Wood Coatings Market size is set to grow by USD 3.62 billion from 2024-2028, Rising demand for wood coatings from developing countries boost the market, Technavio

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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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  

1. 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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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

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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