During the forecast period from 2022 to 2032, the global wood coatings market is anticipated to grow at a robust compound annual growth rate (CAGR) of 5.9%. Due to rising maintenance costs for decks, fences, flooring, and siding, the growth of the housing market is linked to the expansion of the wood coatings market. Furthermore, the wood coatings industry is expanding due to a number of factors, including stricter regulations, heightened competition, an increase in unique formulations, and new product advancements.
Rapid urbanization in response to increasing development and population growth is predicted to increase housing demand on a huge scale. As a result, the demand for furniture such as chairs, tables, mattresses, sofas, shelves, and cupboards has risen exponentially, thereby surging the demand for wood coatings. Although, the availability of less expensive and higher-quality replacements, such as wood composites and plastic wood, may limit the wood coatings market’s growth. Furthermore, stringent regulations, rising competition, growth in unique formulations, and new product developments are some of the factors stimulating the growth of the wood coatings market.
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In addition, the availability of cheaper and quality substitutes such as wood composites and plastic wood is likely to hamper the growth of the wood coatings market. Such alternatives are often more durable and require less maintenance in comparison to other wood products. Although several substitutes are available, wood is a primary choice for commercial and residential purposes for clear wood finish due to its wide availability in the market. Clear coat for wood accounts for most of the wood protection demand comprising paints and stains accounting for the largest shares. In contrast, preservatives, which are applied to lumber by wood treatment companies, account for a smaller portion of wood protection demand.
Key Takeaways
- Wood coating applications comprise interior wood, small furniture, panels, tables, cupboards, chairs, office furniture, kitchen furniture, doors, and staircases among others. Generally, there are three major types of wood coatings such as evaporative, reactive, and coalescing.
- It has been often observed that the wood’s color changes by staining, bleaching, or any other techniques. Once the wood surface is prepared and stained, the coating is applied. It usually consists of several coats of shellac, drying oil, paint, wax, or lacquer.
- In the final stages, the surface may be polished with the help of wool, steel, rotten stone, or other materials. It is also dependent on the shine desired by the customer. In addition to that, a final coat of wax is applied over the finish to add a degree of protection. Polyurethane finish is also associated with wood coatings.
- Furniture, decking, and siding are the three largest applications of wood coatings in value terms. However, smaller doors, windows, and cabinet applications are expected to achieve faster growth in the near future.
- Paint is considered a dominant wood coatings product utilized on siding, windows, and doors, but as compared to other products, stains and sealers are more widely utilized on cabinets, decks, furniture, and flooring. Polyurethane wood finish is predominately used in primers and sealers.
- Residential end-user is known as the largest market for wood protection products, driven by maintenance demand for various items such as fences, siding, and decks. Non-residential and non-building uses account for a much smaller market for wood protection products.
Competitive Landscape
Key players in the global wood coatings market are focusing on launching new and innovative types of wood coatings in order to get an edge over the global landscape. The prominent market players are concentrating on mergers and acquisitions to cater to the diverse customer base. Furthermore, technological advancements are making it possible to innovate new wood coatings products for better results in the future.
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Top Key Players in the Wood Coatings Market
- Akzo Nobel Coatings nv (Netherlands)
- PPG Industries Inc. (USA)
- Sherwin-Williams Co. (USA)
- DuPont Coatings and Colour
- Technologies Group (USA)
- ICI Paints (United Kingdom)
- BASF Coatings AG (Germany)
- Valspar Corp. (USA)
More Insights into the Wood Coatings Market
North American region is anticipated to dominate the global wood coatings market. The growth of the region is attributed to the increased demand for personalized home design products, as well as rising customer spending, which will act as a major driver for a thick clear coat of wood in North America.
Asia Pacific region is currently known as the largest market for wood coatings, followed by Europe. The expansion of the market is responsible due to rising sustained demand from the developed markets and burgeoning demand from emerging economies will continue to drive the wood coatings market. The wood coatings market is witnessing a major shift of key market players from Europe and the U.S. to the emerging economies of Asia Pacific, comprising China and India.
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