Fact.MR has forecasted the wood coatings market to rise at a 6.2% CAGR between 2022 and 2032, in comparison to the 5% CAGR from 2015-2021. The rising need for strengthening existing infrastructure against external abiotic and biotic forces is driving demand.
Manufacturers are capitalizing on improving living standards across key developing nations including India and China. This increase in purchasing power is one of the prominent reasons driving demand for contemporary furniture, promoting the growth of the market for wood coatings.
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Key Challenges to Wood Coatings Industry Expansion
Stringent Environmental Restrictions Act as a Prominent Restraining Factor
Stringent environmental restrictions established by the government and other regulatory organizations on the use of volatile organic compounds (VOC) in the manufacturing of wood coatings impede the market’s growth.
Usage of VOCs in the manufacture of wood coatings has a negative influence on the environment. Furthermore, unpredictable raw material prices impede the expansion of the wood coatings industry.
On the other hand, the wood will face intense competition from several nonwooden alternatives, such as plastic, wood-plastic composites, and fiber cement.
Country-wise Analysis
How Opportunistic are Growth Prospects across the U.S Market?
Soaring Investment in Residential and Commercial Construction Driving Growth
In North America, rising demand for custom home decor products, along with rising customer spending, would largely fuel demand for the wooden furniture sector.
Fact.MR anticipates that the demand for wood coatings in the U.S registered a market hike of 4.2% and estimates nearly US$ 4.9 Billion in 2022. The market is anticipated to yield an expected dollar opportunity of nearly US$ 7.6 Billion by 2032. Wood construction materials will foresee noteworthy gains through 2032 as housing completions significantly increase. Prevailing wood products also support demand for solvent-borne wood coatings, as wood entails regular recoating to maintain its integrity and appearance.
Increased investment in residential and commercial properties in the region is expected to enhance the market. According to estimates projected by Fact.MR, a market share worth 40% is anticipated for the U.S market across the forthcoming forecast period.
Category-wise Insights
Which Product Type is Most Preferred in the Wood Coatings Market?
Solvent-Borne Wood Coatings are Likely to Gain Highest Traction
According to Fact.MR, solvent-borne wood coating material contributes over 66% share of the global revenue collection. The demand for solvent-borne wood coatings is forecast to expand at an annual rate of 6.4% over the assessment period. Aside from being derived from crude oil, the low price of conventional solvent-borne wood coatings is owing to the simple availability of hydrocarbon solvent basis.
Solvent-borne coatings consistently produce a high gloss finish. As a result, rising demand for factory-finished goods is expected to drive up demand for solvent-borne wood coatings. The advantages of water-borne coatings, as well as tight environmental requirements for VOC emissions, are likely to boost demand even higher.
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Competitive Landscape
Prominent wood coatings providers are reliant on partnerships, collaborations, acquisitions, and new software launches so as to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
- In Nov 2020, BASF introduced the new Joncryl 953X portfolio with five acrylic dispersions for protective wood grain enhancement. This portfolio will offer sustainable solutions for low to zero VOC levels.
- The Dow chemical company recently introduced the ACRYSOL™ DR-180 Rheology Modifier which is a high-efficiency hydrophobically modified alkali-soluble emulsion (HASE). It offers a partial or complete replacement for hydroxyethylcellulose HEC technology and coupling excellent sag/flow balance with exceptional spray, roller, and brushes application properties for desired performance in contractor quality paints.
Key Segments Covered in the Wood Coatings Industry Survey
Wood Coatings by Product type
- Water Borne Wood Coatings
- Solvent-Borne Wood Coatings
- Powder Wood Coatings
Wood Coatings by Type
- Preservative Wood Coatings
- Stain Wood Coatings
- Shellac Wood Coatings
Wood Coatings by End Use
- Wood Coatings for Furniture
- Wood Coatings for Construction
- Wood Coatings for Marine Applications
- Wood Coatings for Other End Uses
Wooden Coating by Sales Channel
- Wood Coatings Sales via Institutional Channels
- Wood Coatings Sales via Retail Channels
- Wood Coatings Sales via Online Channels
- Wood Coatings Sales via Home Improvement Stores
- Wood Coatings Sales via Hardware Stores
- Wood Coatings Sales via Franchised Paints & Coating Stores
Wood Coatings by Region
- North America Wood Coatings Market
- Latin America Wood Coatings Market
- Europe Wood Coatings Market
- Asia Pacific Wood Coatings Market
- Middle East & Africa Wood Coatings Market
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