Wood Coatings Market Size, Share, Demand, Growth & Trends by 2032
The global wood
coatings market is expected to augment at a healthy CAGR of 5.9% throughout
the forecast period from 2022 to 2032. The expansion of the wood coatings
market is attributed to the growth of the housing market as spending on
maintenance of decks, fences, flooring, and siding is rising. Furthermore,
stringent regulations, increased competition, a rise in unique formulations,
and new product advancements are some of the reasons driving the growth of the
wood coatings industry.
Rapid urbanization
in response to increasing development and population growth is predicted to
increase housing demand on a huge scale. As a result, the demand for furniture
such as chairs, tables, mattresses, sofas, shelves, and cupboards has risen
exponentially, thereby surging the demand for wood coatings. Although, the
availability of less expensive and higher-quality replacements, such as wood
composites and plastic wood, may limit the wood coatings market's growth.
Furthermore, stringent regulations, rising competition, growth in unique
formulations, and new product developments are some of the factors stimulating
the growth of the wood coatings market.
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In addition, the
availability of cheaper and quality substitutes such as wood composites and
plastic wood is likely to hamper the growth of the wood coatings market. Such
alternatives are often more durable and require less maintenance in comparison
to other wood products. Although several substitutes are available, wood is a
primary choice for commercial and residential purposes for clear wood finish
due to its wide availability in the market. Clear coat for wood accounts for
most of the wood protection demand comprising paints and stains accounting for
the largest shares. In contrast, preservatives, which are applied to lumber by
wood treatment companies, account for a smaller portion of wood protection
demand.
·
Wood
coating applications comprise interior wood, small furniture, panels, tables,
cupboards, chairs, office furniture, kitchen furniture, doors, and staircases
among others. Generally, there are three major types of wood coatings such as
evaporative, reactive, and coalescing.
·
It
has been often observed that the wood’s color changes by staining, bleaching,
or any other techniques. Once the wood surface is prepared and stained, the
coating is applied. It usually consists of several coats of shellac, drying
oil, paint, wax, or lacquer.
·
In
the final stages, the surface may be polished with the help of wool, steel,
rotten stone, or other materials. It is also dependent on the shine desired by
the customer. In addition to that, a final coat of wax is applied over the
finish to add a degree of protection. Polyurethane finish is also associated
with wood coatings.
·
Furniture,
decking, and siding are the three largest applications of wood coatings in
value terms. However, smaller doors, windows, and cabinet applications are
expected to achieve faster growth in the near future.
·
Paint
is considered a dominant wood coatings product utilized on siding, windows, and
doors, but as compared to other products, stains and sealers are more widely
utilized on cabinets, decks, furniture, and flooring. Polyurethane wood finish
is predominately used in primers and sealers.
·
Residential
end-user is known as the largest market for wood protection products, driven by
maintenance demand for various items such as fences, siding, and decks.
Non-residential and non-building uses account for a much smaller market for
wood protection products.
Key players in the
global wood coatings market are focusing on launching new and innovative types
of wood coatings in order to get an edge over the global landscape. The
prominent market players are concentrating on mergers and acquisitions to cater
to the diverse customer base. Furthermore, technological advancements are
making it possible to innovate new wood coatings products for better results in
the future.
More
Insights into the Wood Coatings Market
North American
region is anticipated to dominate the global wood coatings market. The growth
of the region is attributed to the increased demand for personalized home
design products, as well as rising customer spending, which will act as a major
driver for a thick clear coat of wood in North America.
Asia Pacific
region is currently known as the largest market for wood coatings, followed by
Europe. The expansion of the market is responsible due to rising sustained
demand from the developed markets and burgeoning demand from emerging economies
will continue to drive the wood coatings market. The wood coatings market is
witnessing a major shift of key market players from Europe and the U.S. to the
emerging economies of Asia Pacific, comprising China and India.
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