Wood Coatings Market Size, Share, Trends and Market Forecast 2023-2030

Global Wood Coatings Market is segmented By Resin Type (Polyurethane, Acrylic, Nitrocellulose, Polyester, Others), By Formulation (Water-Borne, Solvent-Borne, Powder Based, UV Curable, Others), By Application (Furniture, Flooring, Siding, Decks and Cabinets, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Wood Coatings Market Overview

195 Pages report analyses the global Wood Coatings Market size, shares, recent trends, competitive intelligence, and future market outlook. The report estimates that market to grow at a CAGR of 5.33% till 2023-2030. Wood Coatings usage in commercial and residential interiors is on the rise. Demand from furniture industry in Asia Pacific is booming. Wood coatings are primarily applied on wooden surfaces mainly for protection and thus increase their utilization properties. Wood coatings take place in different sizes of facilities, from smaller shops to large furniture production facilities. These coatings are applied by various methods such as spraying, rolling, curtain coating, and many more.

Wood Coatings Market Scope and Summary

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Wood Coatings Market Dynamics and Trends

• The growing housing industry, coupled with the increasing furniture industry, is driving the wood coatings market globally.
• The global population is moving toward urbanization, which leads to a surge in house construction, thereby increasing the demand for wood products.
• The surge in furniture production, especially in the Asia-Pacific region, will drive the market shortly.
• According to CSIL estimates, the World production of furniture is worth about US 406 billion in 2015
• The study covers the 70 most important countries. With five billion inhabitants, roughly 75% of the world's population accounts for more than 90% of the world trade of goods and world furniture production in value.
• However, the increasing cost of raw materials will be the major constraint of the market. Also, the future of wood coatings will be strongly influenced by environmental legislation and economic restrictions.

Wood Coatings Industry Segmentation Analysis

• The Global Wood Coatings market report segments the market by resin type, formulation, and application.
• Based on the wording, the market can be segmented as Water-borne coatings, Solvent-borne Coatings, powder-based coatings, UV Curable Coatings, and Others. Solvent-borne coatings hold the largest share of the market due to their advantages, such as lower drying time and application ease.
• This type of coating is most suitable for industrial applications, especially for the furniture industry.
• However, these coatings are growing at a slower pace than other types of layers due to high VOC content and stringent environmental regulations.
• Polyurethanes and unsaturated polyesters usually provide high gloss, flexibility, and resistance to chemicals, scratching, and abrasion.
• These advantages justify the higher costs when required for particular applications. On the other hand, penetration of Water-borne coatings and UV curable coatings is high in the European region due to strict VOC emissions regulations.

Wood Coatings Market Geographical Share

• The report segments the market by geographic region, including North America, South America, Europe, Asia-Pacific, and Others.
• Asia-Pacific accounted for the largest market share in 2017 and will be the most lucrative region during the forecast period.
• The Wood Coatings market in the APAC region is mainly driven by the increasing demand for furniture from developing countries like China and India.
• China’s furniture manufacturing industry revenue rose from 32.7 billion Yuan in 2000 to 787.3 billion Yuan in 2015, with an average annual growth rate of 24%. At present, China is the world’s largest furniture exporter and furniture consumer market.
• China’s furniture industry exports, in 2015, amounted to 199.36 billion Yuan, an increase of 1.69% year on year. This massive growth in furniture production in China is expected to drive the wood coatings market.

Wood Coatings Companies and Companies

• Companies are increasingly investing in the market to develop new products. They are collaborating and acquiring other companies, which help increase their market share and strengthen their R & D.
• The Paints and Coatings companies are offering a wide range of products, most of which are similar to other companies, which leads to price wars.
• The Global Wood Coatings market report profiles the following companies: AkzoNobel N.V, Axalta Coating Systems, BASF SE, Benjamin Moore & Co. Inc., PPG Industries Inc., RPM International Inc., Nippon Paints, DowDupont, Kansai Paints, and The Sherwin Williams Company.

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