Wood Coatings Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Resin Type (Acrylic, Nitrocellulose, Polyester, Polyurethane, and Other Resin Types), Technology (Water-borne, Solvent-borne, and UV-cured), Application (Furniture and Fixture, Doors and Windows, Cabinet, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa)

Market Snapshot

Study Period:

2016-2024

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

5 %

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Market Overview

The market for wood coatings is likely to register a CAGR of over 5% during the forecast period. One of the major factors driving the market studied is the growing production of furniture across the world. The growing construction industry in Asia-Pacific, and Middle East & Africa is also likely to boost the market growth.

  • The polyurethane segment dominated the market, and is expected to grow during the forecast period, owing to the increasing applications of polyurethane coatings across several sectors, including commercial, architectural, and structural work, paneling, furniture, etc.
  • Stringent environmental regulations may restain the demand for wood coatings, during the forecast period.
  • There is a huge potential market for water-based coatings in developing countries, owing to the increasing awareness toward eco-friendly products. This is likely to act as an opportunity for the market, in the future.
  • Asia-Pacific dominated the wood coatings market across the world, in 2018, and is expected to continue dominating the market during the forecast period, owing to the major growth of construction activities in countries, like India.

Scope of the Report

The wood coatings market report includes:

Resin Type
Acrylic
Nitrocellulose
Polyester
Polyurethane
Other Resin Types
Technology
Water-borne
Solven-borne
UV-cured
Application
Furniture and Fixtures
Doors and Windows
Cabinets
Other Applications (including Floors, Decks, Moulding Products)
Geography
Asia-Pacific
China
India
Japan
ASEAN Countries
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
Russia
United Kingdom
Italy
Rest of the Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Growing Furniture Production Worldwide is Driving the Market Growth

  • With increasing housing construction, population, and income-levels across the world, the demand for furnitures, such as chairs, table, bed, sofa, shelves, and cupboard, has been increasing significantly.
  • Moreover, with the rapidly growing service sector, a huge proportion of the population has been relocating to new locations, which is driving the trend of hostels, co-living, guest houses, and official premises. This is expected to augment the demand for various furniture products.
  • In the furniture industry, concepts related to interiors of homes, offices, and flats are changing continuously. This is driving innovation and development, primarily in terms of designs, size, and colors, which is expected to augment the production volume of furniture across the world.
  • In the furniture industry, wood coatings are extensively used. Thus, the increasing production volume of furniture across the world is augmenting the growth of the market studied.

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Asia-Pacific Region to Dominate the Market

The Asia-Pacific region dominated the global market share. China has the largest furniture sector across the world, which is thriving, owing to the increasing domestic and foreign demand. In India, both the furniture and construction sectors have been witnessing major growth in the recent times. Some of the key factors that are boosting this growth include the increasing investment in the residential and commercial sector and government initiatives, like "Housing for All". The entry of major furniture companies, like IKEA, is also expected to boost the furniture industry growth. Additionally, there has been a major growth in the public and private investments in the construction sectors of ASEAN countries, in the recent times. These factors are likely to help the Asia-Pacific region to dominate the market, during the forecast period.

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Competitive Landscape

The wood coatings market is consolidated, with the top three players accounting for nearly 70% of the entire revenue share. The top three companies in the market are the Sherwin-Williams Company, AkzoNobel NV, and PPG Industries, among others.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Furniture Production

      2. 4.1.2 Growing Construction Industry in Asia-Pacific, and Middle East & Africa

    2. 4.2 Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin Type

      1. 5.1.1 Acrylic

      2. 5.1.2 Nitrocellulose

      3. 5.1.3 Polyester

      4. 5.1.4 Polyurethane

      5. 5.1.5 Other Resin Types

    2. 5.2 Technology

      1. 5.2.1 Water-borne

      2. 5.2.2 Solven-borne

      3. 5.2.3 UV-cured

    3. 5.3 Application

      1. 5.3.1 Furniture and Fixtures

      2. 5.3.2 Doors and Windows

      3. 5.3.3 Cabinets

      4. 5.3.4 Other Applications (including Floors, Decks, Moulding Products)

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 ASEAN Countries

        5. 5.4.1.5 South Korea

        6. 5.4.1.6 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 France

        3. 5.4.3.3 Russia

        4. 5.4.3.4 United Kingdom

        5. 5.4.3.5 Italy

        6. 5.4.3.6 Rest of the Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AkzoNobel NV

      2. 6.4.2 Axalta

      3. 6.4.3 BASF SE

      4. 6.4.4 Benjamin Moore & Co. Inc.

      5. 6.4.5 Brillux GmbH & Co. KG

      6. 6.4.6 Diamond Vogel Paint Company

      7. 6.4.7 ICA Group

      8. 6.4.8 IVM Chemicals SRL

      9. 6.4.9 Jotun

      10. 6.4.10 Kansai Paint Co. Ltd

      11. 6.4.11 KAPCI Coatings Co.

      12. 6.4.12 Kelly-Moore Paint Company Inc.

      13. 6.4.13 Nippon Paint Co. Ltd

      14. 6.4.14 PPG Industries Inc.

      15. 6.4.15 Sherwin-Williams Company

      16. 6.4.16 Renner Herrmann SA

      17. 6.4.17 RPM International Inc.

      18. 6.4.18 Sirca SpA

      19. 6.4.19 Sniezka SA

      20. 6.4.20 Teknos Group Oy

      21. 6.4.21 TIGER Coatings GmbH & Co. KG

      22. 6.4.22 Vermont Natural Coatings Inc.

      23. 6.4.23 Weilburger Coatings GmbH

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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