Wood paints and coatings are surface protectant products used for wood substrates. They provide color, protection, and longevity to wood. Key products include oils, stains, shellacs, lacquers, and varnishes. They are used extensively in furniture, decking, siding, fencing, and other wood applications in residential and commercial construction. Rising disposable income has fueled demand for luxury furniture and other wood goods, driving the need for coatings. Rapid urbanization, especially in emerging nations, has also supported growth of the construction sector where wood coatings see considerable usage.
The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid growth in the construction sector globally has been a major driver of the wood paints and coatings market. Construction activities are increasing significantly across both developed and developing regions. This is augmenting demand for wood and wood composites in various construction applications like panels, flooring, fencing and decking. As wood requires protection from external elements, its extensive usage has favored growth of the wood coatings industry. Another key driver has been the flourishing furniture industry. Rising incomes have supported demand for premium furniture made from wood and integrated with various decorative coatings. Innovation in product offerings to deliver enhanced aesthetics, UV protection and durability has further supported uptake of wood coatings. Leading manufacturers are focusing on bio-based and eco-friendly formulation development to capitalize on the shifting preferences toward sustainable products.
Segment Analysis
The wood paints and coatings market size can be segmented based on resin type, technology, end-use sector, and region. By resin type, the acrylic segment dominates the market as acrylic resins offer features like durability, weather resistance, and cost-effectiveness. By technology, waterborne coatings have the largest share as they emit lower VOC and are eco-friendly. By end-use sector, the furniture segment holds the major share as painted and coated furniture have become essential home décor items.
PEST Analysis
Political: Governments globally are promoting green and sustainable construction projects which is driving the demand for eco-friendly wood paints and coatings.
Economic: Rising disposable incomes have increased consumer spending on home décor items like painted furniture which is propelling the market growth.
Social: Changing lifestyle trends and increasing consumer preference for aesthetically appealing interior designs is boosting the wood paints and coatings market.
Technological: Manufacturers are developing innovative product formulations using nanotechnology to impart properties like anti-microbial, self-cleaning, etc. which is attracting more customers.
Key Takeaways
The global wood paints and coatings market is expected to witness high growth over the forecast period of 2023 to 2030 propelled by factors like growth in the construction industry and increasing home improvement activities. The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regionally, Asia Pacific dominates the market led by countries like China and India where the construction sector is thriving.
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.
