The Wood Paints and Coatings Market is estimated to be valued at US$ 9.04 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Wood paints and coatings are used on wooden surfaces to protect them from damage caused by moisture, UV radiation, abrasion and bacteria. They extend the life of wooden structures and impart aesthetic appeal.
Market Dynamics:
Increasing demand for bio-based and low VOC coatings is expected to drive the market growth over the forecast period. Rising consumer awareness about harmful effects of VOCs in paints and coatings has boosted the demand for environment-friendly options. Strict regulations regarding VOC emissions from paints and coatings have pushed manufacturers to develop bio-based products containing plant-derived ingredients, natural resins and mineral pigments. Additionally, growth in residential and commercial construction activities globally is also fueling the sales of wood paints and coatings for various interior and exterior applications like flooring, cabinetry, furniture and cladding.
Market key trends:
The Wood Paints And Coatings Market Size has been witnessing a rising demand for bio-based and eco-friendly products over the past few years. With growing environmental concerns, manufacturers are increasingly focusing on developing sustainable products made from renewable resources with lower VOC emissions. Water-borne coatings technology is gaining popularity as it uses water instead of solvents, helping reduce the carbon footprint. Advances in nanotechnology have also enabled manufacturers to develop coatings with enhanced properties like durability, scratch and corrosion resistance using minimal resources.
SWOT Analysis
Strength: Demand from construction and furniture industries. Wide range of wood applications from floors to decking to furniture drives market growth.
Weakness: Fluctuations in raw material prices affect the overall cost of coatings.
Opportunity: Rising disposable incomes in developing nations are expected to propel the demand. Rapid urbanization increases infrastructure spending.
Threats: Stringent environmental regulations globally regarding VOC content may hamper traditional product sales.
Key Takeaways
The global wood paints and coatings market size is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period of 2023-2030. Rapid growth of the construction sector driven by rising population and urbanization in developing regions is fueling the demand for wood coatings.
Regionally, the Asia Pacific market is anticipated to dominate with largest market share during the forecast period. Abundant availability of wood coupled with increasing construction activities in China, India, Indonesia and other Southeast Asian countries is driving the regional demand. The North American and European markets are expected to grow steadily supported by recovery in construction spending.
Key players operating in the wood paints and coatings market are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems. Major players are focused on developing bio-based offerings and expanding manufacturing capacities in developing markets to capitalize on opportunities.
