Rebound in Residential Construction Activities Bringing Fresh Hopes to the Wood Coatings Industry

Overview

The global wood coatings market, during the forecast period 2023-2030, will register growth at a CAGR of 3.98%. The market for wood coatings is set to reach new heights. As per wood coatings market analysts, the global market is anticipated to witness growth owing to the factors such as emergence of new technologies as well as rising urbanisation coupled with new infrastructure projects . However, the market for wood coatings will face challenges and restraints due to fluctuating raw material costs and growing concern towards the environment during the forecast period 2023-2030.

Growing dependence of furniture industry on coatings  in the wood coatings market is set to play a key role in determining the growth potential during 2023 to 2030years. Analysts have also studied this market to understand potential threats and challenges the wood coatings market companies could face. Although the market for wood coatings is poised to grow at a fast pace across type, resin type, technology, application, and end-users segments, factors such as the usage of volatile organic compounds could slow down the wood coatings market's growth worldwide.

Market Segmentation

The market for wood coatings has been segmented into type, resin type, technology, application, and end-users. Based on the segment which is type, the market is categorized on the basis of shellac coatings, stains & varnishes, water repellents, wood preservatives, and others. The global market for wood coatings is further segmented based on resin type into acrylic, nitrocellulose, polyester, polyurethane, and others. Furthermore, the market, on the basis of application, is segmented into cabinets, flooring & decking, furniture, sidings, and others. Based on the segment which is end-users, the market is categorized on the basis of residential and non-residential. The global market for wood coatings is further segmented based on technology into high solid solvent-based, solvent-based, U.V. curing, and water-based.

The global wood coatings market research report covers all the aspects of the wood coatings market based on the segmental analysis of these type, resin type, technology, application, and end-users segments. Analysts have also studied the global wood coatings market's regional markets spread across many continents and countries. The segments along with their sub-segments have been analyzed and companies functioning in the wood coatings Industry across these segments are profiled and analyzed based on input and feedback from wood coatings market based decision makers as well as primary and secondary sources. The wood coatings Industry research report presents analysis based information for companies functioning in the wood coatings market.

Regional Overview

Fluctuating raw material costs may hinder the wood coatings market growth. The market research report suggests that companies in the wood coatings market could be supported by the growth of the food & beverage industry as well as growing construction activities during the forecast period. The market for wood coatings is set to register growth at a high CAGR owing to these key factors. The wood coatings market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global wood coatings market research report reveals that APAC, North America, and Europe regional wood coatings markets will dominate the global market for wood coatings during the forecast period 2023 to 2030. As per wood coatings market analysts, the market is set to witness tremendous growth across the construction sector segment in North America which covers wood coatings markets across the United States, Canada, Mexico and several other regional markets. Companies active in this market are also analyzed and studied in the wood coatings market research report.

The wood coatings Industry for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the wood coatings market research report covers the Asia-Pacific region covering wood coatings markets from India, China, Japan, Australia, and others. The market for wood coatings is also spread across the rest of the world. The market for wood coatings report covers all such regions including the Middle East, Africa, Brazil, and others.

Competitive Landscape

Wood coating has seen increased demand over the years, due to regulatory support and government policies  and growing adoption of recyclable materials. Companies functioning in the global wood coatings market are also being challenged due to stringent VOC regulations and regulations for solvent-based wood coatings. Mergers and acquisitions by wood coatings Industry companies are anticipated to help the market during the forecast period 2023 to 2030. As the market for wood coatings is set to register a high CAGR of 3.98% and is also anticipated to reach a higher value mark, the report highlights key areas companies need to focus on. The report suggests that the wood coatings market will see a healthy growth in the long run till 2030. Based on SWOT analysis and wood coatings market’s analysis based on Porters’ Five Force Model presented in the wood coatings Industry report. Mergers and acquisitions by wood coatings Industry companies are anticipated to help the market during the forecast period 2023-2030. 

Industry News

The acquisition of the North American Industrial Wood Coatings company of the Valspar Corporation is completed by Axalta Coating Systems one of the world's largest suppliers of liquent and puffed coating. Valspar divided the company in conjunction with the Sherwin-Williams Company antitrust clearance of its takeover. Subject to such amendments set out in the Asset Purchasing agreement, the transaction purchase price is $420 million. In 2016, net revenues for the purchased company were around $225 million.

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