The Wood Coating Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wood Coating Global Market Report 2024, The wood coating market size has grown strongly in recent years. It will grow from $10.88 billion in 2023 to $11.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to construction and furniture industries, architectural applications, consumer preferences for wood finishes, protection and durability requirements, renovation and restoration projects.
The wood coating market size is expected to see strong growth in the next few years. It will grow to $15.6 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rising demand for premium and custom finishes, growing market for outdoor wooden structures, expansion of the real estate sector, increased focus on UV-cured coatings. Major trends in the forecast period include integration of nanotechnology in coating formulations, focus on exterior wood coatings for weather resistance, customization of coating solutions for design trends, rising application of low-energy coatings, shift towards powder coatings for wood substrates.
The rise in the construction of new homes and house modifications are expected to propel the growth of the wood coating market. The rising demand for housing is increasing due to increasing population, rapid urbanization, economic/infrastructure development, favorable government policies/schemes for housing, and others. This rise in the construction of new homes and house modifications will create a significant demand for wood materials with wood coatings to be used in these new and modified residential homes. Wood coatings offer a desirable appearance while ensuring a long life of wooden materials used in homes. For instance, according to the new residential construction statistics released in February 2022 by the US Census Bureau and the US Department of Housing and Urban Development, in the USA, privately-owned housing starts in February 2022 reached 1,769,000 from 1,447,000 housing starts rate in February 2021, showing an increase of 22.3%. According to the Census Bureau’s new residential construction report, housing starts rose at 6.8% over February on a seasonally adjusted basis to a rate of 1.77 million annualized units. Thus, the rise in the construction of new homes and house modifications will drive the growth of the wood coating market.
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The wood coating market covered in this report is segmented –
1) By Type: Preservative Wood Coatings, Stain Wood Coatings, Shellac Wood Coatings
2) By Product Type: Water Borne Wood Coatings, Solvent-Borne Wood Coatings, Powder Wood Coatings
3) By Application: Furniture, Cabinets, Siding, Flooring, Other Applications
Major companies operating in the wood coating market are focusing on innovative products, such as Italian wood finishes, to better meet the needs of their existing consumers. Italian wood finishes are coatings and applications applied to wood surfaces, often in the settings of furniture, interior design components, and architectural woodwork. For instance, in March 2021, JK Cement, an India-based building material company, in collaboration with Nuova SIVAM S.P.A., an Italy-based paint manufacturing company, launched JKC Wood Amore, a selection of fine Italian wood finishes. JKC Wood Amore offers a variety of polyurethane solutions that provide a superior finish, appealing aesthetics, and increased durability for interior wood surfaces. Polyurethane materials are available in over 2,000 color variations in PU matt and gloss finishes. In the near future, the brand will introduce a polyester, water-based, and special effects finish line.
The wood coating market report table of contents includes:
1. Executive Summary
2. Wood Coating Market Characteristics
3. Wood Coating Market Trends And Strategies
4. Wood Coating Market – Macro Economic Scenario
5. Global Wood Coating Market Size and Growth
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31. Wood Coating Market Other Major And Innovative Companies
32. Global Wood Coating Market Competitive Benchmarking
33. Global Wood Coating Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wood Coating Market
35. Wood Coating Market Future Outlook and Potential Analysis
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