Wood Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Report Covers Global Wood Coatings Market Manufacturers & Companies and it is Segmented by Resin Type (Acrylic, Nitrocellulose, Polyester, Polyurethane, and Other Resin Types), Technology (Water-borne, Solvent-borne, and UV-cured), Application (Furniture and Fixtures, Doors and Windows, Cabinets, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers the market sizes and forecasts in revenue (USD million) for all the above segments.

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Wood Coatings Market Size

Wood Coatings Market Summary
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Study Period 2018 - 2028
Base Year For Estimation 2022
CAGR > 3.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Wood Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Wood Coatings Market Analysis

The wood coatings market is estimated to be at 3,180.73 kilotons by the end of this year and is projected to reach 3,783.92 kilotons in the next five years, registering a CAGR of over 3.5% during the forecast period.

  • The COVID-19 pandemic negatively impacted the market. This was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
  • Over the short term, increasing furniture production and increasing construction industry in Asia-Pacific and Middle-East, and Africa are some of the factors driving the growth of the market studied.
  • On the flip side, stringent environmental regulations are expected to hinder the growth of the market.
  • However, increasing demand for ultra violet (UV)-cured coatings is anticipated to provide numerous opportunities over the forecast period.
  • The Asia-Pacific region dominated the market worldwide, with countries like China, India, and Japan being the biggest consumers.

Wood Coatings Industry Segmentation

Wood coatings are materials applied to wooden surfaces to protect the wood from natural and manmade factors. 

The wood coatings market is segmented based on 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, UV-cured, and powder coatings. By application, the market is segmented into furniture and fixtures, doors and windows, cabinets, and other applications. The report offers market size and forecasts for 15 countries across major regions. 

For each segment, market sizing and forecasts have been done on the basis of volume (kilotons) for all the above segments.

Resin Type
Acrylic
Nitrocellulose
Polyester
Polyurethane
Other Resin Types
Technology
Water-borne
Solven-borne
UV-cured
Powder Coatings
Application
Furniture and Fixtures
Doors and Windows
Cabinets
Other Applications (including Floors, Decks, and Molding Products)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Wood Coatings Market Trends

Growing Furniture Production Worldwide is Driving the Market Growth

  • The wood coating is of the utmost importance in furniture manufacturing, providing visual appeal and protective advantages. Some of the applications and benefits of wood coating in the furniture industry include enhancing visual appeal, protection against daily wear and tear, moisture resistance, UV protection, versatility, and environmental considerations.
  • The global demand for wood coatings is experiencing significant growth as a result of the expanding housing construction, population growth, and rising incomes worldwide. The increased demand for furniture items such as chairs, tables, beds, sofas, shelves, and cupboards is a key driver for this market expansion.
  • For instance, China exhibits a strong demand for furniture due to its large population. The country's substantial consumer base, combined with the growing disposable income of its residents, is fueling the development of the Chinese furniture industry. Customers are willing to invest more in floor coverings and furniture, driven by factors such as urbanization, real estate development, robust GDP growth, and economic stability. These trends contribute to the rising demand for wood coatings in the Chinese market.
  • Moreover, over the five years until 2022, it was predicted that China's Furniture Stores industry would expand at an annualized rate of 3.7%, reaching USD 36.0 billion. In China, there were 5,899 furniture stores as of 2022, a 0.1% rise from 2021. In addition, the National Bureau of Statistics of China reported that during the first four months of 2023, from January to April, the country's retail furniture sales totaled over CNY 47.69 billion (USD 7.09 billion).
  • Furthermore, the furniture rental industry, particularly for office furniture, holds a significant share of India's total furniture market. It is anticipated to reach USD 13 billion by 2025. These factors contribute to the growing demand for wood coatings in the furniture segment of the Indian market.
  • The United States boasts the world's largest furniture market. Increased disposable income has enabled more consumers to purchase new household furniture rather than relying on second-hand items. Major companies such as Ashley Furniture Industries, Ikea, Williams-Sonoma Inc., HNI Corporation, and Herman Miller operate production facilities in the country. For instance, according to US Census Bureau, furniture and home furnishing store sales in the United States amounted to approximately USD 1,41,261 million in 2022, representing an increase from 2021’s sales of USD 1,40,586 million.
  • Moreover, the growing demand for furniture in various countries has prompted companies to expand their presence in the furniture market, thereby driving the demand for wood coatings. For instance, in January 2022, WoodenStreet, a furniture startup, announced an investment of INR 50 crore (~USD 6.7 million) to double its on-ground presence from 45 to 100 stores across the country. The company is also expected to introduce new products, such as smart office furniture and modular kitchen solutions, which can potentially contribute to the growth of the wood coating market in the country.
  • Additionally, IKEA intends to make its largest-ever investment in the American market in 2023 by opening eight new shops and growing its fulfillment network. The company operates 51 stores in the United States.
  • Continuous changes in interior concepts for homes, offices, and apartments within the furniture industry drive innovation and development, particularly in terms of designs, sizes, and colors.
  • These factors are expected to enhance furniture production volumes worldwide. Wood coatings are extensively utilized in the furniture industry, and the increasing production volume of furniture globally further fuels the growth of the market under study.
Wood Coatings Market: Real Trade Furniture Revenue, in CNY Billion, China, April 2022 to April 2023

The Asia-Pacific Region is Expected to Dominate the Market

  • The Asia-Pacific region holds a prominent share of the global market. China boasts the world's largest furniture industry, which is booming due to rising domestic and overseas demand.
  • Both the furniture and construction industries in India have been witnessing major growth; increasing investments in the residential and commercial sectors and government initiatives such as "Housing for All" are driving this growth. The entry of major furniture companies, like IKEA, Bed Bath & Beyond Inc., and Wayfair Inc., is also expected to advance the expansion of the furniture business in the region. Additionally, there has been a predominant boom of public and private investments in the construction sectors of ASEAN countries in recent years. These factors are projected to aid Asia-Pacific's dominance of the market during the forecast period.
  • The increasing investments in the residential and commercial sectors, along with strategic initiatives by the Indian government, are expected to boost the furniture market in the country, which, in turn, is anticipated to drive the wood coatings market in India.
  • In India, the residential sector is the primary driver of demand for wooden furniture. This is because people use wooden furniture in their homes for a variety of purposes, such as cupboards, decorating, and so on. This is a rising demand for wooden furniture, such as dining sets, tables, and chairs, which is expected to continue in the coming years.
  • According to the India Brand Equity Foundation (IBEF), the real estate market is expected to reach USD 1 trillion by 2030, up from USD 200 billion in 2021, which is expected to propel the demand for home interior products and furniture in India.
  • Moreover, the Indian government, in its Union Budget 2022-23, allocated INR 48,000 Crores (~USD 5,849.91 million) for its ‘PM Aawas Yojana’ scheme, reiterating its commitment to implementing ‘Housing for All,’ which aims to build 80,00,000 affordable homes for the urban and rural poor in FY 2022-23.
  • The construction sector in Japan is expected to expand at a moderate pace in the country over the next five years, owing to the increasing investments in public and private infrastructure and commercial projects. According to the forecasts given by Japan’s Cabinet Office, the sector will contribute JPY 30,460 billion (USD 211.46 billion) to the GDP by the end of 2022. The GDP shares in 2023 and 2024 are expected to increase, reaching JPY 30,973 billion (~USD 215.02 billion) and JPY 31,500 billion (USD 218.68 billion), respectively.
  • Furthermore, Japan is a major area in the field of skyscrapers and high-rise buildings. The country hosts various high-rise buildings (nearly 290), with Tokyo being a major hub for such buildings. The planning and construction of such buildings are witnessing decent growth in Japan in the short term, supporting the growth of the market studied in the coming years.
  • Many luxury apartments and residential complexes are under construction in Japan. For instance, Mitsubishi State is constructing Japan’s tallest building which is to comprise 50 luxury apartments, each of which will be able to generate USD 43,000 per month of rent. The project is being built near the Tokyo station and will reach completion by 2027.
  • Such trends in the construction industry are likely to augment demand for furniture and other wooden fixtures. According to data from the Japan Ministry of Finance and Japan Furniture Industry Development Association, the total import value of furniture to Japan reached JPY 776.72 billion (USD 6.93 billion) in 2022, from JPY 660.97 billion (USD 5.89 billion) in 2021, thereby driving the demand for wood coatings in the studied market.
  • These factors are likely to help the Asia-Pacific region to dominate the market during the forecast period.
Wood Coatings Market - Growth Rate by Region

Wood Coatings Industry Overview

The Wood Coatings Market is partially fragmented in nature. The major players in this market (not in a particular order) include The Sherwin-Williams Company, Akzo Nobel N.V., PPG Industries, Inc., RPM International Inc., and Asian paints, among others.

Wood Coatings Market Leaders

  1. The Sherwin-Williams Company

  2. Akzo Nobel N.V.

  3. PPG Industries, Inc.

  4. RPM International Inc.

  5. asian paints

*Disclaimer: Major Players sorted in no particular order

Wood Coatings Market Concentration

Wood Coatings Market News

  • April 2023: Benjamin Moore & Co launched a new exterior paint called Element Guard, specifically designed to be applied on a variety of substrates, including wood. This paint is formulated to provide excellent resistance against cracking and peeling, as well as protection from mildew, excessive humidity, and other harsh weather conditions.
  • January 2023: Asian Paints announced its plans to invest in a new manufacturing facility for waterborne paints, with a capacity of 4 lakh KL per annum. The facility is also expected to manufacture waterborne wood coatings. The operation of this facility is set to commence by the year 2026.
  • December 2022: The Sherwin-Williams Company announced the successful completion of its acquisition of the ICA Group. This acquisition significantly expands the company's wood division in the performance coatings group operating segment. ICA Group, known for its presence in India and exports to Middle Eastern and African countries, will enable Sherwin-Williams to strengthen its position in these regions and enhance the overall capabilities of the company for industrial wood coating products.

Wood Coatings Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    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

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations

      2. 4.2.2 Other Restraints

    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 Buyers

      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

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    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

      4. 5.2.4 Powder Coatings

    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, and Molding Products)

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 France

        3. 5.4.3.3 United Kingdom

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

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

    2. 6.2 Market Share (%)**/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 Asian Paints - Ltd

      3. 6.4.3 Axalta Coating Systems

      4. 6.4.4 Benjamin Moore & Co

      5. 6.4.5 Ceramic Industrial Coatings

      6. 6.4.6 Hempel A/S

      7. 6.4.7 Jotun

      8. 6.4.8 Kansai Paint Co.,Ltd

      9. 6.4.9 KAPCI Coating

      10. 6.4.10 MAS Paints

      11. 6.4.11 National Paints Factories Co. Ltd.

      12. 6.4.12 Nippon Paint Holdings Co., Ltd

      13. 6.4.13 PPG Industries, Inc.

      14. 6.4.14 Ritver

      15. 6.4.15 RPM International Inc.

      16. 6.4.16 Teknos Group

      17. 6.4.17 The Sherwin-Williams Company

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for UV-cured Coatings​

    2. 7.2 Other Opportunities

**Subject to Availability
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Wood Coatings Market Research FAQs

The Wood Coatings Market is projected to register a CAGR of greater than 3.5% during the forecast period (2023-2028).

The Sherwin-Williams Company, Akzo Nobel N.V., PPG Industries, Inc., RPM International Inc. and asian paints are the major companies operating in the Wood Coatings Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the Asia Pacific accounts for the largest market share in the Wood Coatings Market.

Wood Coatings Industry Report

Statistics for the 2023 Wood Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wood Coatings analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Wood Coatings Market Report Snapshots

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