As per a recently revamped Fact.MR study, the global wood coatings market is forecast to flourish at a CAGR of 6.2% from 2022 to 2032, expected to be valued at US$ 17.7 Billion by the end of the said period of assessment. As of 2022, the industry’s worth reached US$ 9.7 Billion. Growth is attributed to the establishment of commercial and residential buildings, necessitating demand for robust quality furniture.
From 2015 to 2021, sales flourished at a 5% value CAGR, closing in at a valuation of US$ 9.2 Billion. Interior design concepts for homes, businesses, and apartments are always evolving in the furniture market. This is encouraging innovation and development, particularly in terms of design, size, and color, and is projected to increase the global production volume of furniture, thereby impelling demand for wood coatings.
As the service sector expands, a substantial portion of the population is relocating to new locations, fuelling the construction of hostels, co-living spaces, guest houses, and government buildings. This is expected to raise demand for a wide range of furniture products. Because of its importance in preventing wood from decay, the preservatives sector leads the market in terms of both value and volume. Interior wood applications such as cabinetry and flooring will benefit the most from preservatives.
Key Takeaways from the Market Study
- Global wood coatings market worth to expand nearly 2x until 2032
- By product type, solvent-borne coatings to account for 66% total market revenue
- S to be a lucrative market, generating a $ opportunity worth US$ 7.6 Billion until 2032
- China to yield a market value of over US$ 10 Billion in 2022 in the global market
- Europe to document a CAGR worth 6% throughout the 2022-2032 assessment period
- Japan & South Korea to flourish at CAGRs of 6.2% and 6.4% respectively
“Soaring Investments in the infrastructure developments and preservative applications of wood coating resins have secured a positive growth trajectory for the wood coatings market,” comments a Fact.MR analyst.
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Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In November 2020, BASF introduced the new Joncryl 953X portfolio with five acrylic dispersions for protective wood grain enhancement. This portfolio will offer sustainable solutions for low to zero VOC levels.
- The Dow chemical company recently introduced the ACRYSOL™ DR-180 Rheology Modifier which is a high-efficiency hydrophobically modified alkali-soluble emulsion (HASE). It offers a partial or complete replacement for hydroxyethylcellulose HEC technology and coupling excellent sag/flow balance with exceptional spray, roller, and brushes application properties for desired performance in contractor quality paints.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Technology market, presenting historical demand data (2015-2021) and forecast statistics from 2022 to 2032.
The study divulges essential insights into the market based on product type (water-borne, solvent-borne and powder,) type (preservative wood, stain wood and shellac wood), end-use (furniture, construction, marine applications, other end uses) and sales channel (institutional channels, retail channels, online channels, home improvement stores, hardware stores, franchised paints & coating stores) across five major regions (North America, Latin America, Europe, Asia Pacific and MEA).
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