Wood Paints And Coatings is Estimated to Witness High Growth Owing to Increasing Demand for Wood Construction Materials
Wood paints and coatings are used to protect wood from damage caused by water, sunlight and harsh weather conditions. They are mainly used in wood products such as furniture, doors, ceilings, and flooring that require protection from daily wear and tear. The coatings provide an aesthetic appeal and textural finish to wood substrates. They contain pigments, binders, thinners and additives that impart color and gloss, while binding the other components together. Some key products include wood stains that penetrate deep into wood pores to color it, wood finishes that build a protective coating on wood surfaces, wood sealers that seal the wood against moisture penetration and wood primer that prepares the wood surface for topcoats.
The global 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 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing demand for wood construction materials from the building and construction industry is a major driver boosting the growth of the wood paints and coatings market. Wood is widely used in buildings for ceiling boards, flooring, roofing and other applications owing to its properties such as strength, insulation, flexibility and eco-friendly nature. This drives the need for protective and decorative wood paints and coatings. Another key driver is the growing wood furniture industry. Emerging economies are witnessing increased discretionary spending on home décor and furnishings which supported the furniture sector growth in recent times. This positivelt impacted the demand for wood finishes and stains.
SWOT Analysis
Strength: Wood paints and coatings provides protection and long-lasting finish to wood surfaces, which increases the lifespan of wood products. They offer aesthetic improvements like staining or clear coating. They shield wood from moisture, ultraviolet radiation, mold, fungal decay, and insect damage.
Weakness: Some solvent-based oil paints and stains contain volatile organic compounds (VOCs) which emit toxic fumes during and after application. Water-based coatings dry more slowly than solvent-based ones.
Opportunity: Growing construction and infrastructure development activities across the world have boosted the wood products market. This is increasing demand for wood protection through paints and coatings. The shift towards eco-friendly and zero/low VOC products present opportunities.
Threats: Stringent environmental regulations around VOC emissions can restrict the use of certain solvent-based products. Economic slowdowns negatively impact construction and the wood paints market. Alternative building materials like plastic, concrete, and composites pose threats.
Key Takeaways
The global wood paints and coatings market size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 9.58 Mn by 2024 registering a CAGR of 6.3%.
Regional analysis: Asia Pacific currently dominates the market owing to rapid urbanization and infrastructure growth in China, India. The region accounts for over 35% of the global market share in 2024 driven by new residential and commercial construction. Europe and North America are established markets with growing preference for eco-friendly water-based wood coatings.
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., Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems. BASF, AkzoNobel, and Nippon Paint collectively account for over 25% of the global market revenue. They cater to various wood applications like furniture, flooring, joinery through their extensive coating product portfolios.
Get more insights on this topic: https://www.newswirestats.com/wood-paints-and-coatings-market-size-and-outlook-2023-2030/
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