by Wood paints and coatings are applied to protect wood surfaces from degradation caused by environmental exposure. They enhance durability and aesthetics of wood used in various construction, furniture and other applications. With growing construction of commercial buildings and houses, the demand for wood paints and coatings has increased substantially.
The global Wood Paints And Coatings Market is estimated to be valued at US$ 11.04 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising construction activities especially in developing economies of Asia Pacific and Latin America has propelled the demand for wood paints and coatings. Wood is widely used in construction of doors, windows, flooring and other components. According to World Bank data, the annual global construction output is expected to grow by 85% to reach $15.5 trillion by 2030. This rising construction output will boost the consumption of wood and consequently augment the wood paints and coatings market growth over the forecast period.
SWOT Analysis
Strength: Wood paints and coatings offer protection and increase the durability of wood. They provide aesthetic appeal and protect the wood from environmental damages like UV rays, moisture etc.
Weakness: Some wood coatings contain volatile organic compounds (VOCs) that release toxic fumes. Traditional oil-based wood coatings take longer drying time.
Opportunity: Increasing construction and renovation activities globally is driving the demand for wood paints and coatings. Growing awareness about eco-friendly water-based products presents an opportunity.
Threats: Fluctuations in raw material prices like resins, pigments can increase the price of end products. Strict environmental regulations on VOCs can impact certain product lines.
Key Takeaways
The Global Wood Paints And Coatings Market Share is expected to witness high growth at a CAGR of 6.3% during the forecast period of 2024 to 2031. The market size is projected to reach US$ 11.04 billion by 2024.
Regional analysis
The Asia Pacific region currently dominates the global market due to high growth in construction activities in major economies like China and India. Countries like China, Japan and India account for over 45% of the global demand. Europe is also a significant market owing to stringent environmental laws favoring water-based 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., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems. Leading manufacturers are focusing on developing sustainable bio-based and low VOC products to cater to regulatory guidelines and consumer preferences.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
