WOOD PAINTS AND COATINGS MARKET ANALYSIS

The global wood paints & coatings market is projected to reach around US$ 13.97 Billion by the end of 2030, in terms of revenue, growing at a CAGR of 6.0% during the forecast period (2023-2030).

Global Wood Paints & Coatings Market: Growth Drivers

• A surge in the furniture industry is one of the major factors contributing to the rising demand for Wood Paints & Coatings Market. In addition, an increasing standard of living and rising disposable income have contributed to the expansion of the furniture industry across the globe. Furthermore, the same report states that the Austrian furniture industry comprises around 50 industrial plants, most of which are privately owned medium-sized organizations. Moreover, the furniture industry in Austria witnessed an increase of 6.0% as compared to 2017, accounting for US$ 2.50 billion.
• Increasing tourism in different countries is expected to drive investments in hotel and tourism infrastructure and aid in the growth of the wood paints & coatings market over the forecast period.
• The growing hotel and tourism industries have been estimated to favor the growth of the global wood paints & coating market as well. With the rise in tourist footfall, hotels and restaurants are significantly increasing capacity by renovating the current wooden flooring and furniture. The rising spending capacity on outdoor furniture and wooden decks and floors has been estimated to favor the growth of the wood paints & coating market in Croatia in the near future.

Figure 1. Global Wood Paints & Coatings Market Share (%) in terms of Value, By Region, in 2022

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Global Wood Paints & Coatings Market: Restraints

Factors such as stringent environmental rules imposed by the government and other regulatory bodies on the use of volatile organic compounds (VOC) in the production of wood paints & coatings are anticipated to hamper the growth of the wood coatings market over the forecast period. Increasing tourism in different countries is expected to drive investments in the hotel and tourism infrastructure and is expected to aid in growth of the wood paints & coatings market over the forecast period.

Market Opportunity-

Furniture such as chairs, tables, beds, sofas, shelves, and cupboards has seen a huge increase in demand due to rising house construction, population, and income levels around the world. Furthermore, as the service sector expands, a large percentage of the population is shifting to new areas, driving the growth of hostels, co-living spaces, guest houses, and government offices. This is projected to boost demand for a variety of furniture items. Interior design concepts for houses, workplaces, and flats are always evolving in the furniture sector. This is spurring innovation and development, particularly in terms of designs, sizes, and colors, which is predicted to boost global furniture manufacturing volumes.

Market Trends-

Increasing focus on the development of waterway infrastructure to enable easier access to water transport is the current trend in the wood paints & coatings market. For instance, the 959 km corridor of Serbia river offers cost-effective transportation routes, and the Danube river in Europe represents the most reliable water route for Serbian transportation, all year. Moreover, to improve the economic development and trade of wooden products in Serbia, the government of Serbia has undertaken numerous initiatives to boost the water industry.

Global Wood Paints & Coatings Market - Impact of Coronavirus (COVID-19) Pandemic:

The outbreak of coronavirus has impacted the global economy and led to the shutting down of major economic sectors. The coronavirus pandemic has caused global economic disruptions in trade. The pandemic has impacted the global supply chain industry and has been one of the major reasons for the disruption in the paints & coatings industry globally. The global coatings industry has been upended by the COVID-19 pandemic. According to a report published by Orr & Boss, Inc., a range of management consulting services in the US, China has experienced the effects of the pandemic sooner, and people estimate that the coatings market declined by 30% in Q1. However, manufacturers of paints & coatings industries across the globe are coming up with innovative in product portfolios and relevant strategies, which is propelling the global wood paints & coatings market.

Figure 2. Global Wood Paints & Coatings Market Share (%) in terms of Value, By Application Type, in 2022

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Global Wood Paints & Coatings Market: Recent Developments

• In March 2022, Gemini Coatings, a U.S.-based wood paints & coatings manufacturer, acquired Lenmar Wood Finishes & Coatings from Benjamin Moore.
• In November 2022, The Sherwin-Williams Company is an American company based in Cleveland, Ohio. Company announced an agreement to acquire Germany-based Specialized Industrial Coatings Holding (SIC Holding), a Peter Möhrle Holding and GP Capital UG venture comprised of Oskar Nolte GmbH and Klumpp Coatings GmbH.
• In December 2022, AkzoNobel a Dutch multinational company which creates paints and performance coatings for both industry and consumers worldwide, completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH a deal that strengthened the company’s performance coatings portfolio.
• In March 2023, The University of Tokyo and Nippon Paint Discover Novel Anti-viral Activity of Proton-Form Zeolite.
• In August 2023, Notice regarding Acquisition of shares of India-based Paint Manufacturers Nippon Paint (India) Private Limited and Berger Nippon Paint Automotive Coating Private Limited as Subsidiaries.

Global Wood Paints & Coatings Market: Market Segmentation

• Asia Pacific region held a dominant position in the global wood paints & coatings market in 2020, accounting for 61% share in terms of volume, followed by Europe and North America, respectively.  

Global Wood Paints & Coatings Market: By Application Type

• On the basis of type in 2022, the solvent borne segment has accounted for the largest market share of 53% in terms of value.

Global Wood Paints & Coatings Market: Key Companies

Key Companies 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

*Definition: Wood coatings are used to maintain the wood while also adding to its visual appeal. It creates hard surface topcoats that are considered gloss retention with good color, great performance, and chemical resistance. The wood coating protects the wood from environmental deterioration and chemical attacks, in addition to improving its visual appearance. Wood coatings are suitable for both internal and external use. The outer wood coating treatment boosts the wood's endurance, protects it from humid climates, and makes it more resistant to termite attack.