One of the primary causes of the increased demand for wood paints and coatings is the expansion of the furniture sector. Additionally, the global growth of the furniture sector has been aided by greater disposable income and a higher standard of living. Over the course of the projected period, rising tourism in various nations is anticipated to propel expenditures in the hotel and tourism infrastructure and support market expansion for wood paints & coatings. For instance, in Croatia, the tourist sector is estimated to contribute 20% of the country's GDP in 2019. The hotel industry accounted for 60% to 70% of the economy in 2019 and the tourism industry for about US$ 14.31 billion. According to estimates, the global market for wood paints & coatings will develop as a result of the expanding hotel and tourism sectors. The hotels and restaurants are refurbishing the existing wooden flooring and furniture to greatly increase capacity in response to the increase in tourist traffic. According to estimates, Croatia's market for wood paints and coatings will rise soon due to consumers' increasing willingness to spend on outdoor furniture, hardwood floors, and decks.
According to Coherent Market Insights, by the end of 2027, the market for Wood Paints And Coatings is anticipated to generate more than US$12,342.11 million in sales, with a CAGR of 5.9% from 2021 to 2027.
Major Players in the Wood Paints And Coatings Industry
1. BASF
The business was established in 1865, and its head office is in Ludwigshafen, Germany. The corporation's six business segments are polymers, plastics, performance goods, useful solutions, agricultural solutions, and petroleum and natural gas. The expansion of BASF's polymer dispersions production facility in Daya Bay, China, was announced in March 2023. Through R&D innovation and a commitment to a sustainable lifestyle, BASF produced healthy beauty in February 2023.
2. Arkema SA
The company was founded in 2004 and is based in Colombes, France. The company Arkema SA produces and sells a variety of chemicals. Permoseal is a South African provider of adhesive solutions that the firm declared it would acquire in 2022. In 2021, the company paid $1.65 billion to acquire Ashland's Performance Adhesives division.
3. Ashland Inc.
The company was started in 1924 and is based in Wilmington, Delaware, United States. Ashland Inc. is an additives and specialty products business with a consumer market focus. The company manufactures and sells a wide variety of thermoplastic resins and diverse chemicals. Ashland released BenecelTM MX 100 methylcellulose for usage in plant-based protein foods in February 2023, expanding their award-winning product lineup.
4. RPM International Inc.
The company was started in 1947 and is based in Medina, Ohio, United States. Several speciality chemical product lines are produced, marketed, and sold by RPM International, Inc. The product lines of the company focus on the maintenance requirements of both the industrial and consumer markets and include specialty paints, protective coatings, roofing systems, sealants, and adhesives.
5. AkzoNobel N.V
The company was founded in 1994 and is based in Amsterdam, Netherlands. The business sells pulp and paper, bleaching and oxidising, salt-chlorine, ornamental coatings and paints, surfactants, polymers, bleach, and other chemical products. AkzoNobel introduced a bisphenol-free interior coating for beverage can ends in May 2023.
6. Nippon Paint Co. Ltd.
The company was founded in 1881 and is located in Osaka, Japan. The company manufactures industrial paints as well as paints for cars and ships. The business also produces fine chemicals including adhesives and finishing agents. With a focus on innovation and environmental friendliness, Nippon Paint creates premium paints.
7. Axalta Coatings Systems
The company was started in 1866 and is located in Philadelphia, Pennsylvania, United States. The company provides a variety of goods and services, such as paint, tools for matching colours, application technologies, customer training materials, and business management software. Axalta Coating Systems' full investment in Berkshire Hathaway was sold on August 17, 2021.
*Definition: A coating that is specifically prepared and labelled for use on wood substrates is known as a "wood coating." Wood coatings are substances or combinations that are added to completed wood products in order to maintain their overall quality in terms of tensile strength, colour, and texture.
