Wood Coating Trends and Forecast
The future of the global wood coating market looks promising with opportunities in the furniture, joinery, flooring & decking, and siding markets. The global wood coating market is expected to reach an estimated $11.2 billion by 2030 with a CAGR of 4.6% from 2024 to 2030. The major drivers for this market are increasing demand for household furniture and a growing consumer focus on aesthetics and global population increase and housing market recovery are on the upswing.
• Lucintel forecasts that, within the resin type category, polyurethane segment is expected to witness the highest growth over the forecast period due to ready availability of the product and the numerous advantages of polyurethane over other counterpart.
• Within the application category, furniture will remain the largest segment due to increasing urbanization, expanding homes, and a rise in nuclear families.
• In terms of regions, APAC will remain the largest region over the forecast period due to rising demand for home furnishings in India, China, Japan, and South Korea.
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Emerging Trends in the Wood Coating Market
Wood coating is a market that is positively driven by technology, sustainability, and changing market conditions. Below are five major factors affecting the change in the wood coatings market:
• Shift toward Water-Based Coatings: The general emphasis on environmental issues so much that the paints present in the past have radically manmade solvents are now being replaced with water-based paints. Such products are less release of VOCs and safer. The products also meet stringent environmental guidelines especially in the advanced countries like the US and Europe.
• Upward trend in the Usage of UV-Curable Coatings: UV curing wood coatings have become more accepted because of their fast drying period, effectiveness and the fact that they do not affect the environment. Their use is suitable for processes that deal with high production speed and lowers energy consumption hence suitable in the furniture and flooring market.
• Raising Demand for Eco-Friendly and Biodegradable Coatings: The growing attention of consumers towards forest and wood products coupled with stringent regulations are establishing a requirement for extension bio based wood coatings because of their raw materials being renewable. There is also a reduction on the use of chemicals derived from petroleum and instead these coatings promote products that are eco friendly in various sectors such as building and that of furniture manufacture.
• Advancements in Special Coatings: There is a market for wood coatings that provide advanced protection against moisture, UV light and friction. Such complex compositions are now utilized in furniture, decks and other items that are expected to be used in outdoor conditions and therefore selling points for these interiors generation.
• Development of Antimicrobial Coatings: Unable to withstand the prolonged exposure to COVID-19, there has been an increased need for wood coatings that combat microorganisms, particularly bacteria, virus growth. These are meant for use in public areas, hospitals and homes to improve hygiene of surfaces and prevent infections.
These trends have to maim a positive reform in the wood coating market by advancing performance, meeting environmental concerns and embracing sustainability. Industries are focusing on waterborne, UV cured and bio based coatings for innovative of products considering environmental benefits.
Recent Developments in the Wood Coating Market
The wood coating market growth that has been witnessed has largely been propelled by the changing technology and the changing consumer behavior. There are five things that have rocked this industry and their summary is presented here.
• Launch of Water-Based and Low-VOC Coatings: No VOC, water-based coatings in the market has been more and more differentiated by the demands of the manufacturers interested in the environment. Coatings of these kinds have been found to have strong protection and thus are entering markets with a focus on sustainability.
• Adoption of UV-Curable Coatings: The use of UV curable coatings is being embraced extensively due to their ability to cure quickly and affordably. Due to this development, manufacturers are able to make many pieces and finish them so well in short periods and most of these pieces are mainly in the furniture or flooring industry.
• Development of Bio-Based Coatings: Due to many factors, there is emphasis on the use of sustainable materials and it includes the construction of the possibilities of modification for bio-based coatings for wood using materials from renewable resources such as plant oil and resin. All these help in reducing reliance on oil and oil manufacturing based production.
• Emphasis on Permanent and Weatherproof Coatings: The availability of high quality wood products intended for outside use is also generating a demand for weather resistant coatings. Such coatings greatly reduce deterioration from moisture, harmful UV rays and temperature changes which translates to the wooden surfaces lasting for a long time.
• Availability of Antimicrobial Coating: The launch of antimicrobial wood coatings is an important step taken in view of current health and safety regulations. These coatings are now spreading into public and household use for applications where microbial growth should be prevented in order to provide a safer environment.
These changes are revolutionizing the wood coating market by providing solutions for sustainability, functionality, and hygiene. Novel water-based and UV-cured coatings, as well as bio-based and antimicrobial advancements, are the forces of evolving wood finishing.
Strategic Growth Opportunities for Wood Coating Market
The surfaces coating market for wood offers several avenues of growth in different directions. These avenues are increasing as industries are evolving with the changing consumer needs and regulatory requirements. Below are five such growth opportunities by application:
• Furniture manufacturing: High quality, long-lasting furniture create a need for technologically advanced wood coatings. The manufacturers are targeting coatings that give a glossy, scratch resistant, stain resistant finish especially in the high end furniture segment.
• Construction Industry (Exterior Applications): Out of all the industries, wood coatings potential market is greatest in the construction industry particularly for exterior finishes like decks, siding or wooden walls. There is a high demand for protective coats which are capable of preventing the effects of weather and UV in order to enhance the durability of wood structures.
• Flooring: For the flooring use of wood coatings, there is an upward trend owing to the desire for attractive and durable floors. UV cured and wear resistant coatings have become a necessity in residential and commercial buildings due to the exposure to foot traffic and environmental settings.
• Cabinetry and Millwork: The cabinetry and millwork segments form the other key growth areas in the wood coatings market, growth powered by the rising demand for high-performance coatings that serve dual purposes of aesthetics and protection for wood surfaces. There is a high demand for such coatings that are smooth, tough and enhance the natural timber finish.
• Outdoor Furniture: The increasing popularity of the concept of open space living is increasing the demand for coatings for outdoor wooden furniture. Among the key growth opportunities, weatherproof and water proof coatings are in broad demand because of the need to provide protective solutions without compromising the look of exterior wooden products.
These strategic growth opportunities are transforming the wood coatings market with unprecedented advances in furniture, construction, and flooring applications. The combination of protection against water and longevity of wear with beauty is helping in the expansion of many sectors within the market.
Wood Coating Market Driver and Challenges
The wood coating market is affected by a number of drivers and challenges that depend on technology, legislation, and the tastes of the people. Below are the key drivers and challenges impacting the market
The factors responsible for driving the wood coating market include:
1. Sustainability and Environmental Regulations: The tougher regulations with respect to the emission of any VOCS is changing the demand towards green wood coatings, most especially water and bio-based wood coatings that are environmental friendly.
2. Expansion in the Furniture & Construction Sectors: The construction as well as the furniture industry are increasing the demand for wood coatings which are durable, beautiful as well as protective, particularly in growing nations like India and China.
3. Upgradation of the Coatings Technology: With regard to new products, water based and UV-curable coatings are contributing to better performance of products offering shorter application and curing periods without compromising protection and attractiveness of wooden surfaces.
4. Shift Towards Aesthetic Coatings: Increasing consumer demand for attractive looking wooden surfaces has triggered manufacturers to spear head developments into coatings that will enhance the look of outwards looking wooden surfaces while protecting them from damage and environmental elements.
5. Antimicrobial Coatings Demand: Increased attention towards hygiene and ease of maintenance of wooden surfaces is increasing the need for antimicrobial coatings in other sectors such as her healthcare, public areas and even households.
Challenges in the wood coating market are:
1. Need for Higher Priced Environmental Friendly Coatings: There exist a very strong response to the need for environmental friendly coatings. However, in price sensitive markets, market penetration of bio-based and water based coatings which are more expensive compared to traditional solvent borne coatings remains a challenge.
2. Raw Material Price Variations: The cost of raw materials particularly resins and additives for the construction of wood coatings which are oil based varies and chances the profitability.
3. Complex Environmental Regulations: Manufacturing industry so that compliance with these various environmental regulations across regions can be difficult for the manufacturers especially the ones working with different VOC limits and sustainability degree in several markets.
The wood coating market is fulfilling the requirements of sustainable development, dynamism of modern technologies, and growing requirements from key spheres such as furniture and building construction. But there are certain issues that need to be solved in order to keep that pace such as chief of materials pricing fluctuations and the price of green products.
List of Wood Coating Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies wood coating companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the wood coating companies profiled in this report include-
• The Sherwin-Williams Company
• PPG Industries
• Akzo Nobel
• Nippon Paint Holdings
• RPM International
• Diamond Paints
• BASF
• Axalta Coating Systems
• KANSAI HELIOS
• Asian Paints
Wood Coating by Segment
The study includes a forecast for the global wood coating by resin type, technology , application, and region.
Wood Coating Market by Resin Type [Analysis by Value from 2018 to 2030]:
• Polyurethane
• Acrylic
• Nitrocellulose
• Unsaturated Polyester
• Others
Wood Coating Market by Technology [Analysis by Value from 2018 to 2030]:
• Waterborne
• Solvent-borne
• Powder Coating
• Radiation Cured
• Others
Wood Coating Market by Application [Analysis by Value from 2018 to 2030]:
• Furniture
• Joinery
• Flooring & Decking
• Siding
• Others
Wood Coating Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Wood Coating Market
Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major wood coating producers in key regions: the USA, China, India, Japan, and Germany
• United States: In the US wood coating market, there is ongoing shift with respect to the adoption of water based eco-coatings due to the imposition of stringent norms regarding the environmental protection in the country. Also, an increasing appetite for home improvement and furniture needs is compelling the manufacturers to progress in the area of low VOC and more durable products.
• China: The construction and furniture production boom in China is translating into an expansion in the wood coating market. Some local manufacturers are shifting towards high-end coatings; especially the UV and waterborne coatings due to the increasing emission control on solvent borne traditional coatings.
• Germany: There is a particular orientation towards environmentally sustainable & innovative strategies in the wood coating market of Germany. There is increasing preference for bio and chemicals free coatings as such policies favor the country. There is the high demand for high end finishes in the furniture market.
• India: The wood coating market in India is growing due to increasing urbanization and higher needs of home and office furniture. The local suppliers are looking at swanky but low-cost and wear and tear resistant finishes. There is also increasing demand for eco-friendly coatings such as water based coatings and UV carried coatings as the world progresses towards conservatory issues.
• Japan: In Japan, the wood coating market is mainly attributed to the demand from the construction and high-end furniture market. The emphasis is on high performing coatings with good aesthetics and protective ability. There are greener and low VOC compliant strategies that are used by manufacturers with the aim of expanding the market for wooden surfaces.
Features of the Global Wood Coating Market
Market Size Estimates: Wood coating market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecasts (2024 to 2030) by various segments and regions.
Segmentation Analysis: Wood coating market size by resin type, technology, application, and region in terms of value ($B).
Regional Analysis: Wood coating market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different resin type, technology, application, and regions for the wood coating market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the wood coating market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the wood coating market size?
Answer: The global wood coating market is expected to reach an estimated $11.2 billion by 2030.
Q2. What is the growth forecast for wood coating market?
Answer: The global wood coating market is expected to grow with a CAGR of 4.6% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the wood coating market?
Answer: The major drivers for this market are increasing demand for household furniture and a growing consumer focus on aesthetics and global population increase and housing market recovery are on the upswing.
Q4. What are the major segments for wood coating market?
Answer: The future of the wood coating market looks promising with opportunities in the furniture, joinery, flooring & decking, and siding markets.
Q5. Who are the key wood coating market companies?
Answer: Some of the key wood coating companies are as follows:
• The Sherwin-Williams Company
• PPG Industries
• Akzo Nobel
• Nippon Paint Holdings
• RPM International
• Diamond Paints
• BASF
• Axalta Coating Systems
• KANSAI HELIOS
• Asian Paints
Q6. Which wood coating market segment will be the largest in future?
Answer: Lucintel forecasts that polyurethane segment is expected to witness the highest growth over the forecast period due to ready availability of the product and the numerous advantages of polyurethane over other counterpart.
Q7. In wood coating market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region over the forecast period due to rising demand for home furnishings in India, China, Japan, and South Korea.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the wood coating market by resin type (polyurethane, acrylic, nitrocellulose, unsaturated polyester, and others), technology (waterborne, solvent-borne, powder coating, radiation cured, and others), application (furniture, joinery, flooring & decking, siding, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Wood Coating Market, Wood Coating Market Size, Wood Coating Market Growth, Wood Coating Market Analysis, Wood Coating Market Report, Wood Coating Market Share, Wood Coating Market Trends, Wood Coating Market Forecast, Wood Coating Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.