Global Wood Coatings Market Report—Forecast till 2023


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Wood Coatings are a special class of paints and coatings for wooden surfaces. They are used to enhance aesthetic appeal and ensure surface protection of wooden surfaces such as furniture, cabinets, sidings, and decking & floorings, among others. Various types of wood coatings include stains and varnishes, shellac coatings, wood preservatives, water repellants, and others. Wood coatings are available in different categories, based on technology such as solvent-based, water-based, high solids, and UV curing. Resins are one of the vital ingredients present in wood coatings. Some of the commonly used resins in wood coatings are polyurethane, nitrocellulose, acrylic, and polyester. Wood coatings find extensive scope in both residential and non-residential applications. Wood coating process involves smoothening the wooden surface by sanding, scraping, or planing, followed by filling the imperfections or nail holes on the surface using wood putty or wood filler. Once the wooden surface is smooth, stains or bleach are used to change color of the wood according to the preference. The next step involves the application of coatings which consists of several coats of wax, shellac, drying oil, lacquer, varnish, or paint, and each coat is typically followed by sanding. Finally, the surface is polished using steel wool, rottenstone or other materials, depending on the degree of shine required. Additionally, a final coat of wax is applied over the finish to add a layer of protection.
The global wood coatings market is valued at USD 9,118.3 Million in 2017 and expected to grow substantially and register a healthy CAGR of 5.80% to reach USD 12,729.4 Million by the end of 2023. In terms of volume, the market was sized at 3,139.0 thousand tons in 2017 and is expected to grow at a CAGR of 4.91% over the forecast period. The growth of the global construction and renovation industry is expected to be the primary driver for the growth of the global wood coatings market. Increased consumer purchasing power across the globe is also contributing to the product market.
Based on type, solvent-based coatings accounted for the largest market share in 2017 by generating 40.0% of the total market revenue. Based on technology, furniture accounted for the largest market share in 2017 by generating 54.1% of the total market revenue. Based on end-user industry, residential segment accounted for largest market share and witness remarkable growth in near future. The emergence of new technologies in wood coating and the demand for low-VOC coatings are likely to create new growth opportunities for players in the market during the forecast period.
However, the availability of low-cost substitutes and stringent environmental regulations for solvent-based wood coatings may restrain the growth of the product market during the forecast period. Furthermore, fluctuating prices of raw materials are considered to be the major challenge faced by manufacturers in the global wood coatings market.
Global Wood Coating Market Share, by Product, 2017 (%)

Sources: MRFR Analysis
Regional Analysis

The global wood coatings market has been analyzed with respect to five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific is expected to be the fastest-growing and largest market, accounting for 50.1% of the overall market in 2017. This can be attributed to the aggressive growth of the residential construction in the region.
Europe held the second largest market share of 20.9% in 2017. The region is slated to grow at a CAGR of 5.41% during the forecast period, 2018–2023.
North America held the third largest market share of 18.0% in 2017. The region is slated to grow at a CAGR of 5.84% during the forecast period, 2018–2023.
The global wood coatings market has been segmented on the basis of type, by technology, by resin, application and region.
Based on type, the market comprises solvent-based, UV curing, high solid solvent-based, and water-based coatings. Among these segments, solvent-based coatings accounted for the largest market share in 2017 by generating 40.0% of the total market revenue.
Based on technology, the market comprises furniture, cabinets, sidings, decking & flooring, and others. Among these segments, furniture accounted for the largest market share in 2017 by generating 54.1% of the total market revenue.
Based on end-user industry, the market is segmented as residential and non-residential. Among these end user industry, residential segment accounted for largest market share and witness remarkable growth in near future.
The global wood coatings market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Key Players
Some of the major players in global Wood Coatings market are Asian Paints, Jotun, DowDuPont, Inc., Arkema SA, Hempel A/S, Akzo Nobel NV, DowDuPont, Inc., Berger Paints India Limited, Nippon Paint Holdings Co., Ltd, Axalta Coating Systems Ltd, Kansai Nerolac Paints Limited, the Sherwin-Williams Company, PPG Industries, Inc., and PRM International, INC.
Key Findings
According to Market Research Future The global wood coatings market is projected to grow at a CAGR of 5.81% during the review period to reach USD 12729.4 million by the end of 2023. The solvent-based wood coatings segment accounted for the largest share of 40.0% in 2017 with a market value of USD 3646.4 million and is projected to grow at the highest CAGR of 5.79% during the forecast period owing to the growing consumer demand for a high gloss finish.
Geographic Analysis
The report covers a brief analysis of geographical region includes
• North America
o US
o Canada
• Europe
o Germany
o Netherlands
o Belgium
o Poland
o Italy
o Russia
o UK
o France
o Spain
o Rest of Europe
• Asia-Pacific
o China
o Japan
o India
o Australia & New-Zealand
o Malaysia
o Thailand
o South Korea
o Rest of Asia-Pacific
• Middle East & Africa
o Egypt
o Israel
o Saudi Arabia
o Turkey
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Mexico
o Rest of Latin America
Intended Audience
• Wood Coatings manufacturers
• Coating manufacturers
• Traders and distributors of Wood Coatings
• Research and development institutes
• Potential investors
• Raw material suppliers
• Nationalized laboratories
DC description
• Wood Coatings
• Wood Composite Coatings
• Coatings
• Composite Coatings
• Paints & Coatings
• Wood preservatives

Table of Contents

Table of Contents:

1 Executive Summary
2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Growing Construction and Renovation Industry
4.2.2 Increase in Purchasing Power
4.3 Restraints
4.3.1 Stringent Environmental Regulations for VOC Emissions
4.3.2 Availability of Low-Cost Substitutes
4.4 Opportunities
4.4.1 Emergence of New Technologies and Demand for Low-VOC Coatings
4.5 Challenges
4.5.1 Fluctuating raw material prices
5 Market Factor Analysis
5.1 Supply Chain Analysis
5.1.1 Raw Material Suppliers
5.1.2 Wood Coating Producers
5.1.3 Distribution Channel
5.1.4 End Use
5.2 Porter’s Five Forces Analysis
5.2.1 Threat of New Entrants
5.2.2 Threat of Rivalry
5.2.3 Threat of Substitutes
5.2.4 Bargaining Power of Suppliers
5.2.5 Bargaining Power of Consumers
6 Global Wood Coatings Market, by Type
6.1 Introduction
6.2 Stains & Varnishes
6.3 Shellac Coatings
6.4 Wood Preservatives
6.5 Water Repellants
6.6 Others
7 Global Wood Coatings Market, by Technology
7.1 Introduction
7.2 Solvent Based
7.3 Water Based
7.4 High Solids
7.5 UV Curing
8 Global Wood Coatings Market, by Resin
8.1 Introduction
8.2 Polyurethane
8.3 Nitrocellulose
8.4 Acrylic
8.5 Polyester
8.6 Others
9 Global Wood Coatings Market, by Application
9.1 Introduction
9.2 Furnitures
9.3 Cabinets
9.4 Sidings
9.5 Decking & Flooring
9.6 Others
10 Global Wood Coatings Market, by End Use
10.1 Introduction
10.2 Residential
10.3 Non-Residential
11 Global Wood Coatings Market, by Region
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Russia
11.3.4 France
11.3.5 Spain
11.3.6 Italy
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 China
11.4.2 Japan
11.4.3 India
11.4.4 Taiwan
11.4.5 Thailand
11.4.6 Indonesia
11.4.7 Malaysia
11.4.8 Vietnam
11.4.9 Australia & New Zealand
11.4.10 Rest of Asia-Pacific
11.5 Latin America
11.5.1 Mexico
11.5.2 Brazil
11.5.3 Argentina
11.5.4 Rest of Latin America
11.6 The Middle East and Africa
11.6.1 Turkey
11.6.2 G.C.C.
11.6.3 Israel
11.6.4 North Africa
11.6.5 Rest of Middle East and Africa
12 Competitive Landscape
12.1 Introduction
12.1.1 Market Strategy Analysis
12.2 Key Developments Analysis
13 Company Profiles
13.1 Akzo Nobel NV
13.1.1 Company Overview
13.1.2 Financial Overview
13.1.3 Products Offered
13.1.4 Key Developments
13.1.5 SWOT Analysis
13.1.6 Key Strategy
13.2 The Sherwin-Williams Company
13.2.1 Company Overview
13.2.2 Financial Overview
13.2.3 Products Offered
13.2.4 Key Developments
13.2.5 SWOT Analysis
13.2.6 Key Strategy
13.3 PPG Industries, Inc.
13.3.1 Company Overview
13.3.2 Financial Overview
13.3.3 Products Offered
13.3.4 Key Developments
13.3.5 SWOT Analysis
13.3.6 Key Strategies
13.4 Kansai Nerolac Paints Limited
13.4.1 Company Overview
13.4.2 Financial Overview
13.4.3 Products Offered
13.4.4 Key Developments
13.4.5 SWOT Analysis
13.4.6 Key Strategies
13.5 Jotun
13.5.1 Company Overview
13.5.2 Financial Overview
13.5.3 Products Offered
13.5.4 Key Developments
13.5.5 SWOT Analysis
13.5.6 Key Strategies
13.6 Hempel A/S
13.6.1 Company Overview
13.6.2 Financial Overview
13.6.3 Products Offered
13.6.4 Key Developments
13.6.5 SWOT Analysis
13.6.6 Key Strategies
13.7 DowDuPont, Inc.
13.7.1 Company Overview
13.7.2 Financial Overview
13.7.3 Products Offered
13.7.4 Key Developments
13.7.5 SWOT Analysis
13.7.6 Key Strategies
13.8 Arkema SA
13.8.1 Company Overview
13.8.2 Financial Overview
13.8.3 Products Offered
13.8.4 Key Developments
13.8.5 SWOT Analysis
13.8.6 Key Strategies
13.9 RPM International Inc.
13.9.1 Company Overview
13.9.2 Financial Overview
13.9.3 Products Offered
13.9.4 Key Developments
13.9.5 SWOT Analysis
13.9.6 Key Strategies
13.1 Nippon Paint Holdings Co., Ltd
13.10.1 Company Overview
13.10.2 Financial Overview
13.10.3 Products Offered
13.10.4 Key Developments
13.10.5 SWOT Analysis
13.10.6 Key Strategies
13.11 Axalta Coating Systems Ltd
13.11.1 Company Overview
13.11.2 Financial Overview
13.11.3 Products Offered
13.11.4 Key Developments
13.11.5 SWOT Analysis
13.11.6 Key Strategies
13.12 Asian Paints
13.12.1 Company Overview
13.12.2 Financial Overview
13.12.3 Products Offered
13.12.4 Key Developments
13.12.5 SWOT Analysis
13.12.6 Key Strategies
13.13 Berger Paints India Limited
13.13.1 Company Overview
13.13.2 Financial Overview
13.13.3 Products Offered
13.13.4 Key Developments
13.13.5 SWOT Analysis
13.13.6 Key Strategies
14 Conclusion

Additional information


Geography Covered

Date Published