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 coating refers to the process of refining or protecting a wooden surface, especially in the production of furniture where it represents between 5 and 30% of manufacturing costs. Moreover, the use of wood coating enhances the aesthetic appeal of the wooden object and increases its shelf life, thereby helping in marketing of the product.
Increase in demand for furniture and wooden products drives the need for wood coatings. 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. However, major restrains for the growth of the market is the volatile raw material prices and harmful impact of VOCs present in the coatings. Conversely, advancement in coatings technology and surge in use of radiation cure coatings are anticipated to provide new opportunities for the key players.
The wood coatings market is segmented based on resin type, technology, end use, and region. On the basis of resin type, the market is classified into polyurethane, nitrocellulose, acrylic, unsaturated polyester and others. By technology, it is fragmented into waterborne, Conventional Solid solvent borne, high solid solvent borne, powder coating, radiation cured and others. As per end use, it is divided into furniture, joinery, flooring, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and 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.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
Acrylics
Nitrocellulose
Unsaturated Polyester
Others
Conventional Solid Solvent Borne
High Solid Solvent Borne
Powder Coating
Radiation Cured
Others
Joinery
Flooring
Others
o U.S.
o Canada
o Mexico
Europe
o Germany
o France
o Spain
o Italy
o UK
o Rest of Europe
Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Rest of Asia-Pacific
LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
Wood coating refers to the process of refining or protecting a wooden surface, especially in the production of furniture where it represents between 5 and 30% of manufacturing costs. Moreover, the use of wood coating enhances the aesthetic appeal of the wooden object and increases its shelf life, thereby helping in marketing of the product.
Increase in demand for furniture and wooden products drives the need for wood coatings. 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. However, major restrains for the growth of the market is the volatile raw material prices and harmful impact of VOCs present in the coatings. Conversely, advancement in coatings technology and surge in use of radiation cure coatings are anticipated to provide new opportunities for the key players.
The wood coatings market is segmented based on resin type, technology, end use, and region. On the basis of resin type, the market is classified into polyurethane, nitrocellulose, acrylic, unsaturated polyester and others. By technology, it is fragmented into waterborne, Conventional Solid solvent borne, high solid solvent borne, powder coating, radiation cured and others. As per end use, it is divided into furniture, joinery, flooring, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and 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.
KEY BENEFITS FOR STAKEHOLDERS
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- The study outlines the current trends and future scenario of the wood coatings market size from 2020 to 2025 to understand the prevailing opportunities and potential investment pockets.
- 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.
- The profiles of key players along with their key strategic developments are enlisted in the report.
KEY MARKET SEGMENTS
- By Resin Type
Acrylics
Nitrocellulose
Unsaturated Polyester
Others
- By Technology
Conventional Solid Solvent Borne
High Solid Solvent Borne
Powder Coating
Radiation Cured
Others
- By End Use
Joinery
Flooring
Others
- By Region
o U.S.
o Canada
o Mexico
Europe
o Germany
o France
o Spain
o Italy
o UK
o Rest of Europe
Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Rest of Asia-Pacific
LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WOOD COATINGS MARKET, BY RESIN TYPE
CHAPTER 5: WOOD COATING MARKET, BY TECHNOLOGY
CHAPTER 6: WOOD COATING MARKET, BY END USE
CHAPTER 7: WOOD COATING MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES: WOOD COATING MAKERS
Executive Summary
According to this report titled,'Wood Coatings Market by Resin Type, Technology, and End Use: Global Opportunity Analysis and Industry Forecast, 2018 - 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 2018 to 2025.Wood coatings are used for protecting the wood as well help in giving aesthetic looks. It produces hard surface topcoats and are considered gloss retention, offering good color, high performance and resistance to abrasion from chemicals. Apart from enhancing the aesthetic look, wood coating protect the wood from environmental damage and chemical attacks. Wood coating can be used in interior application and as wells exterior. The exterior wood coating improves the durability, protect the wood from humid climate and increases resistance towards termites attack.
In addition, rapid increase in disposable income of consumers are some of the key factors that supplement the growth of the furniture market. Moreover, increase in preference for smart homes among customers increased the rate of furniture manufacturing. This in turn is expected to drive the need for wood coatings, as they are applied on furniture’s to increase the resistance and durability of the furniture and enhances the visual appearance of the furniture’s. Rise in consumers demand for wooden flooring and joinery that includes cabinets and siding has lead increase in use of wood coatings in construction industry. Furthermore, surge in preference for wood coatings, owing to its high-performance finish that preserve and improve natural wood.
Based on resin type, the market is segmented into polyurethane, nitrocellulose, acrylics, unsaturated polyester and others. The polyurethane resin is widely used owing to the high-performance finish that preserve and improve natural wood. Furthermore, polyurethane wood coating strengthen the properties of wood products providing color and protection.
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 coating has higher demand owing to the low price and quick drying characteristics. The low price of the conventional solid solvent borne wood coatings is due to the easy availability of the hydrocarbon solvent base and providing certain viscosity to the wood coating which help in application of coating to certain objects. All these factors together significantly contribute toward the global wood coatings market growth.
Based on end use, the market is segmented into furniture’s, joinery, flooring and others. The furniture segment is expected to grow due to increase in expenditure power of consumers and improvement in standard of living that has fueled the demand for furniture across developing countries such as China and India. Wood coatings are applied in furniture’s to increase the resistance and durability of the furniture. Furthermore, the wood coating enhances the visual appearance of the furniture’s. This factors are likely to increase the demand of wood coating which positively impacts the wood coatings market.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific emerge as a global leader in wood coatings market due to increase in demand for wood coatings in the developing economies such as India and China, owing to development of the construction industries, and increase in users of furniture. This factor is likely to increase the Asia-Pacific wood coatings market size from 2020 to 2025.
Key Findings of the Wood Coatings Market:
The Asia-Pacific wood coatings market share is predicted to hold a share of over 55.52% by the end of 2025.
The conventional solid solvent borne in the technology segment is expected to hold a dominant share of over 31.1% in the global wood coatings market in terms of revenue in 2018, and is predicted to reduce to 30.6% by 2025.
Market players have adopted expansion, acquisition, and collaboration as their key strategies to gain competitive advantage in this market. The 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.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 420 |
| Published | May 2019 |
| Forecast Period | 2018 - 2025 |
| Estimated Market Value ( USD | $ 7800 million |
| Forecasted Market Value ( USD | $ 11985.8 million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
