Wood Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Resin Type (Acrylic, Nitrocellulose, Polyester, Polyurethane, and Other Resin Types), Technology (Water-borne, Solvent-borne, and UV-cured), Application (Furniture and Fixture, Doors and Windows, Cabinet, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Wood Coatings in revenue (USD million) for all the above segments.

Market Snapshot

 Wood Coating Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4.66 %

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Market Overview

The market for wood coatings is likely to register a CAGR of over 5% during the forecast period. One of the major factors driving the market studied is the growing production of furniture across the world. The growing construction industry in Asia-Pacific, and Middle East & Africa is also likely to boost the market growth.

  • The polyurethane segment dominated the market, and is expected to grow during the forecast period, owing to the increasing applications of polyurethane coatings across several sectors, including commercial, architectural, and structural work, paneling, furniture, etc.
  • Stringent environmental regulations may restain the demand for wood coatings, during the forecast period.
  • There is a huge potential market for water-based coatings in developing countries, owing to the increasing awareness toward eco-friendly products. This is likely to act as an opportunity for the market, in the future.
  • Asia-Pacific dominated the wood coatings market across the world, in 2018, and is expected to continue dominating the market during the forecast period, owing to the major growth of construction activities in countries, like India.

Scope of the Report

The wood coatings market is segmented by resin type, technology, application, and geography. By resin type, the market is segmented into Acrylic, Nitrocellulose, Polyester, Polyurethane, and Other Resin Types. By technology, the market is segmented into Water-borne, Solvent-borne, and UV-cured. By application, the market is segmented into Furniture and Fixtures, Doors and Windows, Cabinets, and Other Applications. The report also covers the market size and forecasts for the wood coatings market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Resin Type
Other Resin Types
Furniture and Fixtures
Doors and Windows
Other Applications (including Floors, Decks, Moulding Products)
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Growing Furniture Production Worldwide is Driving the Market Growth

  • With increasing housing construction, population, and income-levels across the world, the demand for furnitures, such as chairs, table, bed, sofa, shelves, and cupboard, has been increasing significantly.
  • Moreover, with the rapidly growing service sector, a huge proportion of the population has been relocating to new locations, which is driving the trend of hostels, co-living, guest houses, and official premises. This is expected to augment the demand for various furniture products.
  • In the furniture industry, concepts related to interiors of homes, offices, and flats are changing continuously. This is driving innovation and development, primarily in terms of designs, size, and colors, which is expected to augment the production volume of furniture across the world.
  • In the furniture industry, wood coatings are extensively used. Thus, the increasing production volume of furniture across the world is augmenting the growth of the market studied.
Wood Coatings Market - Segmentation

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share. China has the largest furniture sector across the world, which is thriving, owing to the increasing domestic and foreign demand. In India, both the furniture and construction sectors have been witnessing major growth in recent times.
  • Some of the key factors that are boosting this growth include the increasing investment in the residential and commercial sector and government initiatives, like "Housing for All". The entry of major furniture companies, like IKEA, is also expected to boost the furniture industry's growth. 
  • Additionally, there has been major growth in the public and private investments in the construction sectors of ASEAN countries, in recent times. These factors are likely to help the Asia-Pacific region to dominate the market, during the forecast period.
Wood Coatings Market - Regional Trend

Competitive Landscape

The wood coatings market is consolidated, with the top three players accounting for nearly 70% of the entire revenue share. The top three companies in the market are the Sherwin-Williams Company, AkzoNobel NV, and PPG Industries, among others.

Recent Developments

  • In March 2021, Akzo Nobel N.V. has completed the acquisition of INDUSTRIAS TITAN, S.A.U. (Titan Paints), which also produces products for wooden applications, thereby has enhanced the company’s paint business.
  • In March 2021, Axalta Coating Systems has launched Imron Industrial 2100 HG-C polyurethane high-gloss clear coat for wood and other application, which offers quick melt and smooth flow such that damaged areas can be repaired easily.
  • In December 2020, PPG Industries, Inc. has announced the signature of agreement to acquire Tikkurila, a producer, and distributor of industrial wood and protective coatings thereby has enhanced the company’s wood coatings business.
  • In October 2020, Akzo Nobel N.V. has announced 100% UV cured wood exterior coatings under the brand name RUBBOL through Sikkens Wood Coatings product range, which will save production time and energy costs.
  • In September 2020, Akzo Nobel N.V. has completed the acquisition of Stahl Performance Powder Coatings and its range of products for heat-sensitive substrates such as medium-density fiberboard (MDF), plywood, and others.
  • In June 2020, Axalta Coating Systems has launched new polyurethane wood coating products, which are made to protect and enhance the aesthetics of wood surfaces, thereby enhanced the company’s polyurethane wood coatings business.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Furniture Production

      2. 4.1.2 Growing Construction Industry in Asia-Pacific, and Middle-East and Africa

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations

      2. 4.2.2 Unfavorable Conditions Arising due to COVID-19 Outbreak

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Resin Type

      1. 5.1.1 Acrylic

      2. 5.1.2 Nitrocellulose

      3. 5.1.3 Polyester

      4. 5.1.4 Polyurethane

      5. 5.1.5 Other Resin Types

    2. 5.2 Technology

      1. 5.2.1 Water-borne

      2. 5.2.2 Solven-borne

      3. 5.2.3 UV-cured

    3. 5.3 Application

      1. 5.3.1 Furniture and Fixtures

      2. 5.3.2 Doors and Windows

      3. 5.3.3 Cabinets

      4. 5.3.4 Other Applications (including Floors, Decks, Moulding Products)

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.4.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.4.3 Europe

        1. Germany

        2. France

        3. United Kingdom

        4. Italy

        5. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel N.V.

      2. 6.4.2 Axalta Coating Systems​

      3. 6.4.3 BASF SE

      4. 6.4.4 Benjamin Moore & Co. Inc.

      5. 6.4.5 Brillux GmbH & Co. KG

      6. 6.4.6 Diamond Vogel

      7. 6.4.7 ICA Group

      8. 6.4.8 IVM Chemicals SRL

      9. 6.4.9 Jotun

      10. 6.4.10 Kansai Paint Co. Ltd

      11. 6.4.11 KAPCI Coatings

      12. 6.4.12 Kelly-Moore Paints

      13. 6.4.13 Nippon Paint Holdings Co. Ltd ​

      14. 6.4.14 PPG Industries Inc.

      15. 6.4.15 Renner Herrmann SA ​

      16. 6.4.16 RPM International Inc.

      17. 6.4.17 Sherwin-Williams Company

      18. 6.4.18 Sirca SpA

      19. 6.4.19 Sniezka SA

      20. 6.4.20 Teknos Group

      21. 6.4.21 TIGER Coatings GmbH & Co. KG

      22. 6.4.22 Vermont Natural Coatings Inc.

      23. 6.4.23 WEILBURGER Coatings GmbH

    5. *List Not Exhaustive

    1. 7.1 Increasing Demand for UV-cured Coatings​

    2. 7.2 Shift toward Water-borne Coatings​

**Subject to Availability

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Frequently Asked Questions

The Wood Coatings Market market is studied from 2016 - 2026.

The Wood Coatings Market is growing at a CAGR of >4.66% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Sherwin Williams Company, PPG Industries Inc., Akzo Nobel N.V., RPM International Inc., Axalta Coating Systems are the major companies operating in Wood Coatings Market.

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