Wood Coatings Market - Global Industry Analysis and Forecast 2023

Some of the major drivers behind the growing demand of global wood coating marketinclude rise in new construction (both residential and commercial), recovery of global economy, increasing disposable income and increasing urbanized population. The growing construction of residential and non-residential buildings is driving the demand for wood coating.

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The increasing disposable income across the globe has enhanced the living standards of people, with increased spends on houses; which also contributed to the increased demand for wood coating. According to the National Bureau of Statistics of China, the annual per capita disposable income of urban households in China increased from $2,271.0 in 2008 to $3,408.5 in 2012. 

In the current scenario, the homeowners are interested in investing more in the upkeep of their floors, fences, siding and decks. Properly managed and highly maintained home adds value of the home and saves money in the long term. Moreover, the increasing competition, stringent regulations and new product developments are some of the important factors for the growth of the wood coatings market. 

Based on coating type, the global wood coating market is segmented into stains and varnishes, shellacs, water repellents and others. Based on end-user, the global wood coating market is segmented into furniture, cabinets, siding, flooring, decking and others.

Geographically, Asia-Pacific is the largest market for wood coating followed by Europe and North America. During the forecast period, the Asia-Pacific wood coating market is expected to grow at the fastest rate, owing to increase in the disposable income and construction activities in the region.

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Some of the major competitors in the wood coating market include Akzo Nobel Coatings NV, Sherwin-Williams Co., Kansai Paint Co. Ltd., ICI Paints, DuPont Coatings and Color Technologies Group, PPG Industries Inc., BASF Coatings AG, Dow Coating Materials, Hempel A/S, The Valspar Corporation, Ashland Inc., RPM International Inc., and Arkema SA, Nippon Paint Co. Ltd.

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