Global Wood Coatings Market, 2023-2028
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
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Wood Coatings Market - Product Analysis
4.1 Lacquers
4.2 Shellacs
4.3 Stains
4.4 Varnishes
4.5 Water repellents
4.6 Wood preservatives
4.7 Others
5. Global Wood Coatings Market - Technology Analysis
5.1 Non-spraying
5.2 Spraying
6. Global Wood Coatings Market - Formulation Analysis
6.1 High solid coatings
6.2 Powder coatings
6.3 Radiation-cured coatings
6.4 Solvent borne coatings
6.5 Waterborne coatings
7. Global Wood Coatings Market - Resin Type Analysis
7.1 Acrylic
7.2 Nitrocellulose
7.3 Polyester
7.4 Polyurethane (PU)
8. Global Wood Coatings Market - Application Analysis
8.1 Automotive interiors
8.2 Boats
8.3 Cabinetry
8.4 Doors and windows
8.5 Flooring and decking
8.6 Furniture
8.7 Siding and fencing
8.8 Sports equipment
8.9 Others
9. Global Wood Coatings Market - Product Analysis
9.1 Asia-Pacific
9.2 Europe
9.3 Latin America
9.4 MEA (Middle East and Africa)
9.5 North America
10. Patents Analysis
11. Competitive Landscape
11.1 Competitive Scenario
11.2 Market Positioning/Share Analysis
11.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
12. Company Profiles
12.1 Akzo Nobel N.V.
12.2 Axalta Coating Systems, Ltd.
12.3 Behr Holdings Corporation
12.4 Benjamin Moore & Co.
12.5 Chokwang Paint Ltd.
12.6 Dongguan Taiho Paint Chemical Products Co., Ltd.
12.7 Guangdong Carpoly Chemical Industry Co., Ltd.
12.8 Hanjin Chemical Co., Ltd.
12.9 ICA SpA
12.10 IVM srl (Milesi)
12.11 Kansai Paint Co., Ltd.
12.12 Nippon Paint Holdings Co., Ltd.
12.13 PPG Industries, Inc.
12.14 PT Propan Raya
12.15 PT Warnatama Cemerlang
12.16 Renner Italia S.p.A.
12.17 RPM International Inc.
12.18 Sherwin-Williams Company
12.19 Sniezka Paints and Varnishes Plant S.A.
12.20 Teknos Group Oy
12.21 Washin Chemical Industry Co., Ltd.
APPENDIX
DISCLAIMER
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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