Overview and Scope
The wood coating refers to a type of substance applied on a wooden surface to protect it from harm caused by various natural and man-made environments. Wood coatings make it easy to clean and disinfect wood. It also aids in the closure of pores that can serve as bacterial breeding grounds. Coatings are the final phase in the wood finishing process and provide a pleasing appearance to wooden surfaces while allowing them to last longer and increase durability.
Sizing and Forecast
The wood coating market size has grown strongly in recent years. It will grow from $10.88 billion in 2023 to $11.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to construction and furniture industries, architectural applications, consumer preferences for wood finishes, protection and durability requirements, renovation and restoration projects.
The wood coating market size is expected to see strong growth in the next few years. It will grow to $15.6 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rising demand for premium and custom finishes, growing market for outdoor wooden structures, expansion of the real estate sector, increased focus on UV-cured coatings. Major trends in the forecast period include integration of nanotechnology in coating formulations, focus on exterior wood coatings for weather resistance, customization of coating solutions for design trends, rising application of low-energy coatings, shift towards powder coatings for wood substrates.
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Segmentation & Regional Insights
The wood coating market covered in this report is segmented –
1) By Type: Preservative Wood Coatings, Stain Wood Coatings, Shellac Wood Coatings
2) By Product Type: Water Borne Wood Coatings, Solvent-Borne Wood Coatings, Powder Wood Coatings
3) By Application: Furniture, Cabinets, Siding, Flooring, Other Applications
Asia-Pacific was the largest region in the wood coating market in 2023. Asia-Pacific is expected to be the fastest-growing region in the wood coating market report during the forecast period. The regions covered in the wood coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the construction of new homes and house modifications are expected to propel the growth of the wood coating market. The rising demand for housing is increasing due to increasing population, rapid urbanization, economic/infrastructure development, favorable government policies/schemes for housing, and others. This rise in the construction of new homes and house modifications will create a significant demand for wood materials with wood coatings to be used in these new and modified residential homes. Wood coatings offer a desirable appearance while ensuring a long life of wooden materials used in homes. For instance, according to the new residential construction statistics released in February 2022 by the US Census Bureau and the US Department of Housing and Urban Development, in the USA, privately-owned housing starts in February 2022 reached 1,769,000 from 1,447,000 housing starts rate in February 2021, showing an increase of 22.3%. According to the Census Bureau’s new residential construction report, housing starts rose at 6.8% over February on a seasonally adjusted basis to a rate of 1.77 million annualized units. Thus, the rise in the construction of new homes and house modifications will drive the growth of the wood coating market.
Key Industry Players
Major companies operating in the wood coating market report are BASF SE, The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Sika AG, Nippon Paint Holdings Co Ltd., MAS Paints Group, RPM International Inc., Axalta Coating Systems Ltd., Cabot Corporation, The Valspar Corporation, Kansai Paint Co Ltd., Jotun A/S, Hempel A/S, Berger Paints India Limited, Benjamin Moore & Co Inc., Rust-Oleum Corporation, Tikkurila Oyj, Brillux GmbH & Co KG, Teknos Group Oyj, National Paints Factories Co Ltd., Ritver Paints & Coatings, Kemppi Oyj, Everbuild Building Products Ltd., Kusumgar Corporates, KAPCI Coating PvtLtd., Ceramic Industrial Coatings, Caparol AG, Eliokem Inc., Herberts GmbH & Co KG, Wacker Chemie AG
The wood coating market report table of contents includes:
1. Executive Summary
2. Wood Coating Market Characteristics
3. Wood Coating Market Trends And Strategies
4. Wood Coating Market – Macro Economic Scenario
5. Global Wood Coating Market Size and Growth
….
32. Global Wood Coating Market Competitive Benchmarking
33. Global Wood Coating Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wood Coating Market
35. Wood Coating Market Future Outlook and Potential Analysis
36. Appendix
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