Wood Coatings Market

Wood coatings are the materials that are applied on wooden surfaces to protect the wood from different natural and manmade factors and to enhance aesthetic appeal of various wooden structures including furniture, cabinets, sidings, furnishing accessories, and decking & floorings, among others. Wood coatings are extensively used in both residential and non-residential applications. The market for wood coatings has been categorized on the basis of resin type such as Acrylic, Nitrocellulose, Polyester, Polyurethane, and Others.

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Rapid urbanization and growth in the construction industry coupled with the increasing number of residential and commercial buildings worldwide are the major factors that are expected to drive the demand of the wood coatings market over the forecast period. In addition, rise in the demand of advance wood coatings materials such as bio-based resins, biopolymers, and UV cured coatings from furniture industry is further accelerating the growth of the market. Moreover, various benefits provided by wood coatings that includes enhanced visual cues of wooden object, resistivity from moisture and heat, increased durability, and easy maintenance are projected to stimulate the demand of wood coatings during the forecast period. Furthermore, the development of new technologies, the emergence of reflective coatings in wood coating market, and the introduction of eco-friendly wood coatings materials such as green wood coatings are likely to create new growth opportunities. However, stringent environmental rules imposed by the regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood coating is expected to hamper the growth of the wood coatings market.

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Based on resin type, the market is segmented into acrylic, nitrocellulose, polyester, polyurethane, and others. The polyurethane segment is expected to grow at a higher CAGR in the market. This is primarily due to the increasing application of two-component polyurethane coatings for wood treatment owing to its various advantages such as resistance to abrasion and chemical agents, greater surface hardness, and mechanical resistance.

Based on technology, the market is segmented into water-borne, solvent-borne, and UV-cured. The UV-cured technology segment is anticipated to grow at a faster CAGR over the forecast period owing to its several benefits that includes high chemical and scratch resistance, excellent block resistance, low wastage, and less floor space requirement. Additionally, UV cured technology is sustainable and offers significant environmental benefits, such as no emission of volatile organic compounds (VOCs) and Hazardous air pollutants (HAPs).

Based on application, the market is segmented into furniture and fixture, doors and windows, cabinet, and others. The furniture and fixture end-user segment is expected to dominate the market during the forecast the period. This can be attributed to the rapid demand of wood coatings to provide enhanced finishing and longevity to the wooden products. Moreover, rising construction of residential buildings together with the growing demand for furniture, such as table, chairs, bed, sofa, shelves, and cupboards is expected to accelerate the market growth over the forecast period.

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Based on the region, Asia-Pacific region is anticipated to lead the wood coatings market during the forecast period. This is primarily due to the growing population, rapid urbanization, and rise in the number of non-residential buildings including hotels, schools, malls, corporate offices, hospitals in the emerging economies including Japan, India, China, and South Korea in the region. On the other hand, North America is projected to grow at a higher CAGR during the forecast period owing to the rising number of smart homes, commercial spaces, and industrial buildings in the region.

Various notable players operating in the global Wood Coatings market, include, Akzo Nobel N.V., The Sherwin-Williams Company, BASF SE, Hempel A/S, The Valspar Corporation, The Dow Chemical Company, RPM International Inc., Nippon Paint Co. Ltd., Ashland Global Holdings Inc., and PPG Industries, Inc. among other companies. 

Key Developments:

• • In 2020, BASF SE launched Joncryl 953X portfolio for water-based 1K systems for the protection of wooden structures. This includes five straight acrylic dispersions with fine-particle size and offer scratch resistance, excellent resistance to chemicals, hardness and blocking resistance as well as high wet transparency and in-can clarity.
  • In 2020, Dow Chemical Company introduced three new-generation performance additives based on silicone chemistry and offer high durability, longer-lasting, more sustainable waterborne wood coatings.
  • In 2020, PPG Industries, Inc. launched PPG Envirocron HeatSense powder coating for heat-sensitive wood and wood-composite applications, including medium-density fiberboard (MDF), hardwood, plywood and similar products.

The global Wood Coatings market has been segmented on the coating type, application, end-user, and region. On the basis of resin type, the market is segmented into acrylic, nitrocellulose, polyester, polyurethane, and others. Based on technology, the market is segmented into water-borne, solvent-borne, and UV-cured. Based on application, the market is segmented into furniture and fixture, doors and windows, cabinet, and others.

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Key questions answered in this research report:

• • At what pace is global Wood Coatings market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Wood Coatings market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Wood Coatings market?
  • Which resin type generated maximum revenues in 2019 and identify the most promising resin type during the forecast period?
  • What are the various applications of global Wood Coatings market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Wood Coatings Market by Resin Type

• • Acrylic
  • Nitrocellulose
  • Polyester
  • Polyurethane
  • Others

Global Wood Coatings Market by Technology

• • Water-borne
  • Solvent-borne
  • UV-cured

Global Wood Coatings Market by Application

• • Furniture and Fixture
  • Doors and Windows
  • Cabinet
  • Others

Global Wood Coatings Market by Region

• • North America Wood Coatings Market (Option 1: As a part of the free 25% customization)
    • North America Market by Resin Type
    • North America Market by Technology
    • North America Market by Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Wood Coatings Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Resin Type
    • Europe Market by Technology
    • Europe Market by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Wood Coatings Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Resin Type
    • Asia-Pacific Market by Technology
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Wood Coatings Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Resin Type
    • RoW Market by Technology
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Wood Coatings Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Akzo Nobel N.V.
  • The Sherwin-Williams Company
  • BASF SE
  • Hempel A/S
  • The Valspar Corporation
  • The Dow Chemical Company
  • RPM International Inc.
  • Nippon Paint Co. Ltd.
  • Ashland Global Holdings Inc.
  • PPG Industries, Inc.