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 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Wood paints and coatings play an important role in enhancing the aesthetic appeal and durability of wood and wooden products such as furniture, decking, fencing, and siding. They protect wood from extreme weather conditions, moisture, UV radiation, and microbial degradation. They come in a wide range of colors and finishes such as gloss, satin, matte, and metallic to suit different decorative requirements. Their easy application and ability to revitalize old wooden surfaces have made them very popular for residential as well as commercial applications.

Market key trends:

One of the key trends in the wood paints and coatings market is the growing demand for bio-based and green products. With rising environment awareness, consumers prefer paints made from natural and sustainable ingredients over conventional oil-based varieties. Major players are increasingly focusing on developing soy, corn, and other plant-derived resins to meet this demand. Water-based acrylic and alkyd coatings have also gained popularity as they contain lower VOCs and cure faster without emitting harmful fumes. Furthermore, the availability of innovative product types such as stain, sealer, and varnish in a single finish has driven the sales of combo wood care products.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to high capital requirements for R&D and manufacturing facilities.

Bargaining power of buyers: The bargaining power of buyers is high because of the presence of numerous global and regional suppliers offering substitutes.

Bargaining power of suppliers: The bargaining power of suppliers is medium as there are few raw material suppliers and availability of substitutes.

Threat of new substitutes: The threat of substitutes is medium as other surface protection solutions like fiber cement siding, stucco, and vinyl sidings can be used.

Competitive rivalry: High due to presence of numerous global and regional players offering differentiated products.

Key Takeaways

The global Wood Paints And Coatings Market Trends is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing construction activities globally. Wood coatings protect wood surfaces from damages caused by moisture, UV rays, abrasion and wear.

Regional analysis:

Asia Pacific dominates the global wood paints and coatings market due to increase in infrastructure and construction activities in China and India. North America follows Asia Pacific due to rise in residential construction in the US. Europe holds a significant share due to growing renovation and restoration 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 , AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems. BASF SE offers a wide range of wood coatings under the Glasurit and Ronal brands. Arkema SA provides various pigments and resins for wood coatings.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it