NEW
YORK, Aug. 12, 2024 /PRNewswire/ -- The
global wood coatings market size is estimated to grow by
USD 3.62 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 5.27% during the forecast period. Rising demand
for wood coatings from developing countries is driving market
growth, with a trend towards focus on circular economy
and recycling principles. However, stringent regulatory
standards on use of certain chemicals in wood coatings poses
a challenge. Key market players include Akzo Nobel NV, Arkema
Group, Axalta Coating Systems Ltd., BASF SE, Benjamin Moore and Co., Berger Paints India Ltd,
Cabot Corp., Dow Chemical Co., Hempel AS, Heubach GmbH, Jotun AS,
Kansai Paint Co. Ltd., KAPCI Coating, MAS Paints, NATIONAL PAINTS
FACTORIES CO. LTD, Nippon Paint India Pvt. Ltd., PPG Industries
Inc., Ritver, RPM International Inc., Teknos Group Oy, The Sherwin
Williams Co., and Tikkurila OYJ.
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Wood Coatings Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.27%
|
Market growth
2024-2028
|
USD 3624.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.65
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 44%
|
Key
countries
|
China, US, Japan,
India, and Germany
|
Key companies
profiled
|
Akzo Nobel NV, Arkema
Group, Axalta Coating Systems Ltd., BASF SE, Benjamin Moore and
Co., Berger Paints India Ltd, Cabot Corp., Dow Chemical Co., Hempel
AS, Heubach GmbH, Jotun AS, Kansai Paint Co. Ltd., KAPCI Coating,
MAS Paints, NATIONAL PAINTS FACTORIES CO. LTD, Nippon Paint India
Pvt. Ltd., PPG Industries Inc., Ritver, RPM International Inc.,
Teknos Group Oy, The Sherwin Williams Co., and Tikkurila
OYJ
|
Market Driver
Wood coating manufacturers are focusing on using sustainable and
renewable raw materials to reduce environmental impact. This
includes bio-based ingredients, recycled materials, and by-products
from other industries. Companies like The Sherwin Williams Co. Are
exploring recyclable packaging options and adopting sustainable
packaging materials to minimize waste. Jotun AS, for instance, is
designing cans that are easy to use, minimize leftover paint, and
are convenient to recycle. Jotun also works to close the loop in
its value chain by reducing plastic use and recycling wood coating
cans. Designing wood coatings with disassembly in mind facilitates
component recycling or reuse, promoting circularity and reducing
waste. Certifications and standards, such as cradle-to-cradle
certifications or eco-labels, provide third-party verification of
environmental performance. Adherence to these certifications
demonstrates commitment to sustainability and circularity, driving
growth in the global wood coatings market.
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Market Challenges
• The global
wood coatings market faces regulatory challenges due to stringent
limits on Volatile Organic Compounds (VOC) emissions and Hazardous
Air Pollutants (HAPs) use. VOC regulations necessitate
manufacturers to reformulate wood coatings with minimal VOC content
or switch to VOC-free alternatives. CCA, once popular for its
effectiveness against decay and insects, has been phased out due to
health and environmental concerns. HAP regulations restrict the use
of certain chemicals and solvents, forcing manufacturers to
identify and phase out HAPs or adopt alternatives.
• The wood
coatings market faces several challenges in various applications
such as outdoor use, furniture, floors, and architectural elements.
The global construction industry demands high-performance coatings
to withstand harsh environmental conditions, including UV radiation
and moisture. Aesthetic preferences call for gloss levels,
finishes, and textures that cater to interior decor and home
renovation projects. Nanotechnology, UV-curable coatings,
water-based alternatives, and high-performance coatings are popular
solutions. However, challenges remain in reducing VOCs, addressing
abrasion and chemical exposure, and providing waterborne technology
and powder coating technology alternatives.
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Segment Overview
This wood coatings market report extensively covers market
segmentation by
- Product
- 1.1 Stains and varnishes
- 1.2 Wood preservatives
- 1.3 Shellacs
- 1.4 Others
- Technology
- 2.1 Solvent-based
- 2.2 Water-based
- 2.3 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Stains and varnishes- The wood coatings
market is driven by the demand for stains and varnishes, which are
primarily used to protect and enhance the appearance of wooden
surfaces in various sectors. Construction activity, particularly in
residential and emerging economies, is a significant factor driving
this demand. Wooden furniture is a major consumer of stains and
varnishes, as these coatings preserve and enhance the natural
beauty of wooden furniture while providing protection against
moisture, UV rays, and wear and tear.
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geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
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The Global Furniture Wood Coatings Market is experiencing
significant growth, driven by rising demand for durable and
aesthetically appealing furniture. Technological advancements in
coating formulations are enhancing product longevity and
environmental compliance, propelling market expansion.
Simultaneously, the Global Paints and Coatings Market is also
expanding, fueled by increasing construction activities and
automotive production. Innovations in eco-friendly and
high-performance coatings are crucial to meeting stringent
regulations and consumer preferences, further boosting market
growth across both sectors.
Research Analysis
The wood coatings market encompasses a range of protective
finishes designed to enhance and safeguard the beauty of wooden
surfaces. These coatings include varnishes, stains, paints, and
sealants, which provide appearance enhancement while shielding
against moisture damage and environmental influences. Wooden
furniture, such as beds, chairs, shelves, tables, cabinets, and
doors, are common applications for these coatings in both
residential and commercial spaces. Color plays a significant role
in the selection of wood coatings, with a wide array of hues
available to suit various design preferences. .
Market Research Overview
Wood coatings refer to protective finishes applied to wooden
surfaces to enhance their appearance and durability. These coatings
come in various forms, including varnishes, stains, paints,
sealants, and more. They shield wooden products from moisture
damage, scratches, and UV rays, preserving the natural grain and
color. Transparent coatings allow the wood's texture and grain to
show through, while opaque coatings provide solid color. Indoor
applications include furniture, floors, and architectural elements,
while outdoor applications face harsher environmental conditions,
requiring high-performance coatings. The global construction
industry uses wood coatings in various sectors, such as furniture,
joinery, and flooring. Aesthetics and nanotechnology drive
innovation in the market, with UV-curable and water-based coatings
gaining popularity. Wood coatings cater to diverse industries,
including furniture, floors, doors, and commercial buildings like
hotels and public spaces.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Stains And Varnishes
- Wood Preservatives
- Shellacs
- Others
- Technology
-
- Solvent-based
- Water-based
- Others
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio