Categories: Chemicals

Wood Coating Global Market By Resin Type, By Application, By Technology, By Coating Type, By End User, Opportunity Analysis and Forecast, 2023-2032 | Akzo Nobel NV, BASF SE, Diamond Vogel, ICA Group, IVM Chemicals SRL

Wood Coating Market

The Wood Coating Global Market Report 2023 by The Business Research Company, provides wood coating market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Wood Coating Global Market Report 2023, the market size is expected to grow from$10.13 billion in 2022 to $10.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global wood coating is expected to grow to $14.32 billion in 2027 at a CAGR of 7.1%.

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.

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The wood coating market 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

Eco-friendly wood coating is a key trend gaining popularity in the wood coating market. Eco-friendly coatings are made of natural/eco-friendly substances and are not harmful to the environment. Eco-friendly coatings either contribute to green living practices such as resource conservation or avoid contributing to pollution. Waxes, oils, and shellac are the most popular non-toxic, eco-friendly wood finishes on the market. Key players are focusing on offering eco-friendly wood coatings to minimize environmental impact and gain a competitive edge in the market. For instance, Centurion Wood Coatings, a US-based wood coatings company offers a range of Water-Based Coatings that are eco-friendly and provide exceptional performance with significant clarity, wood warmth, and durability. Centurion Water-Based Coatings can be applied to a variety of wood surfaces including furniture, cabinetry, wood floors, high-end architectural millwork, and all other interior wood applications. These have benefits such as non-flammability, low odor, ease of handling, and water clean-up.

The wood coating market report table of contents includes: