With 6.9% CAGR, Wood Coatings Sales Outlook in Europe higher than US: Latest Fact.MR Survey
Global wood coatings market revenues are expected to grow at a robust 6.4% CAGR between 2021 and 2031, according to a new survey by Fact.MR, a leading business and competitive intelligence provider.
As per latest industry analysis n wood coatings demand outlook, global revenues are US$ 2.6 Bn in 2021.
Sensing the opportunities, key players are relying on innovations, sustainability, and product development to gain a major share in the market.
For instance, in June 2021, Hempel announced the acquisition of a unique technology developed by Das Lack Enertherm (DLE), a German-English company.
Using the technology, Hempel will be able to develop and launch coating products with insulating properties.
In addition to this, in October 2020, Dow, the world’s leading materials science company, introduced the next generation of low cyclic, low volatile silicone VORASURF™ Surfactants for furniture.
This new series of novel VORASURF™ Surfactants shows Dow’s commitment to bringing high-quality, profitable polyurethane surfactant technology.
The Fact.MR analysis shows that top 5 players in the wood coatings market account for nearly 40% share.
Globally, the key exporters of the wood coatings include China, US, and Germany.
Heightened Consumption in Residential Construction to bolster Growth
Fact.MR predicts that the demand for wood coatings is projected to rise at a CAGR of over 6% during the forecast period (2019-2027) and is anticipated to reach a value pool of US$ 17 Bn.
Positive housing trends, new housing construction and maintenance activity of existing wood products, supports growth.
High cost of living in developing economies such as India and China are key factors that are driving demand for modern furniture, thus boosting growth of wood coatings market.
Demand for new coatings in construction related applications such as flooring and sliding are fueling the demand for wood coatings across the globe.
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Solvent-Borne Wood Coatings Segment to Lead the Market
Solvent-borne segment accounts for more than two-thirds market share.
Besides being extracted from crude oil, the low price of traditional solvent-borne wood coatings is also due to the easy availability of hydrocarbon solvent foundation.
Solvent-borne coatings consistently provide a high gloss finish. Hence increasing demand for factory finished products is projected to propel the demand for solvent-borne wood coatings.
Benefits of water-borne coatings and strict environmental regulations for VOC emissions is further expected to drive demand
Preservatives on a Positive Growth Trajectory
Among coating types, the preservatives segment dominates the market, both in terms of value and volume, owing to its importance in protecting wood from decay.
Preservatives will achieve the best gains in interior wood applications such as cabinet and flooring.
The growth is supported by a rapid influx in housing projects and significant growth in maintenance and improvement spending.
An upswing in residential repair is anticipated to boost demand for preservatives and positively benefit market growth.
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APAC to Remain a Key Market amid Surging Infrastructure Development
In the past five years, the growth of wood coating consumption is remarkable in East Asia, South Asia & Oceania.
East Asia, South Asia & Oceania cumulatively account for more than 45% share and are expected to experience growth rate over of 7% during the forecast period.
Urbanization is giving significant impetus to construction industry, which in turn aids in increasing the revenue pools of wood coating manufacturers in these regions.
North America accounts for more than 17% share and its market is primary driven by demand from exterior and decks coatings.
Production Capacity Enhancement Shaping Wood Coatings Landscape
A cocktail of innovation and awareness driven by wood coating manufacturers is aiding market growth. Wood coating manufacturers continue to enjoy positive growth as a result of a robust housing industry.
Demand for wood coatings is projected to keep pace with rising suppliers' business efforts, choice of high-gloss interiors and customer buying power. Some of the key developments in the market are:
- In November, 2018, the first ICA Pidilite wood coating manufacturing facility in India was inaugurated. This is a significant achievement and will provide an increasingly efficient service to cater to the increasing demand in the Indian market
The global market witnessed a massive switch by companies over the past decade from solvent based to water based coatings.
Key competitors such as BASF SE, The Dow Chemical Company, Nouryon, Sherwin-Williams Company, Hempel A/S., Valspar Corporation are acquiring top shares.
Companies are capitalizing on opportunities in Asia Pacific. Recently, market witnessed an increase in manufacturing capacities to expand upon its existing legacy in the field of wood coatings and paints.
An Adaptive Approach to Modern-day Research Needs
Scope of the Report
The following report provides forecast and analysis of the global market along with the historical data of 2013, estimated data 2019 and forecast data up to 2027 in terms of value (US$ Mn) and volume (Tons), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth along with several macro-economic indicators.
This newly published and insightful report on wood coatings sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global wood coatings market.
The report also comprises the study of current issues with end users and opportunities for wood coatings. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of wood coatings manufacturers on parameters such as total revenue, product offerings, and key strategies.
A list of key companies operating in the market provided in the report adds to the credibility of this exhaustive research study.
Country-specific assessment on demand for wood coatings has been provided for each regional market.
Moreover, the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics obtained from wood coatings manufacturers, experts, and suppliers is also mentioned.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report.
Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes.
Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the wood coatings market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the wood coatings market.
This includes global GDP growth rate, various industries growth rate, such as chemical & materials, coatings & adhesives, furniture and others.
This report serves as an authentic resource of intelligence on the Wood coatings market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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The market is segmented on the basis of product type, coating type, end-use, sales channel and region.
- Others (Oil, Wax, etc.)
- Institutional Sales
- Retail Sales
- Online Channels
- Home Improvement Stores
- Hardware Stores
- Franchised Paints & Coating Stores
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared.
Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Global Wood Coatings Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the wood coatings market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the wood coatings market, which includes global GDP growth rate, various industries growth rate, such as chemical & materials, coatings & adhesives, furniture and others. This report serves as an authentic resource of intelligence on the Wood coatings market, enabling the readers to take fact-based decisions on the future direction of their businesses.
- FAQs -
Wood coatings market is worth US$ 2.6 billion in 2021. The market is set to grow at 6.4% CAGR during the forecast period.
Demand for wood coatings has grown at 5.8% CAGR between 2016 and 2020.
China, Germany, and U.S., are the top exporters of wood coatings globally.
Leading wood coatings companies hold nearly 40% of the overall market share
North America wood coatings market is expected to expand at 6.0% CAGR over the forecast period.
European wood coatings market is expected to expand at 6.9% CAGR over the forecast period.
Sales of wood coatings in South Korea are set to grow at 6.3% CAGR, whereas demand for wood coatings in Japan will grow at 5.80% CAGR
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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