Triton’s research suggests that the North America wood coatings market is projected to register a CAGR of 4.95% during the projected years 2024-2032. Canada and the United States are considered in this region.
In the United States, the surge in housing construction is fueling demand for wood coatings. This growth is further propelled by an uptick in residential maintenance endeavors, often entailing recoating existing wood products. Manufacturers of wood products also contribute significantly by applying coatings during production, responding to the escalating demand for pre-primed and prefinished wood construction materials. Despite a temporary slowdown in 2020 due to the pandemic, the market is anticipated to expand over the forecast period.
Wood coatings serve a dual purpose: shielding wood products against termites and solvent entrapment while also enhancing their appearance with a glossy finish. Canada’s growing disposable income and elevated standard of living have spurred a significant demand for wooden furniture. Consequently, the surge in furniture production has fueled the expansion of the wood coatings market.
Competitive Outlook
The key companies listed in the wood coatings market include Asian Paints, PPG Industries Inc, Nippon Paint Holdings Co Ltd, and The Sherwin-Williams Company.
1. North America Wood Coatings Market – Summary
2. Industry Outlook
2.1. Porter’s Five Forces Analysis
2.1.1. Threat Of New Entrants
2.1.2. Threat Of Substitutes
2.1.3. Bargaining Power Of Buyers
2.1.4. Bargaining Power Of Suppliers
2.1.5. Threat Of Competitive Rivalry
2.2. Market Maturity Analysis
2.3. Supply Chain Analysis
2.3.1. Raw Material Sourcing And Processing
2.3.2. Product Innovation And Technology Development
2.3.3. Supply Chain Management And Market Distribution
2.3.4. Customer Support And Maintenance Services
2.4. Regulatory Framework
2.5. Key Buying Impact Analysis
2.5.1. Coating Performance And Wood Compatibility
2.5.2. Cost-effectiveness And Value Alignment For Wood Surface Applications
2.5.3. Reliability And Longevity Of Coatings On Wood Surfaces
2.5.4. Supplier Track Record And Wood Coating Expertise
2.6. Key Market Strategies
2.6.1. Collaborations
2.6.2. Product Launches
2.6.3. Acquisitions
2.6.4. Business Divestitures & Expansions
2.7. Market Drivers
2.7.1. Increasing Demand From The Building And Construction Sector
2.7.2. Uptick In Spending On Home Enhancements Due To Rise In Income
2.7.3. Rising Demand For Eco-friendly Products Sourced From Renewables
2.8. Market Challenges
2.8.1. Variable Raw Material Costs Impact Production Expenses
2.8.2. Environmental Regulations Limit Specific Chemicals
2.8.3. Competition From Composite Materials And Plastics
2.9. Market Opportunities
2.9.1. Tailored Solutions For Applications Such As Flooring And Furniture
2.9.2. Emergence Of Smart Coatings With Self-healing And Antimicrobial Properties
2.9.3. Improved Coating Performance Through Nanotechnology
2.10. Analyst Perspective
3. North America Wood Coatings Market – By Resin Type
3.1. Nitrocellulose
3.2. Polyurethane
3.3. Acrylic
3.4. Other Resin Types
4. North America Wood Coatings Market – By Technology
4.1. Powder Coatings
4.2. Water-borne
4.3. Uv-cured
4.4. Solvent-borne
5. North America Wood Coatings Market – By Application
5.1. Furniture And Fixture
5.2. Cabinet
5.3. Flooring
5.4. Doors And Window
5.5. Deck
6. North America Wood Coatings Market – By Country Outlook
6.1. United States
6.1.1. United States Wood Coatings Market Forecast & Prospects