Wood Coatings Resins Market Size, Share, Trends, Growth 2030

Wood Coatings Resins Industry Prospective:

The global wood coating resins market size was worth around USD 9.85 billion in 2022 and is predicted to grow to around USD 14.97 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.43% between 2023 and 2030.

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Wood Coatings Resins Market: Overview

Wood coating resins are a part of the massive chemical and materials industry. These materials are used to improve the overall durability of the wood surface while also imparting certain decorative appeal. Wood coating resins are applied on surfaces such as window frames, door frames, wood furniture, or parquet. One of the key selling points for wood coating resins is the quality of the product and its impact on the material’s surface once applied. For instance, a good quality wood coating resin should not lead to any defective surface after the application.

There are several types of coatings available in the commercial market with each one offering its specific set of advantages and disadvantages. For instance, alkyd resins, produced by a combination of fatty acids and some other components, are considered the most dominant resin in several brands of commercially available oil-based coatings. As per estimates, more than 200,000 tons of alkyd resins are produced annually. Some of the common advantages of using alkyd coatings include higher durability and less risk of damage on the coated surface. They are also glossy and flexible thus improving the overall physical appearance of the product.

Key Insights:

• As per the analysis shared by our research analyst, the global wood coatings resins market is estimated to grow annually at a CAGR of around 5.43% over the forecast period (2023-2030)
• In terms of revenue, the global wood coatings resins market size was valued at around USD 9.85 billion in 2022 and is projected to reach USD 14.97 billion, by 2030.
• The wood coating resins market is projected to grow at a significant rate due to the rising investments in the construction & building industry
• Based on resin type segmentation, polyurethane was predicted to show maximum market share in the year 2022
• Based on application segmentation, furniture was the leading type in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Wood Coatings Resins Market: Growth Drivers

Rising investments in construction & building industry to drive market growth

The global wood coatings resins market is projected to grow owing to the increasing investments in the construction & building industry. This includes commercial settings such as hotels as well as residential living homes. After the impact of COVID-19, the global construction industry is steadily picking up pace as the demand for residential homes is on the rise. Factors including urbanization and increased disposable income of the general population are major contributing factors for growth in the building industry. A recent report indicates that more than 5.1 million transactions meeting housing needs were closed in 2022 across the globe. India, a developing nation with a growing middle income group registered a sale of around 310 thousand units specific to the residential market. These homes, in some countries, are semi-furnished while in certain countries, the buyers spend a considerably high amount in renovating the home as per their needs.

Increasing spending in home renovation activities to drive market sales

Home renovation activities have increased significantly. Many people have undertaken home improvement projects in the last year. This includes constructing a patio, flooring installation, building and integrating shelves, deck construction, and other projects. A 2022 official report stated that the US was expecting record sales in the regional flooring industry as more people were projected to spend on home improvement projects. The trend is a result of more people spending time at home due to the prevalence of work-from-home and remote working culture. In other countries, the increase in the number of family members has led to a profound effect on the demand for wood coating resins.

Growing number of hotels and restaurants to push market revenue toward further growth

The hospitality industry is growing with each passing year. As domestic and international tourism is on the rise, more hotels and restaurants are being built across the globe. The hospitality industry also includes affordable temporary living spaces such as motels that are largely made of wooden structures. As of 2022, the global hospitality industry is over USD 4.6 trillion.

Wood Coatings Resins Market: Restraints

Stringent government rules regulating the environmental impact of resins to limit market growth

There are growing concerns over the safety of using synthetically produced resin-based products including wood coatings. Since they are made of harsh chemicals, they contribute to the growing emission rate of Volatile Organic Compounds (VOCs) in the environment. Additionally, the chemicals used during the production process can leach into the water body or soil around the production site further causing environmental damage. On the other hand, VOCs are also known to be extremely harmful to humans and other living organisms. Some variants are suspected to be carcinogenic agents. Overexposure can lead to kidney and liver damage along with an impact on the central nervous system. This makes the production facilities of wood coating resins an extremely difficult environment to work in and employees must ensure they are appropriately dressed to prevent getting affected by the chemicals that are impacting the growth in the wood coating resins industry.

Wood Coatings Resins Market: Opportunities

Growing consumption of natural resin to create expansion opportunities

Natural resin is derived from natural resources. They are typically organic substances exhibiting flammable and fusible qualities. Most of the naturally produced resins are soluble in a wide range of organic liquids but not in water. This trait adds certain limitations on product application, but the several other advantages and safety associated with natural resins have created a higher demand for these variants in the commercial industry. The global wood coating resins market may come across higher growth opportunities due to the surging consumption trend of non-harmful wood coating resins. For instance, the Shellac Wood Coating is derived from a lac bug. Once dissolved in water, it helps to create a fast-drying and clear finish on the wood surface. Moreover, it is resistant to water and ultraviolet rays. As consumer awareness and product availability grows, the consumption of natural resin is likely to surpass all expectations.

Wood Coatings Resins Market: Challenges

Availability of substitutes for wood-based products may create challenges in the industry

The global wood coating resins industry players are projected to face challenges owing to the availability and growing sales of alternatives to wood-based products including home and furniture items. Moreover, higher dependency on wood-based products contributes to the growing environmental problems related to deforestation. For instance, a report published by Furniture and Deforestation claims that more than 18.7 million acres of forest are lost every year and the furniture industry has a huge role to play in this reality. Illegal logging is one of the major areas of concern.

Wood Coatings Resins Market: Segmentation

The global wood coatings resins market is segmented based on resin type, product type, application, and region.

Based on resin type, the global market segments are acrylic, polyurethane, alkyd, epoxy, and others. In 2022, the highest growth was observed in the polyurethane segment driven by the exceptional qualities that polyurethane resins impart to the coated surface. These attributes include higher moisture resistance and superior durability. They can be used for external and internal units since they protect against UV radiation and extreme environmental conditions. Moreover, since they consist of hard and soft segments, they are known to have excellent toughness and elasticity. As per projection, the global production volume for polyurethane resin will cross 30 million tons by 2030.

Based on product type, the wood coating resins industry is divided into water borne, radiation cure, high-solids, and solvent borne.

Based on application, the global market is segmented into siding, decking, and furniture. The highest growth was registered in the furniture segment followed by decking. The segmental growth was a result of the increased sale of wood furniture as products made of wood are considered more aesthetically pleasing and sophisticated. A major growth contributor was the increasing number of online sales platforms providing refurbished wooden furniture along with the growing expansion of international furniture providers in emerging markets. For instance, IKEA India, which opened in 2018, recorded a profit jump of 73% in fiscal year 2022.

Wood Coatings Resins Market: Report Scope

Wood Coatings Resins Market: Regional Analysis

North America to register the highest growth rate during the anticipated time period

The global wood coatings resins market is expected to be dominated by North America during the forecast period. The US and Canadian homes, especially in remote areas, are mainly built using wood since these areas are prone to tornadoes and earthquakes. Wood is a flexible material that can handle the impact of mild earthquakes. Additionally, homes made of wood are reasonably priced. In addition to this, the domestic population spends relatively higher on home improvement projects, the rate of which has grown in the last 2 years. Most of the interior items as well as furniture placed in residential outdoors are made of wood further driving the demand and consumption of wood coating resins. A large segment of the population is known to perform refurbishing activities by themselves without taking the help of professionals which is the main reason that almost all standalone homes in the US and Canada have essential home furnishing tools and essentials such as wood coating resins. Asia-Pacific is a crucial market for the global wood coatings resins industry due to the extensive production line of these chemicals in Asian countries. Moreover, the domestic demand for resin-based wood coatings due to the growing construction section has further shown exceptional results.

Wood Coatings Resins Market: Competitive Analysis

The global wood coatings resins market is led by players like:

• RPM International Inc.
• AkzoNobel
• BASF SE
• PPG Industries
• Nippon Paint Holdings Co. Ltd.
• Sherwin-Williams
• Tikkurila Oyj
• Axalta Coating Systems
• ICA Group
• Allnex
• Hempel A/S
• Arkema Group
• Sika AG
• Kansai Paint Co. Ltd.
• Asian Paints Ltd.

The global wood coatings resins market is segmented as follows:

By Resin Type

• Acrylic
• Polyurethane
• Alkyd
• Epoxy
• Others

By Product Type

• Water Borne
• Radiation Cure
• High-Solids
• Solvent Borne

By Application

• Siding
• Decking
• Furniture

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