According to the research report by Allied Market Research, the wood coatings market was over at $7.80 billion in 2018 and is projected to reach $11.98 billion by 2025, registering a CAGR of 6.3% from 2020 to 2025.
The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the lion’s share in 2018, contributing more than half of the market share. However, the market across North America is expected to register the fastest CAGR of 6.8% during the forecast period.
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Region wise, Asia-Pacific accounts for the major share in the global wood coatings market, owing to increase in demand for wood coatings from emerging application sectors, including furniture, joinery, flooring, and others. Owing to the advantages of wood coatings such as enduring surface finish, solvent & scratch resistance, resilience to UV light damage, resistance to general wear & tear, quick drying, superior sanding, and multi-coat & smooth finish application, the demand for wood coatings in the construction and furniture industries is expected to increase considerably.. In addition, cabinets are storage compartments, which comprise doors and drawers. They are either built on a platform or are attached to the wall, and are made from wood. Coatings with lower or no content of VOCs are gaining high importance in the coatings market.
Global wood coatings market is categorized on the basis of type, technology, end user, and geography. based on type, the market is segmented into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others. The polyurethane segment dominated the market in 2018, accounting for around two-fifths of the market and is expected to continue its dominance through 2025. However, the nitrocellulose segment is projected to manifest the fastest CAGR of 6.7% during the forecast period.
On the basis technology, the wood coatings market is divided into waterborne, conventional solid solvent borne, high solid solvent borne, powder coating, radiation cured, and others. The waterborne segment is estimated to register the fastest CAGR of 7.0% through 2025. However, the conventional solid solvent borne segment held the largest share in 2018, contributing nearly one-third of the market.
Rise in construction activities and increase in demand for furniture and joinery have boosted the growth of the global wood coatings market. However, volatility in raw materials cost & availability and harmful impact of VOCs present in the coating hamper the growth of the market. On the contrary, advancement in coating technology and surge in use of radiation cure coating are expected to create lucrative opportunities in the near future.
2. Conventional Solid Solvent Borne
3. High Solid Solvent Borne
4. Powder Coating
5. Radiation Cured
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Based on end user, the wood coatings market is divided into furniture, joinery, flooring, and others. The furniture segment held the largest share in 2018, accounting for nearly three-fifths of the market. However, the joinery segment is projected to portray the fastest CAGR of 6.6% during the forecast period.
The market wood coatings market offers in-depth analysis of the market players such as Axalta Coatings Systems, Akzo Nobel N.V., DowDuPont, BASF SE, Kansai Paint Co., Ltd., Eastman Chemical Company, PPG Industries Inc., Nippon Paints Holdings Co. Ltd., Sherwin Williams Company, and RPM International Inc.
COVID-19 impact analysis
The outbreak of the COVID-19 pandemic left a significant impact on the global economy. The market report provides a detailed study of the micro- and macro-economic impacts of the pandemic. Moreover, the analysis depicts the direct impact of COVID-19 on the market. It recapitulates the detailed information about the market extent and shares owing to the impact of the outbreak. The report also emphasizes on the supply chain and the sales of the market. Last but not the least; the study also exhibits a post-COVID-19 scenario, portraying different measures and initiatives taken by the government bodies across the world.
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