Market Size of Mexico Industrial Wood Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Industrial Wood Coatings Market Analysis
The Mexican industrial wood coatings market is expected to reach USD 150 million by the end of this year and is projected to register a CAGR of 3% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- Increasing consumer disposable income and an improving standard of living in the country are significant factors driving demand for furniture, which is likely to drive demand for wood coatings.
- Furthermore, the housing sector is experiencing substantial growth, fuelling the demand for the manufacturing of doors and windows under the joinery sector and, thus, boosting market growth.
- However, strict environmental regulations set by the government on using volatile organic compounds in wood coatings manufacturing are anticipated to hamper market expansion.
- Furthermore, advancements in coating technology and the employment of radiation cure coatings are projected to generate opportunities in the wood coating industry in the coming years.
Mexico Industrial Wood Coatings Industry Segmentation
Industrial wood coating is used for the protection of wooden products used for different industrial purposes, such as the production of wooden furniture, doors, cabinets, etc.
The Mexican industrial wood coatings market is segmented by resin type, technology, and end-user industry. By resin type, the market is segmented into polyurethane, acrylic, nitrocellulose, alkyd, and others. By technology, the market is segmented into water-borne, solvent-borne, powder, UV-Coatings, and other technologies. By end-user industry, the market is segmented into wooden furniture, joinery, flooring, and other end-user industries. For each segment, the market sizing and forecasts have been done on the basis of revenue. ( USD million)
| Resin Type | |
| Epoxy | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Polyester | |
| Other Resin Types |
| Technology | |
| Water-borne | |
| Solvent-borne | |
| UV-Coatings | |
| Powder |
| End-user Industry | |
| Wooden Furniture | |
| Joinery | |
| Flooring | |
| Other End-user Industries |
Mexico Industrial Wood Coatings Market Size Summary
The Mexican industrial wood coatings market is experiencing a steady recovery and growth trajectory following the disruptions caused by the COVID-19 pandemic. The market's resurgence is driven by increasing consumer disposable income and an enhanced standard of living, which are boosting the demand for furniture and, consequently, wood coatings. The housing sector's robust expansion is further propelling this demand, particularly in the joinery sector, where wood coatings are essential for manufacturing doors and windows. However, the market faces challenges from stringent environmental regulations concerning volatile organic compounds in wood coatings production. Despite these challenges, advancements in coating technology, such as radiation cure coatings, are expected to create new opportunities for market growth.
The joinery industry is a significant consumer of industrial wood coatings, with applications in doors, windows, trim, and cabinets. The rising construction of housing units in Mexico, coupled with the increasing need for kitchen cabinets, is driving the demand for these coatings. The residential real estate sector's growth, supported by a rising population and its contribution to the national GDP, further fuels the demand for wood coatings used in various construction applications. Additionally, the use of wood coatings in residential and commercial buildings, including hospitals and schools, is on the rise. This trend is mirrored by the increasing sales of wooden furniture, driven by modernization and changing lifestyle preferences. The market is partially consolidated, with major players like RPM International Inc., AkzoNobel NV, Axalta Coatings Systems, The Sherwin Williams, and PPG Industries Inc. playing pivotal roles in shaping its landscape.
Mexico Industrial Wood Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Usage of Wooden Furniture
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1.2.2 Increasing Housing Construction
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1.3 Market Restraints
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1.3.1 Regulations Related to VOC Emissions
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1.3.2 Other Restraints
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1.4 Industry Value Chain Analysis
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1.5 Porter's Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Resin Type
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2.1.1 Epoxy
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2.1.2 Acrylic
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2.1.3 Alkyd
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2.1.4 Polyurethane
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2.1.5 Polyester
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2.1.6 Other Resin Types
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2.2 Technology
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2.2.1 Water-borne
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2.2.2 Solvent-borne
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2.2.3 UV-Coatings
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2.2.4 Powder
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2.3 End-user Industry
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2.3.1 Wooden Furniture
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2.3.2 Joinery
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2.3.3 Flooring
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2.3.4 Other End-user Industries
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Mexico Industrial Wood Coatings Market Size FAQs
What is the current Mexico Industrial Wood Coatings Market size?
The Mexico Industrial Wood Coatings Market is projected to register a CAGR of 3% during the forecast period (2024-2029)
Who are the key players in Mexico Industrial Wood Coatings Market?
RPM International Inc, AkzoNobel NV, Axalta Coatings Systems, The Sherwin Williams and PPG Industries Inc. are the major companies operating in the Mexico Industrial Wood Coatings Market.
