The wood paints and coatings market is estimated to be valued at US$ 9.04 Bn 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 are used to protect wood from damage caused by moisture, UV rays, abrasion and deterioration. They enhance the aesthetics and lifespan of wood. Wood paints provide a protective barrier and come in different sheens like gloss, satin or matte finishes. They are used on furniture, flooring, decking, wood panels, doors and other wooden constructions. Rapid urbanization and growth in construction activities globally have increased the demand for wooden fixtures like floors, furniture and panels. The rise of the global wood furniture industry has also augmented the wood paints and coatings market.
Increasing construction of residential and commercial buildings is a major driver for this market. Wood is a commonly used material in constructions for doors, windows, flooring and other elements due to its versatility and aesthetics. Rapid urbanization in developing nations has fueled increased construction activities which boost the demand for wood paints and coatings. According to United Nations population data, over 68% of the world is projected to live in urban areas by 2050. Growing wood furniture industry also props up the market. Home decoration and improvements have become highly popular due to changing consumer lifestyles and rising disposable income levels.
Additionally, advancement of eco-friendly and low VOC paint formulations presents an opportunity for market growth
The global Wood Paints And Coatings Market Size is segmented into oil based, water based, solid based and others. The water based segment accounts for the largest market share and is expected to remain dominant during the forecast period. This is owing to various advantages offered by water based paints and coatings such as low VOC emissions, minimal odor and easier clean up compared to oil and solid based variants.
Political: Regulations regarding VOC emissions from wood paints and coatings are becoming stricter globally, driving manufacturers to develop eco-friendly products meeting environmental standards.
Economic: Growth of the global construction industry is driving demand from architectural applications such as furniture. Rise in renovation and remodeling activities is also fueling market growth.
Social: Increasing spending on home improvement and shifting consumer preference towards low odor, non-toxic and environmentally sustainable products are key trends.
Technological: Manufacturers are focusing on new formulations with enhanced performance, durability and quicker drying properties using advanced resins and additives.
The global wood paints and coatings market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing infrastructure development and construction activities globally.
The Asia Pacific region is expected to remain the fastest growing and largest market for wood paints and coatings during the forecast period. This can be attributed to rising construction sector and growing consumer spending in countries such as China and India.
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 and AkzoNobel N.V. collectively account for major market share.