Market Size of Wood Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
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 3.18 million tons by the end of this year and is projected to reach 3.78 million tons 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.
