Wood paints and coatings are used on various surfaces like wood, metals, plastics, and concrete to protect them from corrosion and improve aesthetics. They provide protection from sunlight, water, chemicals and prolong the life of surfaces. With rapid urbanization and infrastructure development activities across regions, the demand for wood paints and coatings is increasing.
The global wood paints and coatings market is estimated to be valued at US$ 11.04 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased infrastructure projects like construction of buildings, bridges are driving the growth of this market. Governments across regions are investing heavily in development of infrastructure which requires usage of wood and other surfaces on large scale. This increase in infrastructure activities leads to higher demand for wood paints and coatings to protect and beautify surfaces. Protective wood paints and coatings protects the infrastructure and materials from external factors like sun rays, water and extend their life. This acts as a key growth factor for increased demand of wood paints and coatings.
Segment Analysis
The global wood paints and coatings market is dominated by lacquers segment. This is because lacquers provide a hard and durable finish to wood surfaces. They form a protective film over the wood surface and prevent damage caused by water, heat, scratches etc. thus increasing the longevity of wood. Lacquers dry quickly to form this hard film and also enhance the natural beauty of wood grain.
Key Takeaways
The Global Wood Paints And Coatings Market Share is expected to witness high growth over the forecast period of 2024 to 2031. Factors such as increasing residential and commercial construction activities, growing furniture industry and rising spending on home interiors and remodeling are fueling the demand for wood paints and coatings globally. The global wood paints and coatings market is estimated to be valued at US$ 11.04 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.
Regional analysis
Asia Pacific region currently dominates the global wood paints and coatings market and is expected to remain the fastest growing region during the forecast period. Countries like China, India, Indonesia, Vietnam, Thailand and Malaysia are driving the growth of wood paints and coatings market in Asia Pacific owing to rapid urbanization, rising per capita income and growing population. Growing construction and furniture industries in these countries is further propelling the demand for wood paints and coatings in the region.
Key players
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 is a leading player with wide range of paints and coatings products for wood including Sikkens Cetol range. Axalta Coatings Systems offers wood finishes under its brands like Cromax, Spies Hecker etc.
For more details on the report, Read- https://www.rapidwebwire.com/wood-paints-and-coatings-market-demand-and-overview/
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