The global wood coatings market stood at USD 9,118.3 Mn in 2017 and is expected to reach USD 12,729.4 Mn by the end of 2023. The global wood coatings market is likely to post a CAGR of 5.81% over the forecast period of 2020-2027, asserts Market Research Future (MRFR) in a detailed study. Volume-wise, the global wood coatings market was valued at USD 3,139.0 thousand tons in 2017 and is predicted to grow at a CAGR of 4.91% over the forecast period.
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The global wood coatings market derives much of its growth from the expanding construction industry. Renovation and rebound activities on a global scale generate enormous demand for wood coatings for protection in residential and non-residential purposes. Also, an outlay of vast amounts on infrastructural projects in emerging as well as developed economies provide an impetus to the growth of the global wood coatings market. The economic upturn across the globe coupled with growing disposable income makes consumers more likely to invest in long-term investments such as property and real estate, or maintenance and renovation which is likely to enhance the growth of the global wood coatings market. On the contrary, the market growth might be threatened by the growing use of non-wooden housing materials due to concerns over deforestation and forest conservation.
Segmentation
The global wood coatings market has been segmented based on type, technology, resin, application, and end use.
By type, the global wood coatings market has been segmented into stains & varnishes, water repellents, wood preservatives, shellac coatings, and others. The stains and varnishes segment accounted for more than 40% share of the global market in 2017 and is estimated to remain the dominant segment over the forecast period. The wood preservatives segment holds high growth potential.
By technology, the global wood coatings market has been segmented into solvent-based, UV curing, high solid solvent-based, and water based. The solvent-based segment dominated the market in 2017 and is expected to maintain similar growth trend over the forecast period. Solvents provide gloss finish which makes them highly popular.
By resin, the global wood coatings market has been segmented into polyurethane, nitrocellulose, acrylic, polyester, and others. The polyurethane segment is expected to capture a CAGR of 5.83% over the forecast period and remain highly lucrative.
By application, the global wood coatings market has been segmented into flooring and decking, cabinets, furniture, sidings, and others (toys, sporting goods, and musical instruments). The furniture segment accounts for the largest share of the market and is likely to expand at a CAGR of 5.97% over the forecast period.
By end use, the global wood coatings market has been segmented into residential and non-residential. The residential segment is expected to surpass the non-residential segment over the forecast period. The residential segment is expanding on account of growing discretionary spending and rapid urbanization.
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Regional Analysis
By region, the global wood coatings market has been segmented into the Americas, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA). APAC is the largest market for wood coatings. A booming economy and emerging economies in the region provides massive growth opportunities which will help the APAC market attain a valuation of USD 6400 Mn by the end of the forecast period. High investment in infrastructural development creates a conducive environment for the growth of the market. China, India, and Japan are key markets in the APAC region while Thailand, Malaysia, and Indonesia present lucrative opportunities due to the growth of the tourism industry in the region.
North America and Europe are significant growth pockets. The markets in these regions are driven by the ongoing remodeling and renovation activities in these region.
The MEA market is expected to emerge as a significant growth pocket on account of government endeavors towards the development of infrastructure to boost the tourism industry which has stimulated the growth of the wood coatings market in the MEA region.
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Competitive Landscape
The notable players in the global wood coatings market include Nippon Paint Holdings Co., Ltd, The Sherwin-Williams Company, Kansai Nerolac Paints Limited, Jotun, Hempel A/S, PRM International, INC., Asian Paints, PPG Industries, Inc., DowDuPont, Inc., Akzo Nobel NV, Berger Paints India Limited, Arkema SA, and Axalta Coating Systems Ltd.
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