April 23, 2024

Wood Paints and Coatings Market Poised to Ride on Burgeoning Demand for Water-Based Coatings

The wood paints and coatings market has evolved significantly over the last few decades owing to the growing requirement for protective and decorative coatings for wood materials. The demand for wood paints and coatings arise from their ability to protect wood surfaces from moisture, UV radiation damage, biological degradation, etc. while also enhancing aesthetics. Water-based technologies have gained prominence in the wood paints and coatings industry due to their environmental compliance.

The Global wood paints and coatings market is estimated to be valued at US$ 11.04 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

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. Wood paints and coatings find extensive application in furniture, doors & windows, cabinets, and flooring among others. The rising spending on home improvement and interior decoration is fueling the demand for wood surfaces coatings. Moreover, technological advancements in terms of water-based product formulations with low VOC content are accelerating the uptake of sustainable coatings solutions in the market.

Key Takeaways
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.

Key opportunities – Growing construction of commercial infrastructure such as offices, hospitals and educational institutions is opening lucrative opportunities for wood paints and coatings manufacturers.

Technological advancements – Development of water-based wood paints and coatings with nanotechnology and self-cleaning properties are some of the technological advancements strengthening business case of wood surface coatings.

Market drivers
Rising remodeling and renovation activities – Growth in the home remodeling and renovation sector driven by changing consumer preferences is fueling demand for wood paints and coatings globally. New construction and re-painting of existing structures require painting, varnishing, and coating of wood surfaces and augment market revenues.

Current challenges in the Wood Paints And Coatings Market
The wood paints and coatings market is facing various challenges such as shortage of raw materials, rising prices of raw materials, and stringent environmental regulations. The pricing pressures from downstream buyers and competition from alternative materials are also posing challenges.

SWOT Analysis
Strength: Eco-friendly water-based formulations. Wide applications in wooden furniture, doors, windows, and flooring.
Weakness: High prices of organic and bio-based resins. Vulnerable to fluctuations in raw material prices.
Opportunity: Emerging demand in Asia Pacific and Middle East & Africa. Growing preference for bio-based coatings.
Threats: Availability of inexpensive low-quality substitutes. Stringent environmental regulations regarding VOC emissions.

Geographical regions with market concentration
North America holds the major share in terms of value in the global wood paints and coatings market, followed by Europe. The presence of major furniture manufacturing hubs and increased spending on home redecoration and remodeling in the United States and Canada drives the market in North America.

Fastest growing region for the Wood Paints And Coatings Market
Asia Pacific is projected to be the fastest growing region for the wood paints and coatings market during the forecast period. Rapid industrialization, growing middle class population, and rising disposable incomes in countries such as China, India, Indonesia, Thailand, and Malaysia are fueling the demand for wooden furniture and flooring, thus propelling the Asia Pacific market.

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