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The global wood coating market was valued at USD 9,665.04 million in 2020 and is expected to reach USD 12,974.56 million by 2026, growing at a CAGR of 5.03% during the forecast period.
The following factors are likely to contribute to the growth of the wood coating market during the forecast period:
- Impact of thriving construction industry
- Growing middle-class population
- Rapid Urbanization
WOOD COATING MARKET OVERVIEW
The demand for wood coating solutions is increasing at a rapid rate in every region. The rising living standards, growing disposable income, rapid urbanization, and substantial investment by the government contribute to the accelerated growth of the construction industry. This is positively impacting the demand for cabinets, sidings, flooring, beds, cupboards, tables, and other furniture, thus impacting the growth of wood coating. Major changes are happening in the global coating industry. The continuous adoption of coating technologies to offer better products every time is one such changing trend in the global industry.
KEY HIGHLIGHTS
- APAC is the leading market for wood coating and accounted for 56.56% of the market in 2020.
- Solvent-borne formulation holds the largest share in the wood coating market in 2020 and is growing at a CAGR of 4.86% during the forecast period.
- UV cured formulation holds 8.05% of the share and is expected to grow at a CAGR of 4.56% between 2020 and 2026.
WOOD COATINGS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Formulation
- Coating Type
- End-use
- Geography
WOOD COATINGS MARKET SEGMENTS
- Solvent-borne coatings are less prone to environmental conditions such as humidity and high temperatures. Thus, they are preferred more for applications in humid environments that don’t allow water-borne coatings to cure correctly.
- The global stain and varnish wood coating market are expected to reach USD 7,706.47 million by 2026 growing with a CAGR of 5.36%. Varnishes give very good UV protection, while wood stain finish changes or improves the wood color and the visibility of the grains.
Segmentation By Formulation
- Solvent-Borne
- Water-Borne
- High Solid
- Powder-Borne
- UV Cured
Segmentation by Coating Type
- Stain & Varnishes
- Shellacs
- Wood Preservatives
- Water Repellants
- Others
Segmentation by End-use
- Flat Stock Wood
- Furniture and Cabinetry
- Paneling & Doors
- Siding
- Flooring & Others
- Wood Finishes
- Furniture
- Cabinetry
- Flooring
- Others
GEOGRAPHICAL ANALYSIS
- China and Japan are the largest markets for wood coating in the APAC region. India continues to be an evolving market and has been on the priority list of most international and local investors due to favorable government regulations and the presence of a strong manufacturing hub.
- The global coatings market in North America is expected to witness profitable growth during the forecast period. This is due to the increasing construction of residential and non-residential buildings such as hotels, offices, hospitals, malls, and renovation activities.
Segmentation by Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Russia
- Italy
- Turkey
- APAC
- China
- India
- Japan
- South Korea
- Indonesia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
VENDOR ANALYSIS
- The key vendors in the global wood coatings market are AkzoNobel N.V, Axalta Coating Systems, PPG, Sherwin Williams, and RPM.
- The parameters on which vendors compete in the wood protection coatings market are product portfolio, product quality, geographical presence, brand image, cost differentiation, and others.
Key Vendors
- AkzoNobel N.V
- Axalta Coating Systems
- PPG Industries
- Sherwin Williams
- RPM International Inc
Other Prominent Vendors
- Arkema SA
- Eastman Chemical Company
- Angus Chemical Company
- Lonza Group Ltd.
- Michelman Inc
- Cabot Corporation
- Albermare Corporation
- The Lubrizol Corporation
- Solvay Chemicals
- Kemira
- Lanxess
- Croda International Plc
- Huntsman International
- Univar Solution Inc
KEY QUESTIONS ANSWERED:
1. How big is the wood coating market?
2. What are the various end-use types in the global wood coatings market?
3. Who are the key players in the wood coating industry?
4. What are the key driving factors for the wood coatings market?
5. Which region has the highest growth rate in the wood coating market?
Table of Contents
1 Research Methodology2 Research Objectives3 Research Process6 Market at a Glance
4 Scope & Coverage
5 Report Assumptions & Caveats
7 Introduction
8 Opportunity Analysis
9 Market Opportunities & Trends
10 Market Growth Enablers
11 Market Restraints
12 Market Landscape
13 Formulation
14 Coating Type
15 End-Use
16 Geography
17 North America
18 Latin America
19 Middle East & Africa
20 APAC
21 Europe
22 Competitive Landscape
23 Key Company Profiles
24 OTHER PROMINENT VENDORS
25 Report Summary
26 Quantitative Summary
27 Geography
28 Appendix
List of Exhibitis
List of Tables
Companies Mentioned
- AkzoNobel N.V
- Axalta Coating Systems
- PPG Industries
- Sherwin Williams
- RPM International Inc
- Arkema SA
- Eastman Chemical Company
- Angus Chemical Company
- Lonza Group Ltd.
- Michelman Inc
- Cabot Corporation
- Albermare Corporation
- The Lubrizol Corporation
- Solvay Chemicals
- Kemira
- Lanxess
- Croda International Plc
- Huntsman International
- Univar Solution Inc
Methodology
Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.
Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.
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