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Wood Coatings Market

Wood Coatings Market

Rise in Demand for Housing & Contemporary Furniture to Stimulate the Wood Coatings Market Growth during 2021-2031

Wood Coatings Market
FACT4538MR

Market Snapshot

According to a recent analysis conducted by Fact.MR, a leading business and competitive intelligence provider, global wood coatings market sales are anticipated to expand at a healthy 6.4 % CAGR between 2021 and 2031. Short-term forecast reveals an estimated revenue share amounting to US$ 9 Bn as of 2021.

Sensing the opportunities, key players are relying on innovations, sustainability, and product development to gain a major share in the market. Furthermore, Fact.MR’s analysis shows that the top 5 players in the wood coatings market account for nearly 40% share.

Key Points Addressed in Wood Coatings Industry Analysis

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Wood Coatings and How to Navigate
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Wood Coatings Consumption Analysis 2016-2020 Vs Future Outlook 2021-2031

Fact.MR has forecast the wood coatings market to rise at 6.4% CAGR between 2021 and 2031 in comparison to the 5% CAGR during 2016 -2020. Rising need for strengthening existing infrastructure against external abiotic and biotic forces is driving demand.

Manufacturers are capitalizing on the improving living standards across key developing nations including India and China. This increase in purchasing power is one of the prominent reasons driving demand for contemporary furniture, promoting the growth of the market for wood coatings.

How Globally Increasing Furniture Production is Propelling the Market Expansion?

Rapid urbanization in response to development and population increase has increased demand for housing on a large scale. Consequently, the need for furniture such as chairs, tables, beds, sofas, shelves, and cupboards has skyrocketed.

Furthermore, as the service sector expands, a large section of the population is migrating to new areas, fueling the development of hostels, co-living, guest houses, and official premises. This is projected to increase the demand for a variety of furniture goods.

Interior design concepts for homes, businesses, and apartments are always evolving in the furniture market. This is encouraging innovation and development, particularly in terms of design, size, and color, and is projected to increase the global production volume of furniture.

Wood coatings are widely utilized in the furniture business. As a result, the rising volume of furniture manufacturing throughout the world is boosting the expansion of the market under consideration.

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How are Preservative Applications Channeling Growth Positively?

Because of its importance in preventing wood from decay, the preservatives sector leads the market in terms of both value and volume. Interior wood applications such as cabinetry and flooring will benefit the most from preservatives.

The expansion is being fueled by a fast surge of housing constructions as well as considerable increases in maintenance and upgrade investment. An increase in home repair is expected to enhance demand for preservatives and promote market development.

How are Stringent Environmental Restrictions Restraining Demand?

Stringent environmental restrictions established by the government and other regulatory organizations on the use of volatile organic compounds (VOC) in the manufacturing of wood coatings impedes the market's growth.

Usage of VOCs in the manufacture of wood coatings, which has a negative influence on the environment. Furthermore, unpredictable raw material prices impede the expansion of the wood coatings industry.

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Country Wise Analysis

How profitable is the market in the U.S?

In North America, rising demand for custom home decor products, along with rising customer spending, would largely fuel demand for the wooden furniture sector.

Increased investment in residential and commercial properties in the region is expected to enhance the market. According to estimates projected by Fact.MR, a market share worth 40% is anticipated for the U.S market across the forthcoming forecast period.

How Lucrative is the Market for Wood Coatings in Europe?

Europe is a significant global furniture producer, being a consumer of wood-based panels combined with wood-sliced veneers. The home office business is expanding as a result of shifting working habits and an increase in home computer ownership. A CAGR of 5% is projected for this market.

As concealed personal computers are customized to fit other household furnishings, wood is gaining traction. In the United Kingdom, for example, the living room business is doing well. As a replacement for low-cost metal and plastic stands, the new home entertainment technology necessitates well-designed, high-quality hardwood storage solutions.

What makes Asia a Dominating Market for Wood Coatings?

The Asian region controlled the majority of the worldwide market. China boasts the world's largest furniture business, which is prospering due to rising local and global demand. Nearly 1/4th of total demand is likely to be sustained by East Asia.

Both the furniture and construction industries in India have seen significant expansion in recent years. Some of the major causes driving this expansion include increased investment in the residential and commercial sectors, as well as government efforts such as "Housing for All." The arrival of large furniture firms, such as IKEA, is also projected to help the expansion of the furniture sector.

Category Wise Insights

How are Solvent-Borne Wood Coatings leading the Market?

The solvent-borne category accounts for more than 66% of market revenue. Aside from being derived from crude oil, the low price of conventional solvent-borne wood coatings is owing to the simple availability of hydrocarbon solvent basis.

Solvent-borne coatings consistently produce a high gloss finish. As a result, rising demand for factory-finished goods is expected to drive up demand for solvent-borne wood coatings. The advantages of water-borne coatings, as well as tight environmental requirements for VOC emissions, are likely to boost demand even higher.

Why Powder-Coated Wood Finishes are becoming the Go-to Choice?

Powder-coated wood finishes are far more durable than liquid finishes.  Because of the dramatic difference in the look and efficiency of the finished wood, powder-coated wood expands steadily.

Similarly, the fast advancement of green products would help to market growth. Powder coating is an environmentally favorable process for a variety of reasons, including recapturing up to 98 % of the overspray. Over 33% of global demand is expected to be generated by powder wood coatings.

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Competitive Landscape 

Wood coating producers are driving market expansion through a combination of innovation and awareness. Wood coating producers continue to see excellent growth as a result of a thriving housing market.

  • Demand for wood coatings is expected to maintain pace with growing supplier business activities, high-gloss interior design preferences, and customer purchasing power.
  • Top competitors like BASF SE, The Dow Chemical Company, Nouryon, Sherwin-Williams Company, Hempel A/S., and Valspar Corporation are purchasing top shares.
  • Companies are taking advantage of possibilities in Asia Pacific. Recently, the industry has seen an expansion in manufacturing capacity in order to build on its existing history in the field of wood coatings and paints.

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Russia
  • China
  • India
  • Japan
  • South Korea
  • GCC
  • South Africa

Key Market Segments Covered

  • Product Type
  • Coating Type
  • End Use
  • Sales Channel
  • Region

Key Companies Profiled

  • BASF SE
  • The Dow Chemical Company
  • Nouryon
  • Sherwin-Williams Company
  • Hempel A/S
  • Valspar Corporation

Pricing

Available upon Request

Key Segments

  • Product Type

    • Water-borne Wood Coatings
    • Solvent-borne Wood Coatings
    • Powder Wood Coatings
  • Coating Type

    • Preservative Wood Coatings
    • Stain Wood Coatings
    • Shellac Wood Coatings
    • Other Wood Coatings (Oil, Wax, etc.)
  • End Use

    • Wood Coatings for Furniture
    • Wood Coatings for Construction
    • Wood Coatings for Marine Applications
    • Wood Coatings for Other End Uses
  • Sales Channel

    • Wood Coatings Sales via Institutional Channels
    • Wood Coatings Sales via Retail Channels
    • Wood Coatings Sales via Online Channels
    • Wood Coatings Sales via Home Improvement Stores
    • Wood Coatings Sales via Hardware Stores
    • Wood Coatings Sales via Franchised Paints & Coating Stores

Wood Coatings Market- Scope of Report

A recent study by Fact.MR on the wood coatings market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering wood coatings.

The study also provides the dynamics responsible for influencing the future status of the Wood Coatings market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the wood coatings market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of wood coatings across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of wood coatings during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative wood coatings markets?
  • Which factors will impact the growth of wood coatings market?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the wood coatings industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for wood coatings are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global wood coatings market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the Wood Coatings during the forecast period.

Country-specific valuation on demand for Wood Coatings has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of wood coatings, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering wood coatings has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the Wood Coatings domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the wood coatings industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

As of 2019, the worldwide wood coatings market was valued at nearly US$ 9 Bn

According to Fact.MR, worldwide revenues will reach US$ 17 Bn in 2031

The wood coatings market grew at a positive CAGR of 5% in the last 5 years.

The water-based coating is a dominant trend worldwide for the wood coating industry.

High living standards in developing markets such as India and China is one of the major factors driving demand for modern furniture and encouraging the growth of the wood coatings industry.

BASF SE, The Dow Chemical Company, Nouryon, Sherwin-Williams Company and Hempel A/S are among the top 5 market players.

U.S, U.K and China are the top 3 players driving market demand for wood coatings

Demand for wood coatings in the U.S will account for 40% of the global market

Wood Coatings Sales Outlook in Europe is expected to register a CAGR of 6.9% in 2021

China and India are key producers of wood coatings

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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.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.