Wood Coating Market Trends

Growth Drivers

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.

Challenges

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

Wood Coating Market: Key Insights

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	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

Frequently Asked Questions (FAQ)

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.

The market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2033.

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.

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.

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.

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.

The market is segmented by resins, technology, method, application, and by region.

The furniture segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Wood Coating Market Trends