Wood Coatings Market Size, Growth, Forecast Report 2032

Wood Coatings Market Insights

According to a report from Zion Market Research, the global Wood Coatings Market was valued at USD 9.13 Billion in 2023 and is projected to hit USD 14.49 Billion by 2032, with a compound annual growth rate (CAGR) of 5.27% during the forecast period 2024-2032.

This report explores market strengths, weaknesses, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and future prospects that may emerge in the Wood Coatings Market industry over the next decade.

Request Free Sample

Wood Coatings Market: Overview

The wood coating is a kind of material applied to the surface to protect the wood from external factors. It helps in increasing the product life. Also, the use of wood coating increases the visual cues of wooden objects, thereby helping in the marketing of the product.

The growing production of furniture across the world is one of the major factors driving the market growth. In Asia-Pacific and the Middle East & Africa, the growing construction industry is also likely to boost the market growth. The demand for pieces of furniture, such as chairs, tables, beds, sofas, shelves, and cupboards, has been increasing significantly with increasing housing construction, population, and income levels across the world. Also, with the rapidly increasing service sector, a huge proportion of the population has been relocating to new locations, which is raising the trend of hostels, co-living, guest houses, and official premises. This is expected to augment the demand for various furniture products.

COVID-19 Impact Analysis

The covid-19 has led us to serious implications as it has deepened the growth to a significant level and wood coating wasn’t an exception. The demand for wood coating primarily depends on the construction activities at residential, commercial, and industrial levels. The COVID-19 pandemic has brought these end-use industries on the back as they have to face a significant loss in revenue.

For instance, until 2019 the U.S construction industry was contributing around USD 2 trillion to the GDP. Now, the number reduced to USD 1.36 trillion. The end of the lockdown is anticipated to grow the wood coating market Owing to the increasing applications of polyurethane coatings across several sectors, including commercial, architectural, and structural work, paneling, furniture, etc.

Wood Coatings Market: Growth Factors

Owing to the increasing applications of polyurethane coatings across several sectors, including commercial, architectural, and structural work, paneling, furniture, etc. the polyurethane segment dominated the market and is expected to grow during the forecast period. During the last few years, the significant increase in in the spending power of the people thereby creating a positive growth impact on the market.

However, changing government regulations, and volatility in raw material prices can affect the market growth negatively. Moreover. Changing trade policies U.S. and China trade wars and the outbreak of COVID-19 have affected the supply chain thereby disturbing the demand and supply ratio. This imbalance will create further opportunities in the U.S. Market. Stringent environmental regulations may act to restrain the demand for wood coatings, during the forecast period.

Wood Coatings Market: Report Scope

Wood Coatings Market: Segmentation Analysis

By Applications Segment Analysis

By application the furniture segment holds a share of over 30% in the market and is projected to lead the global market, This can majorly be attributed to the increased number of individual home buyers. The demand for wood coatings in the construction and furniture industries is expected to increase considerably Owing to the advantages of wood coatings such as enduring surface finish, solvent & scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick-drying, superior sanding, and multi-coat & smooth finish application.

By Technology Segment Analysis

Depending on the technology, owing to low prices and quick drying characteristics, the conventional solid solvent-borne segment holds the major share of the market. The low price of conventional solid solvent-borne wood coatings is ascribed to the easy availability of hydrocarbon solvent base as it is derived from crude oil. Moreover, solvent helps in providing viscosity to wood coatings.

Wood Coatings Market: Regional Analysis

Globally, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Owing to the increase in demand for wood coatings from emerging application sectors, including furniture, joinery, flooring, and others Asia-Pacific accounts for the major share of the global wood coatings market. Europe and North America will possess a huge opportunity in the near future. 

The North American wood coating market is majorly driven by increasing demand for various furniture, huge spending power, and increasing adoption of the furniture. The market is expected to have steady growth owing to the various regulations. The U.S. is one of the major importers of the market and in 2023, the country imported furniture of USD 54,901.9 million. The North American market is expected to grow at a CAGR of 6.8% during the forecasted period.

Asia Pacific dominated the global market with a share of over 40% in the global market. The presence of huge manufacturers, high demand for furniture and the presence of developing economies have driven the growth of the market. Indonesia is a major producer of furniture and China is the global leader in chemical and coating materials. Continuously increasing demand for furniture, developing infrastructure, and changing standards of living have boosted market growth. Owing to the huge untapped opportunity the Asia Pacific region will grow at the fastest CAGR of 6.2% during the forecast period 2024-2032.

Request Free Sample

Wood Coatings Market: Competitive Analysis

Some of the major players in the global Wood Coatings market include:

• Akzo Nobel Coatings NV
• Kansai Paint Co. Ltd.
• DuPont Coatings and Color Technologies Group
• BASF Coatings AG
• Hempel A/S
• Ashland Inc.
• Arkema SA
• Sherwin-Williams Co.
• ICI Paints
• PPG Industries Inc.
• Dow Coating Materials
• The Valspar Corporation
• RPM International Inc.
• Nippon Paint Co. Ltd.

The Wood Coating Market is segmented as follows:

By Technology

• Spraying
• Conventional Spray
• High-Volume Low-Pressure
• Electrostatic
• Airless Spraying
• Non-Spray Coatings
• Rollers
• Brushes
• Vacuums
• Curtaining

By Resin Type

• Acrylics
• Polyurethane
• Nitrocellulose
• Melamine Formaldehyde
• Others

By Application

• Cabinets
• Side and Deck
• Furniture
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa