Global wood coatings market: Demand analysis

Wood coatings are coatings applied onto a wooden surface finding their use especially in the production of furniture where it typically represents 5 and 30% of the manufacturing costs. By the process of wood varnish, wooden surfaces attain enhanced appearance and increased resistance to moisture and other environmental agents such as bacteria. These wood floor finishes also make it easy to clean the surfaces and improves the hardness of the flooring. External wood coatings give low-value woods the appearance of ones that are expensive and difficult to obtain. Wood finishing, in short, offers the reliability of an effective curing agent with an added advantage of offering high resistivity. Radiation cure coatings, on the other hand, are a similar type of wood coatings in which UV energy, visible light or low energy electrons (EB) are used to form a coating as opposed to their thermal, evaporative or oxidative counterparts.

According to a recent PPG survey, 50 percent of U.S. respondents have decks and 96 percent of these respondents use their decks during the day and almost every other day. Another finding discusses that 47 percent of U.S. respondents agreed that they would prefer to do an exterior stain project themselves rather than letting the job be done by a professional. This data goes on to prove that as the furniture maintenance activities are becoming highly customizable in the form of clearance of furniture stains by hand, the performance of DIY projects and taking up of remodeling projects for the style. There is a definite need for wood coatings market and demand for wood coatings marketplace is increasing due to construction activities which also include regular maintenance activities.

Global wood coatings market worth over $9 billion in 2018

According to the analyst at IndustryARC, the global wood coatings market value stood at $8,823 million as of 2018. The market is projected to grow with a CAGR of 6.30% during the forecast period of 2019 to 2025, and the chief region where the marketplace displayed a great demand as of 2018 was APAC, encompassing 30.76% of the global demand. The chief application segment would be furniture and fixtures business with an application CAGR of 5.30% during the forecast period of 2019-2025. The report is titled “Wood Coatings Market: By Formulation (Water Based, Solvent Based, Radiation Cured) Type of Coating/Finishes (Penetrating Finishes, Varnish, Lacquer, Others) End User Application (Food Packaging Industry, Infrastructure, Furniture, Others) & Geography - Forecast (2019 - 2025).”

Competitive Landscape:

Companies working in the field of global wood coatings market are Akzonobel N.V., Sherwin Williams, PPG Industries, Nippon Paint Holdings, Axalta, RPM International, Kelly-Moore Paint Company Inc., Vermont Natural Coatings Inc, Weilburger Coatings GmbH and Sniezka S.A.

Conclusion:

Wooden coatings are helping people customize their home according to their preferences. They are highly novel in approach and can resist environmental degradation of any sort opening up a lot of options for those who want to add a pinch of their own style onto the furniture in their homes.

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What can you expect from the report?

The wooden coatings market report is prepared with the main agenda to cover the following 20 points:

1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)

2. Market trends & Relevant Market Data 12. Country level Analysis

3. Manufacturer Landscape 13. Competitor Analysis

4. Distributor Landscape 14. Market Shares Analysis

5. Pricing Analysis 15. Value Chain Analysis

6. Top 10 End user Analysis 16. Supply Chain Analysis

7. Product Benchmarking 17. Strategic Analysis

8. Product Developments 18. Current & Future Market Landscape Analysis

9. Mergers & Acquisition Analysis 19. Opportunity Analysis

10. Patent Analysis 20. Revenue and Volume Analysis

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17 June 2019, The global wood coatings market is subject to witness a substantial growth due to the growing demand from housing market and retail sector. Growing demand of wood coatings from housing market is credited to booming buildings & construction industry, thus driving market growth over the forecast period.

Additionally, increasing benefits of wood coatings over other coatings such as metal, polyuria coating, and plastic coating are expected to fuel the growth of the market in upcoming years. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the wood coating market.

Growing popularity of wood coatings in marine applications to build decks, rooftops and doors are anticipated to boost market growth. Increasing adoption of wood coatings in manufacturing of structural panels is likely to drive market expansion. However, higher cost of wood coatings in comparison with the other types of coats are substantially hampering market growth. Increasing demand of the wood coatings form automotive industry for applications such as automotive flooring are anticipated to expand market reach of wood coatings sheet industry during the forecast period.

Application of wood coatings include building & construction industry, automotive sector, housing market, marine industry, and interior design industry. These wide range applications of wood coatings sheet are expected to amplify growth of wood coatings industry in upcoming years. Easy availability of wood in regions where forest resources and wood plantations are in abundant amount, particularly in Asia-Pacific region, are offering lucrative growth opportunities for market players in the wood coatings industry.

Moreover, substantial investment by market players in development of innovative products to gain a competitive edge coupled with mergers, acquisitions and partnerships for vertical integration are driving growth of the wood coating market, in the recent years.

PU-based wood coatings are gaining popularity on various industry verticals owing to their capability to strengthen wood-based substrates–providing color and protection. Polyurethane based-wood coatings offer advantages such as high-performance capability, lasting surface finish, quality chemical, solvent and scratch resistance, resistance to UV light damage, general wear-and-tear, and extreme temperature variations. Wood coatings also provide excellent sanding, multi-coat, rubbed, and buffed finish applications.

The market is broadly categorized into major segments based on the application type such as furniture, doors & windows, flooring, decoration and cabinets. The flooring is considered as one of the fastest growing segment in the wood coating market with substantial revenue generation in the last few years. Growing popularity of the flooring segment is attributed to the higher market penetration. The doors & windows segment has also witnessed substantial growth owing to the booming housing sector in Asia Pacific & North America region.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in construction & interior design sector, increase in the number of research & development activities in the region and existence of well-established industrial infrastructure.

Asia-Pacific region is predicted to hold major market share in the wood coatings market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing construction activities in the region, booming housing sector, ever-growing population, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the wood coatings market are Arkema S.A., Nuplex Industries Ltd., Koninklijke DSM N.V., Allnex S.A.R.L., Synthopol Chemie Dr. rer. pol. Koch GmbH & Co., KG, Dynea AS, Polynt S.p.A, Sirca S.p.A, IVM Group AG, and Helios Co.

Browse Related Category Market Reports @

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Shift towards more environmentally-friendly materials, for example, the use of water-borne rather than solvent-borne chemicals.

Wood coatings are additives or mixtures that are added to the end wood product, primarily to preserve the overall quality of the finished product, in terms of durability, color, and texture. Wood coatings cover a broad range of products including stains, varnishes, paints, and supporting ancillary products for indoor and outdoor purposes. The coating is applied after the wood surface is stained and prepared. The process of applying coating to a finished wood product is known as wood finishing. Finishing is the last step of the production process and provides desirable characteristics such as moisture and heat resistance, increased durability, and enhanced appearance to the wood surface. Finishing also helps keep the end-product sanitized and easier to maintain.

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Manufacturers of wooden furniture and related furnishing resort to wood finishing to provide low-cost wood with an appearance and texture of higher end-wood items. These products are mainly intended for sales in price-sensitive markets such as Asia Pacific and Latin America. According to a study conducted by Coherent Market Insights (2016), around 68% of the population in India was inclined towards buying low-priced wood items that appeared premium. These consumers do not lay emphasis on the quality of the wood and mainly focus on aesthetic appeal.

Wood Coatings Market Outlook – Growing Construction Industry Is Fueling Market Growth

Growing construction sector coupled with increasing population is estimated to boost the global wood coatings market over the forecast period. According to a study conducted by Coherent Market Insights, the global construction industry is projected to be pegged at over US$ 15 trillion by 2024, with Asia Pacific as the growth engine, expected to exhibit the highest CAGR of 30% over the forecast period (2016–2024). Growing population is a key contributor for growth of the construction industry. Wooden selves and displays are widely used in the retail sector, in order to enhance the aesthetic appeal of merchandising products being displayed.  The rapid growth of retail industry is, thus another factor fueling growth of the wood coatings market.

Asia Pacific is expected to retain its dominance in the global wood coatings market throughout the forecast period. Conversely, health issues associated with the coating ingredients is one of the major restraining factors for the market growth.. Health issues such as skin and eye irritation, and asthma associated with direct contact with wood coatings, pose as major drawbacks for the market. In addition, constant exposure to air and sun, result in fading of these coatings over time, making the damaged areas appear yellowish.

Manufacturers are focusing on product innovation, as part of their business strategy to cater to the increasing consumer demand. For example, Premium Coatings And Chemicals Pvt Ltd., a specialized coatings manufacturer based in India, offers natural wood coatings for furniture. The company has also introduced silk wood sealer, which provides a glossy and matte finish with excellent adhesion, enhanced heat resistance and non-discoloring features. Some of the major companies operating in the global wood coatings market are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., and Nippon Paint Co. Ltd.

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