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

Wood Coatings Market Summary
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

Wood Coatings Market 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 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
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
NORDIC Countries
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
Qatar
United Arab Emirates
Nigeria
Egypt
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 Escalating Demand for Interior Design and Decoration

      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 By 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 By 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 By 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 By 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 Malaysia

        6. 2.4.1.6 Thailand

        7. 2.4.1.7 Indonesia

        8. 2.4.1.8 Vietnam

        9. 2.4.1.9 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 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Spain

        6. 2.4.3.6 NORDIC Countries

        7. 2.4.3.7 Turkey

        8. 2.4.3.8 Russia

        9. 2.4.3.9 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 Colombia

        4. 2.4.4.4 Rest of South America

      5. 2.4.5 Middle East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 Qatar

        3. 2.4.5.3 United Arab Emirates

        4. 2.4.5.4 Nigeria

        5. 2.4.5.5 Egypt

        6. 2.4.5.6 South Africa

        7. 2.4.5.7 Rest of Middle East and Africa

Wood Coatings Market Size FAQs

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.

In 2024, the Wood Coatings Market size is expected to reach 3.30 million tons.

Wood Coatings Market Report Snapshots

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