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Wood Coating Market Size & Share, by Resins (Acrylic, Nitrocellulose, Polyester, Polyurethane); Technology (Solvent-borne, Water-borne, UV-Cured); Method (Roll & Brush Coating, Vacuum Coating, Spray Coating); Application (Furniture, Cabinets, Siding, Flooring) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 1008
  • Published Date: Feb 08, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Wood Coating Market size is anticipated to surpass USD 12 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of wood coating was over USD 8 Billion. The factor that is attributed to the growth of the market is the expansion of the construction industry as well as the rising construction processes that are anticipated to increase the utilization rate of wood coating across the world in the forecast period. It was calculated that the total spending in the U.S. construction sector amounted to around USD 2 trillion in 2020.

The wood coating is applied to furniture, doors and other home interiors to protect them from external influences and to decorate them. To improve the durability and upgrade the appeal of the exteriors and interiors of houses, the wood coating is a preferred option in construction processes.

Wood-Coating-Market
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Wood Coating Sector: Growth Drivers and Challenges

Growth Drivers

  • Growth in Demand for Furniture - The demand for furniture has considerably risen up in the past few years owing to the needs of people who are propelled to spend a portion on furniture to maintain the aesthetic look and upgrade the appearance. With furniture sales going up, the adoption rate of wood coating is expected to increase in the forecast period. As per a report published recently, it was anticipated that the global furniture sales revenue to reach approximately USD 300 billion in 2022.
  • Rising Employment in Construction Industry – Recent calculations stated that there were almost 10 million construction workers in the United States, approximately 8% of the total working population as of 2021.
  • Burgeoning Population - As per World Bank, the total population in the world stood at 7.76 billion in 2021, up from 7.09 billion in 2012.
  • Increased Research & Development (R&D) Expenditure - As per World Bank, the Research and Development expenditure accounted for 2.63% of total GDP in 2020, up from 2.13% of total GDP in 2017.

Challenges

  • Growing Costs of Raw Materials – owing to raw material shortages, and logistical challenges. The market has to adjust its planning and processes to continue service with limited products available.
  • Stringent Government Rules on the Usage of Volatile Organic Compounds (VOC)
  • Rising Concerns about Adverse Effects on the Environment

Wood Coating Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

5%

Base Year Market Size (2022)

USD 8 Billion

Forecast Year Market Size (2033)

 USD 12 Billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Wood Coating Segmentation

Application (Furniture, Cabinets, Siding, Flooring)

The wood coating market is segmented and analyzed for demand and supply by application into furniture, cabinets, siding, flooring, and others. Out of these, the furniture segment is attributed to garner the highest market share by 2033, on the account of rising furniture industry across the world and a surge in the popularity of coated furniture. The latest calculations suggested that the global furniture industry is expected to see a growth rate of 2% by 2024.

Our in-depth analysis of the global includes the following segments:

      By Resins
  • Acrylic
  • Nitrocellulose
  • Polyester
  • Polyurethane
  • Others

       By Technology
  • Solvent-borne
  • Water-borne
  • UV-Cured
  • Others

       By Method
  • Roll & Brush Coating
  • Vacuum Coating
  • Spray Coating

       By Application
  • Furniture
  • Cabinets
  • Siding
  • Flooring
  • Others

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Wood Coating Industry - Regional Synopsis

Asia Pacific Market Forecast

The Asia Pacific wood coating market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to consumer spending on furniture along with rising disposable income. A recent report suggested that China spent approximately USD 70 billion on furniture in the year 2018.

Research Nester
Wood-Coating-Market-Size
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Companies Dominating the Wood Coating Landscape

top-features-companies
    • Dunn-Edwards Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Koninklijke DSM N.V.
    • AkzoNobel Hilden GmbH
    • Evonik Industries AG
    • The Dow Chemical Company
    • BASF
    • PPG Industries, Inc.
    • Kansai Nerolac Paints Limited
    • Sherwin-Williams Company
    • Nippon Paint Holdings Group
In-the-news

In The News

  • Dunn-Edwards Corporation - launched DECOGLO, an interior semi-gloss paint for cabinets, doors, and trim.

  • Koninklijke DSM N.V. (DSM) - announced the completion of the sale of its Protective Materials business to Avient Corporation.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 1008
  • Published Date: Feb 08, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rising demand of furniture by the burgeoning population along with the expansion of construction industry are some of the factors that are expected to drive the market growth.

The market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2033.

The growing costs of raw materials along with the stringent government rules on the usage of Volatile Organic Compounds (VOC) and rising concerns of adverse effect on environment are some of the factors that are estimated to market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Dunn-Edwards Corporation, AkzoNobel Hilden GmbH, DSM, Evonik Industries AG, The Dow Chemical Company, BASF, PPG Industries, Inc., Kansai Nerolac Paints Limited, Sherwin-Williams Company, Nippon Paint Holdings Group, and other key players.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by resins, technology, method, application, and by region.

The furniture segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Wood Coating Market Report Scope
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