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 extensively in constructions, furniture, and other wooden applications for aesthetic appeal and protection. They provide a decorative appealing finish and protects wooden surfaces from environmental damages like moisture, UV radiation, extreme temperatures etc. Wood paints and coatings come in different varieties like stains, varnishes, lacquers, primers etc suited for various wooden applications.
Market Dynamics:
The market is expected to grow at a significant rate owing to increasing residential construction activities and growing renovation & remodeling projects across the globe. Residential construction has increased substantially in developing regions of Asia Pacific and Latin America supported by growing urbanization, rising disposable incomes and changing lifestyle preferences. Also, rising disposable incomes have led to increasing spending on home renovation and remodeling activities in developed regions of North America and Europe which is further driving the demand for wood paints and coatings.
Second major driver is increasing usage of wooden floors and furnishings in commercial construction. With growing preference for aesthetically appealing interiors, wood continues to remain a preferred choice of material in offices, malls, hotels, restaurants etc thus positively impacting the market growth of wood paints and coatings.
SWOT Analysis
Strength: Wood paints and coatings provide protection and enhance the aesthetics of wood surfaces. They offer durability, scratch and weather resistance. They come in a wide range of finishes and colors.
Weakness: Volatile organic compounds in some wood coatings are harmful to the environment and human health. High cost of premium quality wood coatings can be prohibitive for some customers.
Opportunity: Growing remodeling and construction industry drives the demand for wood paints and coatings. Increasing spending on home improvement and renovations presents opportunities for market growth.
Threats: Stringent environmental regulations regarding VOC emissions pose challenges for manufacturers. easy availability of cheaper substitutes like plastic can replace wood, limiting the market scope.
Key Takeaways
The Global Wood Paints And Coatings Market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing remodeling and construction activities. Rapid urbanization and rising disposable income are driving more residential and commercial construction projects globally.
Regional analysis
The North America region dominates the global wood paints and coatings market with over 30% market share. This is attributed to major refurbishment and remodeling undertakings in the residential sector. Asia Pacific region is expected to grow at the fastest pace during the forecast period due growing construction industry in China and India and increasing standards of living.
Key players
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. These manufacturers are focusing on developing ecofriendly, low VOC products to meet stringent regulations while catering to consumer demand.
Read More - https://www.dailyprbulletin.com/emerging-opportunities-in-sustainable-coatings-market/
