The global wood coatings market is expected to augment at a healthy CAGR of 5.9% throughout the forecast period from 2022 to 2032. The expansion of the wood coatings market is attributed to the growth of the housing market as spending on maintenance of decks, fences, flooring, and siding is rising.
Furthermore, stringent regulations, increased competition, a rise in unique formulations, and new product advancements are some of the reasons driving the growth of the wood coatings industry. Rapid urbanization in response to increasing development and population growth is predicted to increase housing demand on a huge scale.
As a result, the demand for furniture such as chairs, tables, mattresses, sofas, shelves, and cupboards has risen exponentially, thereby surging the demand for wood coatings. Although, the availability of less expensive and higher-quality replacements, such as wood composites and plastic wood, may limit the wood coatings market’s growth.
Furthermore, stringent regulations, rising competition, growth in unique formulations, and new product developments are some of the factors stimulating the growth of the wood coatings market.
Competitive Landscape
Key players in the global wood coatings market are focusing on launching new and innovative types of wood coatings to get an edge over the global landscape. The prominent market players are concentrating on mergers and acquisitions to cater to the diverse customer base. Furthermore, technological advancements are making it possible to innovate new wood coatings products for better results in the future.
Key Players
- Akzo Nobel Coatings nv (Netherlands)
- PPG Industries Inc. (U.S.)
- Sherwin-Williams Co. (U.S.)
- DuPont Coatings and Colour Technologies Group (U.S.)
- ICI Paints (UK)
- BASF Coatings AG (Germany)
- Valspar Corp. (U.S.)
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Key Segments
By Type
- Evaporative
- Reactive
- Coalescing
By Application
- Furniture
- Decking
- Siding
- Smaller Doors
- Windows
- Cabinets
By Product
- Paint
- Stains and Sealers
More Insights into the Wood Coatings Market
North American region is anticipated to dominate the global wood coatings market. The growth of the region is attributed to the increased demand for personalized home design products, as well as rising customer spending, which will act as a major driver for a thick clear coat of wood in North America. Asia Pacific region is currently known as the largest market for wood coatings, followed by Europe.
The expansion of the market is responsible due to rising sustained demand from the developed markets and burgeoning demand from emerging economies will continue to drive the wood coatings market. The wood coatings market is witnessing a major shift of key market players from Europe and the U.S. to the emerging economies of Asia Pacific, comprising China and India.