Wood Coatings Market Size, Share & Trends Analysis Report By Resin Type (Polyurethane, Acrylic, Nitrocellulose, Unsaturated Polyester), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030

Wood Coatings Market Size, Share & Trends Analysis Report By Resin Type (Polyurethane, Acrylic, Nitrocellulose, Unsaturated Polyester), By Technology, By Application, By Region, And Segment Forecasts, 2023 - 2030

Wood Coatings Market Growth & Trends

The global wood coatings market size is anticipated to reach USD 15.96 billion by 2030, registering a CAGR of 4.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The primary factor driving market growth is the increasing demand for wooden furniture in households globally.

The rising consumer disposable income and improving standards of living are driving the demand for various wooden furniture items, such as sofas, beds, chairs, cabinets, and shelves. This, in turn, is expected to boost the demand for wood coatings. According to Invest India (National Investment Promotion & Facilitation Agency), the domestic furniture market is growing at a CAGR of around 12%. It was valued at USD 32 billion in 2022, accounting for a 5% share in the global furniture market.

Wood coatings are essential products in te furniture and cabinetry industry. They enhance the aesthetic appeal of wooden surfaces. Wood coatings are available in various colors and finishes, allowing consumers to customize the appearance of their wood products to match their preferences and interior design trends. Wood coatings protect the wood and improve durability.

Mergers, acquisitions, and new product launches are the major strategies undertaken by the major players to strengthen their market presence. For instance, in May 2019, Axalta revealed an exciting collaboration with Palmetto Paint Specialties, a prominent distributor within the industrial coatings market in the Carolinas region. Under this partnership, Palmetto Paint will maintain a comprehensive inventory of products spanning various technologies, encompassing catalyzed coatings, lacquers, radiation curable, glazes, stains, and dyes designed for the industrial wood market

Wood Coatings Market Report Highlights

• Based on resin type, the polyurethane segment dominated the market and accounted for a revenue share of 41.0% in 2022. Polyurethane coatings are known for their exceptional durability; they have good chemical resistance and provide excellent UV protection to wood. In addition, they are easy to apply and have fast drying times
• Based on technology, the solvent-borne segment accounted for the largest market share in 2022. Solvent-borne technology offers fast drying conditions, good adhesive properties, and enhanced durability. Solvent-based coatings provide superior performance in terms of wear and tear. In addition, solvent-borne coatings can be formulated to work on various wood substrates, including softwoods and hardwoods, without significantly altering the color or grain of the wood
• Based on application, the furniture segment is expected to grow at the fastest CAGR of 5.2% over the forecast period 2023-2030. This can be attributed to the wider applications of wood coatings in the furniture industry. Furniture is the largest segment in the wood products industry. Thus, the demand for coatings is high in the furniture segment

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