CHICAGO, Oct. 28, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global wood coating market report.
The wood coating market is expected to grow at a CAGR of over 5.03% during the period 2020-2026.
Key Highlights Offered in the Report:
- The major driver of wood coating market is the booming housing sector across developed and emerging economies of China and India. Additionally, rapid urbanization, rising disposable income, improvement in standard living, and growing population across developed and emerging economies of China and India are the key factors fueling the demand for modern furniture.
- Solvent-borne formulation held the largest share in the wood coating market in 2020 and is growing at a CAGR of 4.86% during the forecast period.
- However, due to the government regulation regarding the low VOC content, the industries are moving towards high solid and UV-Cured coating which are less susceptible to VOC.
- Furniture, cabinetry, siding, flooring, musical instruments, and paneling are the major areas where wood coatings are widely used to give aesthetic and glossy look to the surface as well as to prevent the wooden surface from termites, UV-rays, dust, satin, and human chemicals.
- Furniture industry holds the largest segment in the wood coating market and holds more than 55% of the market share.
- APAC is the leading market for wood coating and is projected to continue its dominance during the forecast period.
- The prime factors contributing the growth in APAC region is the rapid urbanization, increasing disposable income, and living standard that have significantly contributed to the growth of construction activities, and demand for modern furniture.
Key Offerings:
- Market Size & Forecast by Revenue | 2020-2026
- Market Dynamics - Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation - A detailed analysis by formulation, coating type, end-use, and geography
- Competitive Landscape - 5 key vendors and 14 other vendors
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Wood Coating Market - Segmentation
- Solvent-borne coatings are less susceptible to environmental conditions, such as humidity and the environment. Thus, it is preferred for applications in humid environments. Compared with water-borne coatings, solvent coatings cure surfaces due to chemical reactions between the atmospheric oxygen and constitutes water-borne coating.
- The stain and varnish segment accounted for 58.28% of the market in 2020. It is the largest coating type and is projected to be the fastest-growing market during the forecast period. This is primarily because it renders the most important function of adding color to the timber and enhances the natural characteristics of the timber grain and texture.
- Solid and high-grade wooden furniture has been one of the most chosen home décor materials. Household furniture and kitchen cabinetry include sofa, table, chair, bed, and cupboard. The furniture and cabinetry segment led the wood coating industry by end-use.
Wood Coating Market by Formulation
- Solvent-Borne
- Water-Borne
- High Solid
- Powder-Borne
- UV-Cured
Wood Coating Market by Coating Type
- Stain & Varnishes
- Shellacs
- Wood Preservatives
- Water Repellants
- Others
Wood Coating Market by End-use
- Flat Stock Wood
- Furniture and Cabinetry
- Paneling & Doors
- Siding
- Flooring & Others
- Wood Finishes
- Furniture
- Cabinetry
- Flooring
- Others
Wood Coating Market - Dynamics
Do it Yourself (DIY) is a major trend strengthening the demand for wood coatings. DIY projects enable enthusiasts to engage in the modification, maintenance, upgrades, and rebuilding of material possessions such as houses and gardens. The global DIY market is primarily dominated by home improvement projects. Over the last few years, engagement in DIY projects has heightened, particularly among the GEN Z. Economical repair and other small projects that improve house interiors is the major factor helping DIY gain traction. Despite the growing interest in concrete and composite, wood is still preferred for exterior architectural uses, including siding, decking, and fencing. Moreover, the main factor contributing to the use of wood coatings is their ability to preserve wooden surfaces from stains, UV rays, rains, and other environmental factors.
Key Drivers and Trends fueling Market Growth:
- Thriving Construction Industry
- Growing Middle-Class Population
- Rapid Urbanization
Wood Coating Market - Geography
North America is the fastest-growing market for wood coating. It is the third-largest market for wood coating and accounted for 12.25% of the total wood coating market. The market for wood coating in North America is expected to witness considerable growth during the forecast period owing to the construction of residential and non-residential buildings such as hotels, offices, hospitals, and malls and renovation activities. Moreover, the new aesthetics of wooden furniture, along with its availability at lower prices and long life, have again gained preference for flooring, cupboard, kitchen cabinetry, decorating, and for other purposes. The demand for engineered wooden furniture is rising in North America because of the increasing demand for smart homes.
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Wood Coating Market 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
Major 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
Explore our chemicals & materials profile to know more about the industry.
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