Wood Coating Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Wood Coating Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Wood coating Market

The wood coating market size was valued at USD 8.656 billion in 2019, and the market is now projected to grow to USD 12.323 million by 2027, exhibiting a CAGR of 4.8% during the forecast period of 2020-2027.

Coatings Industry in the last week of March 2020 anticipated going into a severe recession owing to the coronavirus (COVID-19) infection leading to lock down throughout the world. Consequently, demand for wood coatings reduced significantly to a level where it almost disappeared due to the effects of the lockdown put in place by governments to curb the COVID-19 spread so that economic activities could be restarted. The government provided the health packages such as the grants and state assured industry loans and state-funded wages to avoid job shedding. This helped to slow down the deterioration of the production performance is key areas especially the large industrial coating makers due to a shortage of workers. This hindered the wood coating market growth.

The growth observed in the wood coating market has the following reasons; increasing growth of population, stabilization of the housing market which in turn created a demand for seat, table, bed, shelf etc. The development to the market for coating were found to be in line with a improving housing market. In houses across the country, from the exterior of sheds and houses themselves to the fences, roofs, and door frames, to the inner furniture and fixtures – like cupboards, chairs, and floors – timber is used. The resources of development are divided into new home construction and home renovations. In case of the expansion of the global economy or an increase in the purchasing power of people the probability impact on certain sectors like housing is predicted to be highly massive. As the construction industry broadened with the expansion of its primary end customers, it will drive the wood coating market share.

Powder coat finish as the wood finish is much more hard wearing than the liquid finish. Powder coated wood rises gradually as there is a massive transformation in the appearance and utility of the finished wood. Equally, the advances towards green products will enhance the market growth given the current fast pace of development. Electronic commerce has brought into competition lowor zero-,maintenance substitutes which has cut traditional timber markets in cladding and window and door goods from nearly 50 percent to a quarter over the last ten to fifteen years. Therefore, the powder coated timber can combine the tried and tested timber attractiveness and ecological advantages with a very high durability, as well as market leading resistance to UV and moisture penetration. This means timber which has been powder-coated requires little to no maintenance at all.

Comprehensive Analysis of Wood coating Market

The wood coating market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided into 3 Segments, By Resins Analysis, By Formulating Technology Analysis and By Application Analysis. On the basis of the resins employed, the market can be divided into polyurethane, nitrocellulose, acid curing, polyester, and others. The polyurethane Coating segment dominated the wood coating market based on the regions. Regarding the formulation of technology, the market is classified into solvent borne, water borne, UV cured others. The first market segment was that of solvents carried by the solvent borne coatings. This is even more applicable in interpretation in the furniture industry since solvent borne is mostly demanded. In terms of application, the market is segmented as furniture, cabinets, siding, flooring, and other. However, this process does not only allow preserving the properties and unique features of solid wood materials used but also improve their ornamental-tactile value as well as prevent sawdust on furniture from harming the hands of clients, helping maintain the health of people.

The market size in the Asia Pacific stood at USD 3.641 billion in 2019. It also overpowered other regions and can be expected that during the forecast period Asia Pacific will lead the market, due to government subsidies adopted for construction activities, interest rates, and consumer spending that are significant components of GDP. Rising construction activities is expected to spur the market.

Evonik (Germany), DSM (Netherlands), Dow (U.S.), Akzo Nobel N.V. (Amsterdam, Netherlands), Asian Paints (India), BASF SE (Germany), Kansai Nerolac Paints Limited (Japan), PPG Industries, Inc. (U.S.), RPM International Inc. (U.S.), The Sherwin-Williams Company (U.S.), Teknos Group (Finland), Axalta Coating Systems (U.S.), Nippon Paint Holdings Co., Ltd (Japan), Stahl Holdings (Netherlands), Valspar (U.S.) and IVM Group (Italy) are the significant players in the paintings & coatings market. They are the one that contributes so much for the industry success as long as they are the one who must follow the innovation of the product and services. They provide a competitive area that triggers advancement of specifications and quality reliability. They are multinational companies and provide variety of products to consumers thus making the market determinant fair so as to introduce change that leads to development of markets.

In February 2021, Dunn-Edwards launched DECOPRIME, a new generation water-borne wood primer. This new range is intended for use on interior wood cabinets, doors, and trim in use in the kitchen and bathroom. The DECOGLO paint scheduled for release in the fall is also a component of the two-step system for interior cabinets, doors, and trims.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

CAGR 4.8% (2020-2027)

Revenue Forecast in 2027 USD 12,323.2 million

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Million) and Volume (Kilo Tons)

Segmentation Resin, Formulating Technology, Application; and Geography

By Resin

Polyurethane

Nitrocellulose

Acid-curing

Polyester

Others

By Formulating Technology

Solvent-borne

Water-borne

UV-cured

Others

By Application

Furniture

Cabinets

Siding

Flooring

Others

By Geography

North America

By Resin

By Formulating Technology

By Application

By Country

U.S. (By Application)

Canada (By Application)

Europe

By Resin

By Formulating Technology

By Application

By Country

Germany (By Application)

UK (By Application)

France (By Application)

Italy (By Application)

Spain (By Application)

Russia & CIS (By Application)

Rest of Europe (By Application)

Asia Pacific

By Resin

By Formulating Technology

By Application

By Country

China (By Application)

Japan (By Application)

India (By Application)

ASEAN (By Application)

Rest of Asia Pacific (By Application)

Latin America

By Resin

By Formulating Technology

By Application

By Country

Brazil (By Application)

Mexico (By Application)

Rest of Latin America (By Application)

Middle East & Africa

By Resin

By Formulating Technology

By Application

By Country

GCC (By Application)

South Africa (By Application)

Rest of Middle East & Africa (By Application)