Wood Coatings Market Size Projected to Surge to USD 30.1 Billion by 2034, Growing at an 8.5% CAGR: Transparency Market Research

Wilmington, Delaware, United States, Transparency Market Research, Inc. , Oct. 07, 2024 (GLOBE NEWSWIRE) — The wood coatings industry (صناعة الطلاءات الخشبية) generated a value of US$ 12.3 billion in 2023. A CAGR of 8.5% is expected between 2024 and 2034, and it is expected to reach US$ 30.1 billion by 2034. As advancements in wood furniture coatings continue, new curing technologies are becoming popular, especially UV and waterborne UV. These technologies are more durable and more productive than previous technologies.

Recent advances in superhydrophobic surfaces have improved dimensional stability, crack resistance, and decay resistance. A considerable amount of research has been conducted in this area with promising results and prospects.

Environment-related factors also contribute to the advancement of wood coatings. As technology advances in the development of environmentally friendly coatings, new opportunities are emerging for coatings with low or no volatile organic compounds (VOCs).

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A variety of technological advances is influencing the design, application, and specification of wood coatings. It is becoming more common on the market to see coatings that are solvent-based and free from formaldehyde, with the regular introductions of new finishes.

Key Findings of the Market Report

• The stains & varnish market will likely create a demand for wood coatings.
• During the next few years, demand is likely to be boosted by water-based technologies.
• The demand for furniture and aesthetics in modern homes is driving the market for wood coatings.
• In Asia Pacific, construction activities are expected to boost demand for wood coatings.
• Over the next decade, Europe is expected to experience a steady growth rate between 2024 and 2034.

Global Wood Coatings Market: Growth Drivers

• The need for wood coatings is mostly driven by the construction sector, especially in projects involving both residential and commercial buildings. Various renovation and remodeling projects are being undertaken in both the commercial and residential sectors, which lead to the need for wood treatments. As more individuals spend money renovating older buildings, coatings are needed in order to preserve and enhance their appearance.
• Consumer preferences for eco-friendly products and environmental restrictions are progressively influencing the market for wood coatings. Manufacturers have begun creating low- and zero-VOC coatings due to stricter regulations on emissions of volatile organic compounds (VOCs) across the globe. Environmentally friendly formulations are driving innovations in the industry.
• Innovations in technology are predominantly responsible for the growth of the wood coatings market. Technological advances in nanotechnology, water-based formulations, UV curing, and powder coatings have led to enhanced performance, durability, and environmental sustainability.
• Changing consumer tastes and interior design trends influence the types of wood treatments that are in demand. A consumer’s desire for aesthetic and protective coatings such as stains, varnishes, and ornamental finishes is great.
• Water-based coatings have gradually replaced solvent-based coatings as awareness of their environmental impact grows. Both regulatory requirements and consumer preferences are met with water-based paints due to their reduced VOC emissions, reduced toxicity, and ease of cleanup.

Global Wood Coatings Market: Regional Landscape

• Manufacturers in the Asia-Pacific area are investing in research and development to create cutting-edge wood coatings as the emphasis on sustainability and performance grows. Technological developments include powder coatings, UV-curable coatings, and sophisticated application methods to meet the changing demands of businesses and customers.
• Global changes, urbanization, and shifting lifestyles all affect consumer choices in the Asia Pacific. Large-scale infrastructure projects, such as transit networks and public facilities, fuel the demand for wood coatings for flooring, decking, architectural woodwork, and commercial complexes. Increasing foreign investment in Asia-Pacific countries is contributing to the growth of wood coatings used across a wide range of applications.
• China, India, Vietnam, and Indonesia play a major role in the furniture manufacturing industry in the Asia-Pacific region. Wood coatings are needed for all kinds of furniture, from residential to commercial to hospitality applications.
• Environmental laws may not be as stringent in Asia-Pacific nations as in Western countries, but eco-friendly products are adopted, and environmental awareness is growing. As a result, industry innovation is spurred to use water-based and low-VOC finishes.

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Global Wood Coatings Market: Competitive Landscape

Companies that manufacture wood sealants and hardwood coatings are increasing their investments to meet the growing demand for waterproof and aesthetically pleasing furniture.

In a competitive landscape, prominent companies maintain a stronghold by collaborating closely with each other and outsourcing manufacturing. A number of dominant players in this sector have also been involved in mergers and acquisitions.

Key Players

• Akzo Nobel N.V.
• Asian Paints
• BASF SE
• Berger Paints India Ltd
• Kansai Nerolac Paints Limited
• Nippon Paint Holdings Co., Ltd
• PPG Industries, Inc.
• RPM International Inc.
• The Sherwin-Williams Company
• Teknos Group
• Dow
• Ashland

Key Developments

• In August 2023, AkzoNobel, a global leader in industrial wood coatings, announced a new campaign to help EMEA businesses become more sustainable and improve their environmental performance.
• In January 2024, Sherwin-Williams introduced a revolutionary new waterborne wood coating that is environmentally adaptable (EA) Hydroplus. It can be applied in a wide range of conditions without sacrificing performance typically associated with waterborne coatings due to their productivity-sapping characteristics.

Global Wood Coatings Market: Segmentation

Resin Type

• Polyurethane
• Acrylics
• Melamine Formaldehyde
• Nitrocellulose
• Others

Product Type

• Stains & Varnishes
• Shellacs
• Lacquers
• Others

Technology Type

• Oil-based
• Water-based
• Solvent-based

Application Type

• Furniture
• Cabinets
• Sides & Decks
• Others

Region

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East & Africa

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