Wood Coating Market is valued at USD 8.99 Billion in 2021 and is expected to reach USD 13.82 Billion by 2028 with a CAGR of 6.34% over the forecast period.
Global Wood Coating Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028- Increasing urbanization, improving housing industry and increasing furniture production are the major factors that expected to accelerate the growth of the Global Wood Coating Market.
Wood coatings are basically a type of material applied to the wood surface which protects the wood from various natural and man-made elements. Wood coatings act as a lifesaver for any wooden object. Wood coatings can be applied to any type of wood such as exterior and board, framework, garden furniture and street furniture, modern furniture, reproduction furniture, kitchen, doors, furnishing equipment, traditional flooring. Wood coatings make wood easier to clean and keep it sterile. It also helps to seal the pores which can become a base for bacteria. Coatings are the final step in wood finishing which gives the desired appearance to the wood surfaces. Wood coatings are also able to create wood textures to liking. Wood finishing makes it look attractive, works well for a long time and increases durability. These wood finishing products can be useful for exterior wood designs as well as interior wood structures. Most often, people refer to wood coatings as wood polish and wood paint.
Covid-19 has also affected the growth of wood coating market. The pandemic affected not only on the people lives but also on the several industries due which transportation restriction supply chain was totally disturbed and affected the raw material supply, production and manufacturing of woods coating industry. Moreover, migration of people has created the labour shortage in manufacturing industries.
The Wood coatings market is segmented based on type, application, end-user and geography. Based on type, the wood coating market is segmented into stains & varnishes, shellac coatings, wood preservatives, water repellents, lacquer and others. Based on application, the wood coating market is segmented into waterborne, conventional solvent, borne, high solid solvent borne, radiation cured and others. Based on end-user, the wood coating market is segmented into furniture, cabinets, sidings decking & flooring and others.
The regions covered in this wood coating market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market of Wood Coating is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for Wood Coating market report covers are
Improving housing industry and its increasing use in the furniture are the major factors driving the growth of global wood coating industry. In the recent years, urbanization has increased significantly. For example, in 2021, 56.61% of the world's population will live in urban areas as of, 4.46 billion people live in urban areas, and 3.42 billion live in rural areas globally. The world's urban population has grown rapidly from 751 million in 1950 to 4.46 billion in 2021. An increasing number of people are moving to urban areas which increases the demand of various types of products such as wooden products that used in homes are like, beds, chairs, floors, tables, cabinets, flooring. Similarly, various types of wooden furniture are manufactured with the innovative features like, comprising integrated wooden furniture, upholstered & non-upholstered furniture, bedroom, kitchen cabinet furniture, and dining rooms which also supplement the demand for wood coating.
In addition, rising demand for furniture made of wood in the global market is highest and increasing rapidly, the domination of wooden furniture around the world is a good sign for wood coating manufacturers. The use of wood in household items has increased in the last few years as people have started using wood for cabinets, decorations and other purposes. In addition, the demand for engineered wooden furniture is increasing in the major cities. This is due to the growing popularity of ready-to-assemble home furniture in these cities. The availability of engineered wood furniture through various distribution channels makes it easy for consumers to purchase furniture products. And, socio-economic development and favourable housing schemes & subsidies offered by the governments will positively impact industry expansion.
However, stringent environmental regulations and increasing prices of petroleum based raw materials may hinder the growth of wood coating market. Furthermore, emergence of new technologies in wood coating will create more for the further growth of the market
On August 5th, 2018; Sherwin-Williams, through its Industrial Wood Coatings division, introduced Virtual Panel Studio, the first online inspirational tool of its kind to provide furniture, kitchen cabinets and other wood product designers with access to an entire library of high-resolution images of ready wooden panels. These panels can be saved, downloaded, used in presentations, and shared with clients or colleagues to inspire future projects, anytime and anywhere.
Asia Pacific is expected to show a fastest growth the growth of wood coating market owing to the increasing urbanization and increasing demand for these kind of products in this region. According to the latest figures released by the National Bureau of Statistics; At the end of 2017, the rate of urbanization in China was 58.52%, an increase of 1.17% over the previous year. In addition, a rapid increase in the real-estate sector in this region, which majorly initiates the adoption of wood furniture by both domestic as well as commercial users is one of the supplementing factors for the wood coating market growth in this region.
North America and Europe are emerging in the wood coating market due to the increasing requirements, high demand of wood coating in offices and increasing requirement for decor items in these regions.
|2018 - 2021
|2022 - 2028
|Market Size in 2021:
|USD 8.99 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 13.82 Billion
|Tables, Charts & Figures:
|Wood Coating Companies
|The Sherwin-Williams Company, AKZO NOBEL N.V, RPM International Inc, Axalta Coating Systems, PPG Industries Inc, BASF SE, Nippon Paint Holdings Co. Ltd, Eastman Chemical Company, DowDuPont INC and others.
|By Type, By Application, By End-User
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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