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Wood Coating Global Market Report 2023
Major players in the wood coating market are Akzo Nobel NV, Axalta Coating Systems, BASF SE, Benjamin Moore & Co Inc., Brillux GmbH & Co KG, Diamond Vogel, ICA Group, IVM Chemicals SRL, Jotun, Kansai Paint Co Ltd.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wood Coating Global Market Report 2023" - https://www.reportlinker.com/p06319255/?utm_source=GNW
, KAPCI Coatings, Drywood Coatings BV, Helios Coatings GmbH and Hempel A/S.
The global wood coating market grew from $10.13 billion in 2022 to $10.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The wood coating market is expected to grow to $14.32 billion in 2027 at a CAGR of 7.1%.
The wood coating market consists of sales of penetrating finishes and surface finishes.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The wood coating refer to a type of substance applied on a wooden surface to protect it from harm caused by various natural and man-made environments.Wood coatings make it easy to clean and disinfect wood.
It also aids in the closure of pores that can serve as bacterial breeding grounds. Coatings are the final phase in the wood finishing process and provide a pleasing appearance to wooden surfaces while allowing them to last longer and increase durability.
Asia-Pacific was the largest region in the wood coating market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the wood coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of wood coatings are preservative wood coatings, stain wood coatings, and shellac wood coatings.Shellac is a warm-colored wood finish that is simple to apply with a rag, brush, or sprayer.
It dries quickly, allowing multiple coats to be applied in a single day.Shellac is an ancient natural finish.
Wood coatings also include water-borne wood coatings, solvent-borne wood coatings, and powder wood coatings. These wood coatings are applied on furniture, cabinets, siding, flooring, and other applications.
The rise in the construction of new homes and house modifications are expected to propel the growth of the wood coating market.The rising demand for housing is increasing due to increasing population, rapid urbanization, economic/infrastructure development, favorable government policies/schemes for housing, and others.
This rise in the construction of new homes and house modifications will create a significant demand for wood materials with wood coatings to be used in these new and modified residential homes.Wood coatings offer a desirable appearance while ensuring a long life of wooden materials used in homes.
For instance, according to the new residential construction statistics released in February 2022 by the US Census Bureau and the US Department of Housing and Urban Development, in the USA, privately-owned housing starts in February 2022 reached 1,769,000 from 1,447,000 housing starts rate in February 2021, showing an increase of 22.3%. According to the Census Bureau’s new residential construction report, housing starts rose at 6.8% over February on a seasonally adjusted basis to a rate of 1.77 million annualized units. Thus, the rise in the construction of new homes and house modifications will drive the growth of the wood coating market.
Eco-friendly wood coating is a key trend gaining popularity in the wood coating market.Eco-friendly coatings are made of natural/eco-friendly substances and are not harmful to the environment.
Eco-friendly coatings either contribute to green living practices such as resource conservation or avoid contributing to pollution.Waxes, oils, and shellac are the most popular non-toxic, eco-friendly wood finishes on the market.
Key players are focusing on offering eco-friendly wood coatings to minimize environmental impact and gain a competitive edge in the market.For instance, Centurion Wood Coatings, a US-based wood coatings company offers a range of Water-Based Coatings that are eco-friendly and provide exceptional performance with significant clarity, wood warmth, and durability.
Centurion Water-Based Coatings can be applied to a variety of wood surfaces including furniture, cabinetry, wood floors, high-end architectural millwork, and all other interior wood applications. These have benefits such as non-flammability, low odor, ease of handling, and water clean-up.
In March 2022, Gemini Coatings, a US-based wood coatings manufacturing company acquired Lenmar Wood Finishes & Coatings from Benjamin Moore for an undisclosed amount.With this acquisition, Gemini strengthens its mission of providing exceptional service, dependable product quality, and trusted expertise.
Gemini by acquiring Lenmar will be better positioned to provide a world-class customer experience due to its dedicated employee-owners focus on the wood coatings market. Lenmar Wood Finishes & Coatings is a wood coating solutions brand of Benjamin Moore, a US-based paint and coating manufacturing company.
The countries covered in the wood coating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wood coating market research report is one of a series of new reports that provides wood coating market statistics, including wood coating industry global market size, regional shares, competitors with a wood coating market share, detailed wood coating market segments, market trends and opportunities, and any further data you may need to thrive in the wood coating industry. This wood coating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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