Wood Paints And Coatings Market Is Estimated To Witness High Growth Owing To Rising Utilization In Construction Sector
The 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 are used to enhance the aesthetics of wood surfaces and protect the wood from degradation and weathering. They are utilized on a wide range of wooden structures including furniture, wood flooring, cabinets, paneling, and others. Key types of wood paints and coatings include oil-based, water-based, solvent-based, and others.
Market Dynamics:
Rising utilization of wood in the construction sector is a key driver contributing to the growth of the global wood paints and coatings market. According to the National Wood Flooring Association, around 60% of newly constructed houses in the United States utilize wooden floors. In addition, increasing consumption of coated wooden furniture supported by the rising global furniture industry is also boosting market growth. Growth of the overall paints and coatings industry supplemented by expanding DIY trend is expected to have a positive impact on the wood paints and coatings market over the forecast period. Continuous R&D in product development aimed at enhancing the lifecycle, chemical resistance and aesthetics of wood coatings is further fueling the growth of the market.
SWOT Analysis
Strength: Wood paints and coatings offers excellent protection to wood surfaces from environmental damages like moisture, UV radiation etc. These are durable and increases the aesthetic appeal of wood. These are widely available in a variety of finishes.
Weakness: Solvent based wood paints and coatings emit VOCs which are hazardous to health and environment. Premium products have higher prices. Lack of awareness in some regions regarding benefits of protective wood coatings.
Opportunity: Increasing remodeling and renovation activities globally drive the demand. Rapid urbanization and infrastructure development offer new growth prospects. Innovation in eco-friendly and low VOC product varieties capture new customers.
Threats: Fluctuations in raw material prices impact the production costs. Stringent environmental regulations on VOCs restrict the usage of certain chemicals. Growth of alternative surface protection materials poses competition.
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 infrastructure development and construction activities globally.
Regional analysis - Asia Pacific dominates the global market and is expected to maintain its leading position during the forecast period, growing at a CAGR of around 7%. This is attributed to rising construction spending in China and India. Europe and North America also offer lucrative growth opportunities.
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.
For more insights, read- https://cmiinfonest.blogspot.com/2023/12/eco-friendly-coatings-is-fastest.html
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