Copyright © 2022 StrategyHelix Inc. All Rights Reserved.
Global Wood Coating Market - Outlook and Forecast 2021-2026
The global wood coating market had a market size of USD 9.66 billion in 2020, and it is projected to reach USD 12.97 billion by 2026, exhibiting a CAGR of 5.03% during the forecast period. The demand for wood coating solutions is experiencing robust growth in all regions. This growth is driven by factors such as rising living standards, increasing disposable income, rapid urbanization, and significant government investments, which have contributed to the expansion of the construction industry. As a result, there is a growing demand for wood coatings for various applications, including cabinets, sidings, flooring, beds, cupboards, tables, and other furniture items.
The global coating industry is undergoing substantial changes, with one notable trend being the continuous adoption of new coating technologies to enhance product quality.
|No. of Pages||
USD 9.7 billion in 2019
Formulation, Coating Type, End-User, and Geography
|No. of Companies Mentioned||
Asia-Pacific (APAC) is currently the largest market for wood coatings and is expected to maintain its leading position until 2026. In 2020, solvent-borne formulations held the largest share in the wood coating market and are anticipated to grow at a CAGR of approximately 5% during the forecast period.
In response to government regulations on reducing volatile organic compound (VOC) content, industries are shifting towards high solid and UV-cured coatings, which are less susceptible to VOC emissions.
Moreover, there is a growing demand for waterborne wood coating formulations due to various government regulations. Therefore, companies should prioritize the development of sustainable and environmentally-friendly wood furniture coating products to meet these requirements.
The market is segmented based on various factors, including formulation, coating type, end-user, and geography.
Segmentation By Formulation
Segmentation by Coating Type
Stain & Varnishes
Segmentation by End-use
Flat Stock Wood – Furniture and Cabinetry, Paneling & Doors, Siding, Flooring & Others
Wood Finishes – Furniture, Cabinetry, Flooring, Others
Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Turkey, Russia
APAC – China, Japan, India, South Korea, Indonesia
Latin America – Brazil, Mexico
Middle East & Africa – South Africa, Saudi Arabia, UAE
Solvent-borne coatings offer advantages in environments with high humidity and temperatures, as they are less affected by these conditions compared to water-borne coatings, which may not cure properly. This makes solvent-borne coatings the preferred choice for applications in such humid environments.
The global market for stain and varnish wood coatings is projected to grow at a compound annual growth rate (CAGR) of 5.36%. Varnishes are known for their excellent ultraviolet (UV) protection properties, while wood stain finishes enhance or alter the color of wood and highlight its grain pattern.
Within the wood finishes segment, furniture and cabinetry hold the largest market share and are expected to align with market demand.
In the Asia-Pacific (APAC) region, China and Japan serve as the largest markets for wood coatings. India is also an emerging market, drawing the attention of both international and local investors due to favorable government regulations and a strong manufacturing hub.
The North American coatings market is anticipated to experience profitable growth during the forecast period, fueled by the construction of residential and non-residential buildings such as hotels, offices, hospitals, and malls, as well as renovation activities.
Europe stands as a major market for wood coatings, driven by factors such as increasing disposable income, rising living standards, and growth in the construction industry. Additionally, the growing trend of working from home and the consequent demand for home furniture further contribute to the demand for wood coatings.
In Latin America, Brazil held the largest market share for wood coatings in 2020, mainly due to the country’s increasing demand for these coatings.
The Middle East and Africa region is witnessing an upsurge in consumer willingness to invest in furnishing and decorative items, leading to a significant increase in demand for wooden furniture, flooring, and joineries in the region.
The primary vendors in the global wood coatings market include AkzoNobel N.V, Axalta Coating Systems, PPG, Sherwin Williams, and RPM. These vendors compete based on various parameters such as product portfolio, product quality, geographical reach, brand reputation, cost differentiation, among others.
To stay competitive, players in the market are primarily focusing on developing innovative products through substantial investments in research and development (R&D). This enables them to offer new and advanced solutions to meet the evolving needs of customers.
Furthermore, other prominent players in the industry recognize the need to increase their market share and enhance their presence in both developed and emerging economies. To achieve this, they are implementing business expansion strategies and establishing strong partnerships to create a robust network.
By actively pursuing these initiatives, vendors aim to strengthen their position in the market and capitalize on the growth opportunities presented by expanding their operations and appealing to a wider customer base.
Key companies profiled in this report include AkzoNobel N.V, Axalta Coating Systems, PPG Industries, Sherwin Williams, RPM International Inc, Arkema SA, Eastman Chemical Company, Angus Chemical Company, Lonza Group Ltd., Michelman Inc, Cabot Corporation, Albermare Corporation, The Lubrizol Corporation, Solvay Chemicals, Kemira, Lanxess, Croda International Plc, Huntsman International, Univar Solution Inc.
Key Questions Answered
What is the market size of the wood coating industry?
The global wood coating market was valued at USD 9,665 million in 2020 and is projected to reach USD 12,974 million by 2026.
What are the different end-use categories in the global wood coatings market?
The various end-use categories include flat stock wood (furniture and cabinetry, paneling & doors, siding, and flooring & others) and wood finishes (furniture, cabinetry, flooring, and others).
Who are the major players in the wood coating industry?
The key players in the wood coating industry are AkzoNobel N.V, Axalta Coating Systems, PPG, Sherwin Williams, and RPM.
What are the main factors driving the growth of the wood coatings market?
The main driving factors for the wood coatings market are the positive influence of the thriving construction industry, the increasing middle-class population, and rapid urbanization.
Which region is experiencing the highest growth rate in the wood coating market?
The Asia-Pacific (APAC) region holds the largest share in terms of revenue and is expected to witness the highest growth rate, with a compound annual growth rate (CAGR) of 5.15% during the forecast period.