Wood paints and coatings are applied on wood and wooden surfaces to protect the substrate and also enhance its aesthetic appeal. They protect timber from damage caused by moisture, UV radiation, climatic conditions, and microbial growth. Water-based acrylic coatings and oil-based alkyd paints are commonly used wood coatings. They are utilized in furniture, windows, doors, decking, fencing, and other wooden architectural components.
The global wood paints and coatings market is estimated to be valued at US$ 11.04 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
A key driver for the wood paints and coatings market referred from the heading is growing DIY and renovation activities. Consumers are increasingly inclined toward Do-It-Yourself (DIY) projects and home renovations, which has been fueling the demand for wood paints and coatings. Easy availability of a wide range of innovative and trendy wood paints and coatings has encouraged amateur homeowners to undertake small woodworking projects such as painting cabinets, furniture, or fences. Furthermore, rising disposable incomes have led to increased spending on home improvement activities in developing nations. This, along with growing popularity of smart homes concept, is boosting the demand for wood paints and coatings globally.
Another driver is expanding construction industry. Rapid urbanization and growth of the real estate sector are fueling construction of both commercial and residential infrastructure involving extensive use of wood. This includes fittings, flooring, paneling, decking, windows and doors. Increasing employment of engineered wood in modern construction techniques has augmented the demand for associated wood paints and coatings.
Segment Analysis
The wood paints and coatings market is dominated by interior segment, which accounts for over 60% share of the global market. Interior wood paints and coatings are widely used for furniture, cabinets, flooring and other interior wood works. They protect wood from environmental damages, humidity and make wood surfaces scratch and stain resistant. Exterior wood paints and coatings segment is the second largest segment and is projected to grow at a CAGR of around 5% during the forecast period. Exterior coatings protect wood from UV radiation, moisture ingress and prevent decaying. Decks, fences, doors and sidings are common applications where exterior coatings are used.
PEST Analysis
Political: Regulations regarding VOC emissions can impact product formulation. Some regions have banned use of toxic chemicals in paints.
Economic: Growth in the construction and furniture industry drives the demand for wood paints and coatings. Rise in disposable incomes increases home improvement and retrofitting activities.
Social: Increasing consumer preference for eco-friendly, low VOC and bio-based paints is spurring innovation in the industry. Water-based acrylic paints are gaining popularity.
Technological: Advances in nanotechnology and self-cleaning additives are expanding product characteristics. Waterborne formulations help reduce environmental footprint of coatings.
Key Takeaways
The Global Wood Paints And Coatings Market Share is expected to witness high growth over the forecast period supported by factors such as growth in the real estate and construction industries, rising spending on home improvements and increasing consumer preference for painted and coated wood finishes. The global wood paints and coatings market is estimated to be valued at US$ 11.04 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific accounts for more than 35% of the global market and is projected to be the fastest growing region during the forecast period. The presence of developing nations such as China and India along with growth in the construction industry drives the market in the region.
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. BASF SE offers a wide range of exterior and interior wood coatings under the MasterPaint and Syntheon brands. Arkema SA provides water-based wood coatings under the Bostik and Sipol brands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it