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Wood Coatings Market Size (2024 - 2029)

The wood coatings market is experiencing growth, driven by factors such as increased furniture production and a booming construction industry in regions like Asia-Pacific and the Middle-East and Africa. Despite challenges posed by stringent environmental regulations and the negative impact of the COVID-19 pandemic, which disrupted manufacturing and supply chains, the market has shown recovery and resilience. The demand for UV-cured coatings presents additional opportunities for expansion. The Asia-Pacific region, particularly countries like China, India, and Japan, leads in market consumption, contributing significantly to the overall market size.

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Market Size of Wood Coatings Industry

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Wood Coatings Market - Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 3.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Wood Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Wood Coatings Market Analysis

The wood coatings market is estimated to be at 3.18 million tons by the end of this year and is projected to reach 3.78 million tons in the next five years, registering a CAGR of over 3.5% during the forecast period.

  • The COVID-19 pandemic negatively impacted the market. This was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
  • Over the short term, increasing furniture production and increasing construction industry in Asia-Pacific and Middle-East, and Africa are some of the factors driving the growth of the market studied.
  • On the flip side, stringent environmental regulations are expected to hinder the growth of the market.
  • However, increasing demand for ultra violet (UV)-cured coatings is anticipated to provide numerous opportunities over the forecast period.
  • The Asia-Pacific region dominated the market worldwide, with countries like China, India, and Japan being the biggest consumers.

Wood Coatings Industry Segmentation

Wood coatings are materials applied to wooden surfaces to protect the wood from natural and manmade factors.

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 offers market size and forecasts for 15 countries across major regions.

For each segment, market sizing and forecasts have been done on the basis of volume (tons) for all the above segments.

Resin Type
Acrylic
Nitrocellulose
Polyester
Polyurethane
Other Resin Types
Technology
Water-borne
Solven-borne
UV-cured
Powder Coatings
Application
Furniture and Fixtures
Doors and Windows
Cabinets
Other Applications (including Floors, Decks, and Molding Products)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Wood Coatings Market Size Summary

The wood coatings market is poised for growth, driven by increasing demand in the furniture and construction sectors, particularly in the Asia-Pacific and Middle-East regions. The market experienced a setback due to the COVID-19 pandemic, which caused manufacturing shutdowns and supply chain disruptions. However, it rebounded in 2021, with the Asia-Pacific region, especially China, India, and Japan, leading the charge. The demand for wood coatings is fueled by the expanding furniture industry, which benefits from rising incomes, urbanization, and real estate development. Despite challenges posed by stringent environmental regulations, the market is expected to find opportunities in the growing demand for UV-cured coatings.

The global wood coatings market is characterized by a partial fragmentation, with key players like The Sherwin-Williams Company, Akzo Nobel N.V., and PPG Industries, Inc. actively participating. The market's growth is supported by strategic investments and expansions by major companies, such as Asian Paints' new manufacturing facility for waterborne paints and Sherwin-Williams' acquisition of the ICA Group. These developments aim to enhance production capabilities and expand market reach, particularly in regions like India and the Middle East. The increasing production volumes of furniture and the ongoing construction activities, especially in Japan, are expected to further drive the demand for wood coatings, solidifying the market's growth trajectory over the forecast period.

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Wood Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Furniture Production

      2. 1.1.2 Growing Construction Industry in Asia-Pacific and Middle-East and Africa

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Stringent Environmental Regulations

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Resin Type

      1. 2.1.1 Acrylic

      2. 2.1.2 Nitrocellulose

      3. 2.1.3 Polyester

      4. 2.1.4 Polyurethane

      5. 2.1.5 Other Resin Types

    2. 2.2 Technology

      1. 2.2.1 Water-borne

      2. 2.2.2 Solven-borne

      3. 2.2.3 UV-cured

      4. 2.2.4 Powder Coatings

    3. 2.3 Application

      1. 2.3.1 Furniture and Fixtures

      2. 2.3.2 Doors and Windows

      3. 2.3.3 Cabinets

      4. 2.3.4 Other Applications (including Floors, Decks, and Molding Products)

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 France

        3. 2.4.3.3 United Kingdom

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Wood Coatings Market Size FAQs

The Wood Coatings Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)

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.

Wood Coatings Market Report Snapshots

Wood Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)