Global Wood Protection Coating Market Size By Resin Type, By Technology, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Wood Protection Coating Market size was valued at USD 9.2 Billion in 2023 and is projected to reach USD 14.6 Billion by 2031,growing at a CAGR of 4.8% during the forecast period 2024-2031.
Global Wood Protection Coating Market Drivers
The market drivers for the Wood Protection Coating Market can be influenced by various factors. These may include
Growing Building and Renovation Activity As more buildings are built, especially residential and commercial ones, there is a greater need for wood coatings to preserve and improve the appearance of wood surfaces.
Growth in the Furniture sector Wood coatings are in high demand because they give furniture goods strength, resilience, and aesthetic appeal. This demand is fueled in part by the expanding furniture sector, particularly in emerging economies.
Growing Customer Preference for Aesthetic Appeal The market is driven by a growing desire for visually appealing exteriors and interiors, which is driving up demand for premium wood coatings with a wide range of textures and finishes.
Developments in Coating Technologies Water-based and UV-cured coatings are two examples of innovations in coating technologies that improve product performance, environmental compliance, and application convenience, all of which propel market expansion.
Tight Environmental rules Tighter environmental rules are encouraging the use of low-volatile organic compound (VOC) eco-friendly wood treatments, which is propelling the creation and uptake of sustainable products.
Growing Disposable Income As disposable income rises in emerging nations, more money is spent on furniture and home renovations, which in turn drives up demand for high-end wood treatments.
Growth of E-commerce As e-commerce platforms get bigger, wood coatings become easier to find and use, which helps producers reach a larger consumer base and propel the market forward.
Growth of DIY Culture As customers are more inclined to take on home renovation tasks on their own, there is a greater need for wood finishing solutions that are easy to use.
Growing Awareness of Wood Protection The need for efficient wood coatings is being driven by growing consumer and industry awareness of the significance of protecting wood from elements like moisture, UV rays, and pests.
Urbanisation and Industrialization The demand for wood coatings has increased due to the rapid urbanisation and industrialization that has occurred, especially in Asia-Pacific and Latin America.
Global Wood Protection Coating Market Restraints
Several factors can act as restraints or challenges for the Wood Protection Coating Market. These may include
Environmental rules Using volatile organic compounds (VOCs) in wood coatings is subject to strict environmental rules, which presents a big difficulty. Production costs rise as a result of the need to implement costly, high-tech solutions in order to comply with these standards.
Variable Raw Material Costs Resins, solvents, and additives are examples of raw materials whose prices might fluctuate and are utilised in wood coatings. Price fluctuations can have an effect on profit margins and market stability by influencing the total cost of production.
Competition from Alternatives Consumers now have options that may be more affordable or have different desirable features thanks to the availability of alternative materials and finishes such laminates, veneers, and composite materials. The market for conventional wood coatings may decline as a result of this competition.
Economic Slowdowns The demand for wood coatings may decline as a result of economic downturns and slowdowns in the furniture and building industries. These sectors use a lot of wood coatings, and the market is directly impacted by their performance.
Technological Difficulties It can be difficult to develop cutting-edge wood coatings that satisfy changing environmental and performance requirements. Businesses may find it challenging to innovate and grow new formulas that are both cost-effective and compliant with regulations.
Limited Knowledge and Adoption High-performance, ecologically friendly wood treatments may not be well known or widely used in some areas. Such locations may see a slowdown in market penetration, which could hinder market growth overall.
Global Wood Protection Coating Market Segmentation Analysis
The Global Wood Protection Coating Market is Segmented on the basis of Resin Type, Technology, Application, and Geography.
Wood Protection Coating Market, By Resin Type
Polyurethane
Acrylics
Nitrocellulose
Unsaturated Polyester
Others
Based on Resin Type, the market is segmented into Polyurethane, Acrylics, Nitrocellulose, Unsaturated Polyester, And Others. Based on Resin Type, the polyurethane segment holds a significant market share. It is widely used owing to the high-performance finish of polyurethane that preserves and improves natural wood. In addition, it possesses physical properties such as enduring surface finish, solvent & scratch resistance, and resilience to UV light damage, resistance to general wear and tear, quick-drying, superior sanding, and multicoat & smooth finish application. Thus, these benefits are expected to increase the demand for polyurethane in the manufacturing of wood coatings.
Wood Protection Coating Market, By Technology
Water-Borne
Solvent-Borne
Uv-Cured
Others
Based on Technology, Wood Protection Coating is classified as Water-Borne, Solvent-Borne, Uv-Cured, And Others, Based on Technology, The market is segmented into Water-Borne, Solvent-Borne, Uv-Cured, and Others. Depending on the technology, the conventional solid solvent-borne segment holds a significant share of the market, owing to low prices and quick drying characteristics. The low cost of traditional concrete solvent-borne wood coatings is attributed to the easy availability of hydrocarbon solvent base, as it is derived from crude oil. Furthermore, solvent helps in providing viscosity to wood coatings. Thus, all these factors together significantly contribute to the growing demand in the wood coatings market.
Wood Protection Coating Market, By Application
Furniture And Fixtures
Doors And Windows
Cabinets
Others
Based on Application, Wood Protection Coating is classified as Furniture and Fixtures, Doors and Windows, Cabinets, And Others. Based on Application, The market is segmented into Furniture and Fixtures, Doors and Windows, Cabinets, and Others. As per end users, the furniture segment holds a significant share of the market due to the increase in expenditure power of consumers and improvement in the standard of living across developing countries such as China and India. Wood coatings are applied to furniture to increase its durability & resistance to termite attack.
Wood Protection Coating Market, By Geography
North America
Europe
Asia Pacific
Rest of the world
Based on regional analysis, the Global Wood Protection Coating Market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America; Asia-Pacific accounts for a significant share of the global wood coatings market, owing to increased demand from emerging application sectors, including furniture, joinery, flooring, and others. Owing to the advantages of wood coatings, such as enduring surface finish, solvent & scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick-drying, superior sanding, and multi-coat & smooth finish application, the demand for wood coatings in the construction and furniture industries is expected to increase considerably. In addition, cabinets are storage compartments that comprise doors and drawers.
Key Players
The major players in the Wood Protection Coating Market are
Luma In The Sherwin-Williams Company
Akzo Nobel N.V.
PPG Industries Inc.
RPM International Inc.
Asian Paints
Nippon Paint Holdings Co.Ltd.
Kansai Paint Co.Ltd.
Teknos Group
Hempel A/S
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2031
BASE YEAR
2023
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Luma In The Sherwin-Williams Company, Akzo Nobel N.V., PPG Industries, Inc., RPM International Inc., Asian Paints, Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Teknos Group, Hempel A/S.
SEGMENTS COVERED
By Resin Type, By Technology, By Application, and By Geography.
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