The Global Wood Paints And Coatings Market is estimated to be valued at US$ 9.04 Bn or in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Wood paints and coatings provide protection and beauty to wood and wooden surfaces including furniture, cabinets, flooring, etc. They shield the wood from external factors like moisture, UV rays, abrasion and improve aesthetics.
Market key trends
One of the key trends in the wood paints and coatings market is the increasing demand for eco-friendly and low VOC paints and coatings. More consumers are preferring paints with low or zero VOC content owing to rising environmental concerns. Major players are focusing on developing bio-based and green paints using plant-derived ingredients. For instance, BASF has introduced Natura plant-based resins for its Ecoshield and Sikkens wood coatings which provides protection and coating performance while reducing dependency on fossil fuels.
The global wood paints and coatings market is segmented by resin type, technology, end use and region. Based on resin type, the market is classified into acrylic, polyurethane, nitrocellulose and others. Among these, the acrylic segment accounted for the largest market share in 2022 due to its excellent properties such as fast drying, high durability, water resistance and low cost. The acrylic segment is expected to remain dominant during the forecast period supported by increasing usage of water based acrylic coatings for wood applications.
The Global Wood Paints And Coatings Market size is expected to reach US$ 9.04 Bn in 2023. The market is projected to grow at a CAGR of 6.0%, reaching US$ 14.32 Bn by 2030. Rapid growth of the construction industry is expected to drive the demand for wood paints and coatings over the forecast period.
Regional analysis indicates that North America dominated the global market in 2022 with a share of over 30%, followed by Europe and Asia Pacific. Introduction of new products by major players and increasing renovation & remodeling activities in the US and Canada are propelling the market growth in North America.
Key players operating in the wood paints and coatings market are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems. BASF SE holds the leading position owing to its wide product portfolio and strong distribution network across regions.