When the service economy expands, a major portion of the population relocates, resulting in an increase in the number of hostels, co-living spaces, guest houses, and government buildings. As a result, the demand for a wide range of furniture products is likely to rise. The furniture industry is constantly changing interior design concepts for homes, workplaces, and apartments. This encourages creativity and progress, especially in terms of design, size, and colour, and is expected that the worldwide production of furniture would expand. All of the aforementioned variables will have a substantial influence on wood coatings demand over the projected period. The preference for laminates over wood coatings is projected to limit the growth of the wood coatings industry. Laminates are made by pressing small layers of flat paper or plastic resins to provide a finishing layer for plywood, particle board, wooden furniture, wall panels, and flooring. Broken laminate edges or surfaces may be readily removed and fixed without having to resurface the entire piece of furniture, lowering maintenance expenses. These factors are projected to limit the growth of the wood coatings market.
According to Coherent Market Insights, the global Wood Coatings Market is expected to surpass US$ 18,143.45 Million by the end of 2030, in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2022 to 2030).
Top Companies in the Wood Coatings Industry:
1. Akzo Nobel N.V.
Akzo Nobel N.V. engages in the production and sale of paints and coatings worldwide. It offers decorative paints, including paints, lacquers, and varnishes; and a range of mixing machines and color concepts for the building and renovation industry, as well as specialty coatings. Akzo Nobel N.V. was founded in 1646 and is headquartered in Amsterdam, the Netherlands.
2. Axalta Coatings Systems
Axalta Coating Systems specializes in the development, manufacture, and sale of liquid and powder coatings. The company provides coatings, application systems, and technology for its customers. Their products include waterborne and low-VOC coatings, high solids and traditional solvent-borne coatings, thermoplastic powder coatings, thermosetting powder coatings, and more. The company was founded in 1866, headquartered in Pennsylvania, U.S. the company is acquired by the Carlyle Group.
3. DowDuPont
DowDuPont brings together the complementary portfolios of Dow and DuPont, two innovative, science-based companies that hold leadership positions in the Agriculture, Materials Science and Specialty Products industries. The company was founded in 2017, headquartered in Michigan, U.S.
4. Eastman Chemical Company
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. Eastman Chemical Company was founded in 1920 and is headquartered in Kingsport, Tennessee.
5. Kansai Paint Co., Ltd.
Kansai Paint Co Ltd manufactures and sells a variety of coatings and paint products. The company sells five primary types of products: automotive coatings; automotive refinish coatings; decorative coatings; protection coatings; and industrial coatings. The company was founded in 1918, headquartered in Osaka, Japan.
6. BASF SE
BASF SE operates as a chemical company worldwide. It operates through six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. BASF SE was founded in 1865 and is headquartered in Ludwigshafen am Rhein, Germany.
7. Arkema SA
Arkema S.A. manufactures and sells specialty chemicals and advanced materials worldwide. The company operates through Adhesive Solutions, Advanced Materials, Coating Solutions, and Intermediates segments. Arkema S.A. was incorporated in 2003 and is headquartered in Colombes, France.
8. Ashland Inc.
Ashland Inc. provides additives and specialty ingredients worldwide. It operates through Life Sciences, Personal Care, Specialty Additives, and Intermediates segments. Ashland Inc. was founded in 1924 and is headquartered in Wilmington, Delaware.
9. RPM International Inc.
RPM International Inc. manufactures, markets, and sells specialty chemicals for the industrial, specialty, and consumer markets worldwide. The company was incorporated in 1947 and is headquartered in Medina, Ohio.
*Definition-Wood treatments are used to protect the wood while also improving its appearance. It produces hard surface topcoats with high gloss retention, colour, performance, and chemical resistance. In addition to increasing the visual look of the wood, wood coating protects it from environmental degradation and chemical assaults.
