Wood Coating Resins Market
The Wood Coating Resins 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 Resins Global Market Report 2024, The wood coating resins market size has grown strongly in recent years. It will grow from $4.2 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growth in construction and housing, expansion of furniture manufacturing, urbanization trends, architectural renovations, demand for high-performance finishes, rise in disposable income, sustainable and eco-friendly trends..
The wood coating resins market size is expected to see strong growth in the next few years. It will grow to $5.54 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to preference for water-based coatings, demand for antimicrobial coatings, residential housing market dynamics, green building certifications, hybrid coating formulations, smart home integration, residential and commercial interior trends. Major trends in the forecast period include shift towards waterborne resins, growing demand for uv-curable resins, high solids content formulations, advancements in nanotechnology, digital printing and coating technologies, regulatory compliance and voc reduction..
The rising need to improve furniture aesthetics is expected to propel the growth of the wood coating resin market going forward. Furniture aesthetics refers to a fundamental design element that establishes the attractive features of a design. Wood coating resins help consumers to improve furniture aesthetics and durability of the furniture. For instance, in July 2021, according to Business Standard, an India-based daily newspaper, 22% of students took online classes from their beds while learning about getting the ergonomics and aesthetics of the work from home station perfect, while another 14% rolled on the floor while learning. Therefore, the rising need to improve furniture aesthetics is driving the growth of the wood coating resin market.
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The wood coating resins market covered in this report is segmented –
1) By Resin Type: Epoxy Resin, Amino Resin, Alkyd Resin, Polyurethane Resin, Unsaturated Polyester Resin, Saturated Polyester Resin, Acrylic Resin, Vinyl Resin, Other Resins
2) By Technology: Solvent-Borne Coatings, Powder Coatings, Waterborne Coatings, High Solids Coatings, Radiation Curable Coatings, Other Technologies
3) By Application: Automotive Coatings, Marine & Protective Coatings, Architectural Coatings, General Industrial Coatings, Packaging Coatings, Wood Coatings, Other Applications
Product innovation is a key trend gaining popularity in the wood coating resin market. Major market players are developing innovative products to sustain their position in the wood coating resin market. For instance, in November 2022, Engineered Polymer Solutions, a US-based company that provides high-performance resins and colorants for the coatings and adhesives industries launched EPS 2436, a new self-crosslinking acrylic dispersion for use as a binder for high-quality wood coatings. The EPS 2436 is a group of resins that wood coating formulators can employ to create high-performance solutions for flooring, cabinets, and industrial applications. When dry, this innovative substance exhibits outstanding clarity and superb block resistance. In interior wood applications, coatings formulated with EPS 2436 offer increased qualities such as strong chemical resistance and quick hardening. The quick hardness development speeds up production and shortens the manufacturing cycle. In addition, EPS 2436 offers a low-VOC waterborne substitute for earlier solvent-borne technologies.
The wood coating resins market report table of contents includes:
1. Executive Summary
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