The Wood Paints and Coatings Market is estimated to be valued at US$ 9.04 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Wood paints and coatings are used to coat wooden surfaces for purposes of protection and aesthetic enhancement. They protect wooden surfaces from external aggressors such as moisture, UV radiation, scratches, and fungal or bacterial infestation. Wood paints and coatings provide a smooth and appealing finish to wood and are available in a wide range of colors and textures. The rising construction activities involving wood has propelled the demand for wood paints and coatings globally.
Market key trends:
Water-based wood paints and coatings are increasingly replacing solvent-based wood paints owing to their environment-friendly nature. Water-based paints emit lower volatile organic compounds (VOCs) and are considered safer during application. They also dry faster and allow for easy clean-up. Manufacturers are extensively focusing on developing innovative water-based wood coating solutions with high performance. New resin technologies are enabling water-based wood coatings to provide protection and longevity comparable to solvent-based coatings. The focus on sustainability and favorable regulatory push is driving strong demand for water-based wood paints and coatings.
Threat of new entrants: Low capital requirements and availability of raw materials has reduced barriers to entry in the wood paints and coatings market.
Bargaining power of buyers: Large buyers such as construction companies can negotiate lower prices for bulk purchases of wood paints and coatings.
Bargaining power of suppliers: Major raw material suppliers such as resin and pigment manufacturers exercise some control over pricing in the global market.
Threat of new substitutes: Alternatives like laminates and plastic coatings pose a threat, but wood retains an aesthetic appeal.
Competitive rivalry: Intense competition among established brands keeps prices low and encourages product innovation.
Strengths: Superior quality, durability and variety of wood paint and coating products. Established brands have strong distribution networks.
Weaknesses: Higher costs of R&D and marketing compared to local producers. Fluctuations in raw material prices affect profitability.
Opportunities: Growth in construction and furniture industries in developing nations increases demand. Bio-based and eco-friendly product varieties capture sustainability-oriented customers.
Threats: Stricter environmental regulations raise compliance costs. Economic slowdowns lower discretionary spending on home improvement and furniture.
The Wood Paints And Coatings Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing construction activities and improving lifestyle in developing economies. The US wood paints and coatings market accounted for around 25% of the global market share in 2021 owing to rising remodeling and renovation projects in the country.
The Asia Pacific region dominated the global wood paints and coatings market in 2021 with around 40% share and is expected to retain its leading position during the forecast period. burgeoning construction industry and increasing consumer spending on home decor in China and India are fueling the regional market growth.
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. These players are continuously launching new products with improved aesthetics and performance properties to strengthen their market shares.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it