Wood Coating Market Analysis | 2023-2028

“The Wood Coating Market was estimated at US$ 10.13 billion in 2022 and is expected to grow at a CAGR of 5.8% during 2023-2028 to reach US$ 14.24 billion by 2028.”

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Market Dynamics

Introduction

Wood Coating is the process of placing a protective layer or a coloring material onto the surface of the wood to give it a better look, increase durability, and make is resist certain conditions of nature. It plays an important role as a protector because it helps protect the wood from getting in contact with moisture, UV light, scratched, or even damaged.

Wood coatings are of different types including varnish, stain, lacquer, or paint, and may be of transparent or colored type and may be used to offer different effects. The coat also serves the purpose of giving the wood a sleek and creamy finish while at the same time protecting the wood from penetration of vices by sealing the pores of the wood. The current focus is an inevitable stage in the care and decoration of wooden structures.

Market Drivers

The wood coatings market dynamics are influenced by various factors, including demand from the construction industry (residential, commercial, and infrastructure projects), the thriving furniture industry, and the growing trend of interior design. Technological advancements in eco-friendly and low-VOC coatings address environmental concerns.

Consumer preferences for attractive finishes, durability, and ease of application shape the market. Competitive pricing, product innovations, and strategic partnerships drive growth and foster market competition, benefiting both consumers and industry players.

Segments Analysis

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By Coating Type

“The stains & varnishes segment dominates the market during the forecast period.”

The market is segmented into stains & varnishes, shellacs, wood preservatives, water repellents, and others. The stains & varnishes segment held the largest share of the market and is expected to remain the dominant as well as the fastest-growing segment during the forecast period.

By End-User Type

“The furniture segment dominates the market during the forecast period.”

The wood coating market is segmented into furniture, cabinets, siding, flooring & decking, and others. The furniture segment leads the market owing to the rise in population and increasing spending power of people, which is giving rise to the construction of new houses in the urban and sub-urban areas globally, and a surge in the construction of non-residential buildings and institutes is also a major reason for the dominance of this segment.

Regional Analysis

“Asia-Pacific is estimated to be the largest as well as the fastest-growing market during the forecast period.”

China, Japan, India, and Australia are the major countries offering promising growth opportunities. The market is driven by the increasing urbanization and extensive growth of wooden furniture in the Asia-Pacific region. In addition, the wood coating market is majorly driven by an increase in population and improving the living standards of individuals. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the wood coating market (arranged alphabetically).

• Akzonobel N.V.
• Arkema SA
• Ashland Inc.
• BASF SE
• Hempel A/S.
• Nippon Paint Co. Ltd.
• RPM International Inc.
• The Dow Chemical Company
• The Sherwin-Williams Company
• The Valspar Corporation.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the coating types by end-user type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.