Wood Coatings Market 2022 Outlook, Current and Future Industry Landscape Analysis 2032

The wood coatings market is anticipated to garner a modest strength with a CAGR of 5.9% during 2022-2032.

“The key driver of the wood coatings market is the expansion of the housing market as spending on maintenance of decks, fences, flooring, and siding is rising.”

Stringent regulations, increased competition, a rise in unique formulations, and new product advancements are some of the reasons driving the growth of the wood coatings industry.

However, the availability of less expensive and higher-quality replacements, such as wood composites and plastic wood, may limit the wood coatings market’s growth.

“Improving consciousness towards aesthetics will drive significant investments in wood coatings market.”

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Wood coating applications include: interior wood, small furniture, panels, tables, cupboards, chairs, office furniture, kitchen furniture, doors and staircases among others. There are generally three types of wood coating: evaporative, reactive and coalescing.

Often, the wood’s colour is changed by staining, bleaching, or any other techniques. Once the wood surface is prepared and stained, the coating is applied. It usually consists of several coats of shellac, drying oil, paint, wax or lacquer.

Finally, the surface may be polished using wool, steel, rotten stone or other materials, depending on the shine desired. In addition, a final coat of wax is applied over the finish to add a degree of protection. Polyurethane finish is also associated with wood coatings.

Furniture, decking, and siding are the three largest applications of wood coatings in value terms. However, smaller doors, windows and cabinet applications are expected to achieve faster growth in the near future.

Paint is the dominant wood coatings product used on siding, windows and doors, but stains and sealers are more widely utilized on cabinets, decks, furniture, and flooring. Polyurethane wood finish is predominately used in primers and sealers.

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Residential end-user is the largest market for wood protection products, driven by maintenance demand for items such as fences, siding and decks. Non-residential and non-building uses account for a much smaller market for wood protection products.

What Governs the Growth of the Wood Coatings Market?

“Rapid urbanisation in response to development and population growth has resulted in an increase in housing demand on a huge scale. As a result, the demand for furniture such as chairs, tables, mattresses, sofas, shelves, and cupboards has risen exponentially, thereby surging the demand for wood coatings.”

In addition, stringent regulations, rising competition, growth in unique formulations and new product developments are some of the factors stimulating the growth of wood coatings market. However, availability of cheaper and quality substitutes, such as wood composites and plastic wood could hamper the growth of wood coatings market.

These alternatives are often more durable and require less maintenance as compared to wood products. Although substitutes are available, wood is a primary choice for commercial and residential purposes for clear wood finish due to wide availably in the market.

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Clear coat for wood accounts for the majority of the wood protection demand with paints and stains holding the largest shares. In contrast, preservatives, which are applied to lumber by the wood treatment companies, account for smaller portion of wood protection demand.

Which Region has the Largest Market Share?

“Increased demand for personalised home design products, as well as rising customer spending, will act as a major driver for thick clear coat for wood in North America.”

Asia Pacific is currently the largest market for wood coatings, followed by Europe, North America and Rest of the world (RoW).

Sustained demand from the developed markets and burgeoning demand from emerging economies will continue to drive the wood coatings market.

The wood coatings market is witnessing a major shift of key market players from Europe and the U.S. to the emerging economies of Asia Pacific, comprising of China and India.

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