Wood Coating Market Analysis by Resins (Acrylic, Nitrocellulose, Polyester, Polyurethane, and Others); by Technology (Solvent-borne, Water-borne, UV-Cured, and Others); by Method (Roll & Brush Coating, Vacuum Coating, and Spray Coating); and by Application (Furniture, Cabinets, Siding, Flooring, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Dunn-Edwards Corporation - launched DECOGLO, an interior semi-gloss paint for cabinets, doors, and trim.
Koninklijke DSM N.V. (DSM) - announced the completion of the sale of its Protective Materials business to Avient Corporation.
Wood coatings are a kind of material applied on a wooden surface. It is used to protect the wood from different natural, manmade, and environmental factors which can cause harm to the wood. Basically, wood coatings act as a lifeguard to any wooden item. The wood coating helps in sealing the pores of wood which can be a breeding ground for bacteria, making it easier to keep the wood clean and sanitized. Wood coatings are the final step in wood finishing that gives wooden surfaces a desirable appearance.
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~ USD 8 Billion |
|
Forecast Year Market Size (2033) |
~ USD 12 Billion |
|
Regional Scope |
|
The global wood coating market is estimated to garner a revenue of ~USD 12 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 8 billion in the year 2022. The factor that is attributed to the growth of the market is the expansion of the construction industry as well as the rising construction processes that are anticipated to increase the utilization rate of wood coating across the world in the forecast period. It was calculated that the total spending in the U.S. construction sector amounted to around USD 2 trillion in 2020.
Get more information on this report:Download Sample PDF
The wood coating is applied to furniture, doors and other home interiors to protect them from external influences and to decorate them. To improve the durability and upgrade the appeal of the exteriors and interiors of houses, the wood coating is a preferred option in construction processes.
Growth in Demand for Furniture - The demand for furniture has considerably risen up in the past few years owing to the needs of people who are propelled to spend a portion on furniture to maintain the aesthetic look and upgrade the appearance. With furniture sales going up, the adoption rate of wood coating is expected to increase in the forecast period. As per a report published recently, it was anticipated that the global furniture sales revenue to reach approximately USD 300 billion in 2022.
Rising Employment in Construction Industry – Recent calculations stated that there were almost 10 million construction workers in the United States, approximately 8% of the total working population as of 2021.
Burgeoning Population - As per World Bank, the total population in the world stood at 7.76 billion in 2021, up from 7.09 billion in 2012.
Increased Research & Development (R&D) Expenditure - As per World Bank, the Research and Development expenditure accounted for 2.63% of total GDP in 2020, up from 2.13% of total GDP in 2017.
Growing Costs of Raw Materials – owing to raw material shortages, and logistical challenges. The market has to adjust its planning and processes to continue service with limited products available.
Stringent Government Rules on the Usage of Volatile Organic Compounds (VOC)
Rising Concerns about Adverse Effects on the Environment
The wood coating market is segmented and analyzed for demand and supply by application into furniture, cabinets, siding, flooring, and others. Out of these, the furniture segment is attributed to garner the highest market share by 2033, on the account of rising furniture industry across the world and a surge in the popularity of coated furniture. The latest calculations suggested that the global furniture industry is expected to see a growth rate of 2% by 2024.
The Asia Pacific wood coating market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to consumer spending on furniture along with rising disposable income. A recent report suggested that China spent approximately USD 70 billion on furniture in the year 2018.
Our in-depth analysis of the global wood coating market includes the following segments:
|
By Resins |
|
|
By Technology |
|
|
By Method |
|
|
By Application |
|
Ans: The rising demand of furniture by the burgeoning population along with the expansion of construction industry are some of the factors that are expected to drive the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Ans: The growing costs of raw materials along with the stringent government rules on the usage of Volatile Organic Compounds (VOC) and rising concerns of adverse effect on environment are some of the factors that are estimated to market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Dunn-Edwards Corporation, AkzoNobel Hilden GmbH, DSM, Evonik Industries AG, The Dow Chemical Company, BASF, PPG Industries, Inc., Kansai Nerolac Paints Limited, Sherwin-Williams Company, Nippon Paint Holdings Group, and other key players.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by resins, technology, method, application, and by region.
Ans: The furniture segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
Submit RFP Buy Now Download Research Report Sample
