement
What are the challenges faced by the Wood Coating Industry?
The challenges faced by the Wood Coating Industry are a) Stringent environmental regulations on volatile organic compound (VOC) emissions b) Unpredictable raw material prices and competition from non-wooden alternatives such as plastic and fiber cement
Wood Coatings Industry Report
The global wood coatings market is witnessing significant market growth, driven by the increasing demand across various segments, particularly in furniture and construction applications. The market size is expanding, with polyurethane dominating due to its durability and aesthetic versatility. The market share of solvent-borne coatings leads the technology segment because of their superior finish and quick drying times, though water-borne coatings are gaining traction due to environmental concerns.
The Asia-Pacific region remains the largest market, propelled by rapid urbanization and expanding sectors in countries like China and India. Additionally, there is a significant shift towards eco-friendly and sustainable products, aligning with global sustainability trends. Manufacturers are focusing on low-VOC and non-toxic wood coatings to meet these demands.
Supported by advancements in coating technology and rising demand from emerging economies, the wood coating industry is poised for continued growth. The market forecast indicates a positive outlook for the coming years. Industry reports highlight that industry trends are leaning towards sustainable and eco-friendly solutions.
The industry analysis reveals that market leaders are investing in research and development to innovate new products. Market segmentation shows diverse applications, including furniture, fixtures, doors, windows, and cabinets. The market overview and market review provide a comprehensive understanding of the industry's dynamics.
Industry information and industry research suggest that the industry size and industry sales are expected to grow steadily. The market value is anticipated to rise, driven by the increasing adoption of advanced coating technologies. Industry statistics and market data support these predictions, showing a robust growth rate.
For detailed statistics, market share, size, and revenue growth rate, access a sample of this industry analysis as a free report PDF download from Mordor Intelligenceā¢ Industry Reports. This report example provides an in-depth market analysis and market research, offering valuable insights into the industry's future.
