Wood paints and coatings have high durability and protect wood from physical damage, environmental stress, and wear & tear. They provide aesthetic appeal and protect wood surfaces from moisture, mildew, and other corrosive elements. Thus, wood paints and coatings finds extensive application on wood and wood-derived substrates in furniture, doors, windows, flooring and other construction applications.
The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from the construction industry is one of the key trends driving the growth of the wood paints and coatings market. Wood is widely used in construction for features like paneling, flooring, decking etc. Construction activities have picked up pace globally post pandemic recovery. Additionally, rising disposable income and changing lifestyle trends are also fueling residential construction in developing regions of Asia Pacific and Latin America. This increasing construction and renovation activities geared towards wood applications is anticipated to bolster the demand for wood paints and coatings during the forecast period.
Segment Analysis
The global wood paints and coatings market size is dominated by decorative paints and coatings. This is due to increasing spending on home renovation and remodeling activities around the world. Decorative paints and coatings are designed to protect and beautify interior and exterior surfaces made of wood. They impart an aesthetic appeal and offer excellent UV protection. Thus, their extensive use on wood surfaces like doors, window frames, furniture, and decking has been fueling market growth over the past few years.
Key Takeaways
The global wood paints and coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region currently dominates the global wood paints and coatings market and is expected to grow at the fastest CAGR during the forecast period. Countries like China, India, Japan, and South Korea are major consumers of wood paints and coatings owing to rapid urbanization, rising disposable incomes, and increasing residential and commercial construction activities 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 and AkzoNobel N.V. captured a significant share of the market in 2021 owing to their diversified product portfolio and strong distribution network across major countries globally.
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