Market Overview

Wood is a highly favored material for various applications, such as furniture, flooring, and building structures. Its natural attributes create a warm and inviting atmosphere, which makes it a preferred choice for many individuals. The demand for coatings and paints that maintain the natural look and feel of wood while protecting it from damage is on the rise. These coatings and paints are designed to enhance the wood's natural beauty while providing a protective layer that prevents environmental factors from causing damage. They come in various colors and finishes, enabling individuals to customize the appearance of their wood products to their liking. The demand for these products is expected to grow as more people appreciate the natural warmth and beauty that wood offers. This trend is especially relevant in the furniture and interior design industries, where wood is a popular material choice for creating a cozy and welcoming ambiance.

The global wood coating market is expected to value at $8.8 billion in 2022, and is projected to reach $11.9 billion by 2028, registering a CAGR of 5.1%% from 2023 to 2028. The demand for wood coating solutions is intrinsically linked to the demand for wood products since these coating solutions are exclusively designed for use on wooden surfaces. The anticipated increase in demand for residential and commercial buildings is expected to generate a corresponding demand for wood products, such as furniture, cabinets, flooring, and decking, thereby driving the global wood coating technology market during the forecast period.

The most prevalent products used for coating wooden surfaces are varnishes, shellacs, preservatives, water repellents, and lacquers. The demand for these products is driven by their distinctive features and durability. A wide range of tools and equipment are employed to apply coatings, and the demand for these tools is expected to increase as the demand for wood coats and wood items rises. Wood product manufacturers typically use various coating techniques, including conventional spray, high-volume low-pressure (HVLP) spray, airless spray, and electrostatic spray. The demand for other wood surface coating techniques, such as rollers, brushes, vacuums, and curtains, is also expected to increase with the growing demand for wood products. Differentiated coating techniques are used based on the size, shape, and complexity of the product surface. The type of coating product applied depends on the surface's exposure, with interior or exterior applications of wood products determining the type of coat to be used.

Research Coverage

This report focuses on the global market for wood coatings across various end-user application industries. The market is segmented based on product, technology, formulation, resin type, application, and region, and each segment is discussed in detail. The report provides revenue forecasts for each market segment and regional-level markets, with estimated values based on manufacturers' total revenues.

Product: lacquers, shellacs, stains, varnishes, water repellents, wood preservatives, others

Technology: non-spraying, spraying

Formulation: high solid coatings, powder coatings, radiation-cured coatings, solvent borne coatings, waterborne coatings

Resin type: acrylic, nitrocellulose, polyester, polyurethane (PU)

Application: automotive interiors, boats, cabinetry, doors and windows, flooring and decking, furniture, siding and fencing, sports equipment, others

Region: Asia-Pacific, Europe, Latin America, MEA (Middle East and Africa), North America

Region wise, Asia-Pacific held the largest regional market share in the global wood coatings market, and is expected to maintain this position throughout the forecast period. North America follows in second place, with Europe in third. The demand for modern furniture is being fueled by rapid urbanization, rising disposable income, an improved standard of living, and a growing population in developed economies, which is driving the demand for wood coatings. The housing and real estate market is also experiencing significant growth, which is positively impacting the demand for cabinets, sidings, flooring, beds, cupboards, tables, and other furniture, thus driving market growth. Polyurethane-based wood coatings are widely used due to their excellent abrasion and mechanical resistance, resistance to UV light, general wear and tear, and excellent weather resistance.

China is the market leader in the development of furniture and cabinets in the Asia-Pacific region and is the key factor expected to drive the wood coating technologies market in this region. Other countries, such as India, Bangladesh, Thailand, and Japan, which have been known for their handcrafts for centuries, are also expected to drive the wood coating technologies market. The rise in disposable income, rapid urbanization, and the availability of skilled labor for manufacturing wood products are further expected to drive the wood coating technologies market. The demand for wooden floors, decks, and cabinets is also expected to increase in this region due to the increased construction of residential and commercial buildings, including luxury hotels, nursing homes, and shopping malls. Ship manufacturing countries, such as India, China, the Philippines, and South Korea, are also expected to drive the demand for wood coating technologies. The availability of less-expensive wood substitutes, such as plastic and wood composites, may hinder market growth in this region.

Competitive Landscape

The global wood coatings market is comprised of several significant vendors, including Akzo Nobel N.V., Axalta Coating Systems, Ltd., Behr Holdings Corporation, Benjamin Moore & Co., Chokwang Paint Ltd., Dongguan Taiho Paint Chemical Products Co., Ltd., Guangdong Carpoly Chemical Industry Co., Ltd., Hanjin Chemical Co., Ltd., ICA SpA, IVM srl (Milesi), Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., PT Propan Raya, PT Warnatama Cemerlang, Renner Italia S.p.A., RPM International Inc., Sherwin-Williams Company, Sniezka Paints and Varnishes Plant S.A., Teknos Group Oy, and Washin Chemical Industry Co., Ltd., among others.

Key Questions Answered

What is the projected global market size of wood coatings by 2028

Which product segment possesses the largest market share

Which technology segment demonstrates the most significant dominance

In terms of market dominance, which formulation segment prevails in the wood coatings market

Which resin type segment generates the highest revenue

In the wood coatings market, which application segment attains the foremost position

Which product segment generates the most substantial revenue

Who are the key players with the largest market share in the wood coatings market

What is the estimated global market size for the wood coatings market in 2023

What are the main factors driving the growth of the wood coatings market

What is the expected incremental growth of the wood coatings market during the forecast period