Resurgence in residential construction activities and continuance in maintenance work for wood finishing and furniture will propel the wood coatings market to reach a value pool of near US$ 17 Bn by the end of the forecast period (2019-2027). Further, demand for new coatings in construction-related applications will be the primary factor accelerating market growth through 2027. Wood coatings will achieve significant value gains in interior wood applications such as wooden cabinets and wooden flooring. Water-based coatings account for a majority share in the global wood coating market. Concerns around the release of volatile organic compounds has led to a gradual shift toward water-based coating in applications such as furniture, decking and sliding. On this premise, the global wood coatings market is projected to grow at a CAGR of over 6%
Key Takeaways of Wood Coatings Market Study
The trend of water-based coatings is significant in the North American wood coatings market. The increasing awareness among consumers about the usage of eco-friendly coating products is prevailing. Also, UV wood coatings are being used for industrial applications, owing to their fast curing and high production efficiency
- China is currently leading the wood coatings market in the Asia Pacific region. The prime factor for growth lies in its openness to take in new entrants and investors to set up plants and factories there
- A shift in consumer preferences for the adoption of eco-friendly coatings aids in driving the market of water-based coatings
- Furniture segment will witness significant demand gains through 2027, and will see a growth over 6% per annum by end of forecast period
- East Asia to maintain hegemony in the global wood coating market with more than one fourth share owing to increasing construction activities and growth in household maintenance activities
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Manufacturers Leveraging Sustainable & Eco-Friendly Coatings for Increasing Sales
The global wood coatings market is consolidated in nature. Wood coating manufacturers and woodworking manufacturers work closely to cater to the increasing demand for protective coatings from end-users, such as construction, furniture, etc. Wood products manufacturers are now moving to high-performance water-based coatings with a range of curing processes under pressure to reduce pollution and meet shortened lead times. Companies can capitalize on opportunities in Asia Pacific by offering cost-effective and high solids type of wood coatings.
