Wood Coatings Market to Reflect a Holistic Expansion During 2023
The global market for wood coatings should grow from $9.0 billion in 2018 to $12.3 billion by 2023, increasing at a compound annual growth rate (CAGR) of 6.5% from 2018 to 2023.
The coatings for wood technologies and applications markets are segmented into four categories –
– Product type: Varnishes, shellacs, preservatives or dyes, repellents, lacquers, stains and others.
– Application equipment: Spraying and non-spraying.
– End-user application: Flooring and decking, sports equipment, automotive interiors, ship interiors, exterior fencing, handcrafts, furniture, cabinets and others.
– Region: North America is segmented into the U.S., Canada and Mexico; Europe is segmented into France, Italy, Germany, the U.K., Russia and the rest of the Commonwealth Independent States (CIS); the Asia-Pacific region is segmented into China, Japan, Taiwan, South Korea and others; and the rest of the world (RoW) covers the Middle East, Africa and South America.
The data provided in this report has been gathered from the manufacturing level. This report includes industry and competitive analysis of the coatings for wood technologies and applications markets, as well as a patent analysis and a listing of company profiles for key market players.
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– 75 data tables and 39 additional tables
– Detailed overview of global markets for wood coating technologies and applications
– Analyses of global market trends with data from 2017 and 2018, and projections of compound annual growth rates (CAGRs) through 2023
– A look at the increased demand for wood coatings driven by customers’ expectations in diverse areas such as performance, ease of application, sustainability, quality, functionality and environmental properties
– Characterization and quantification of market potential for wood coating technologies by product type, application area, end use industry, and major geographical regions
– Discussion of research and development, and the demand for new products and new applications
– Details covering new developments taking place in the industry with respect to continuous improvements in environmental performance
Patent review and new developments for wood coating technologies
– Company profiles of key market players, including Arkema S.A., Asian Paints Ltd., BASF SE, Kansai Paint Co., Ltd., PPG Industries Inc., and Sherwin-Williams Company
The global coatings for wood technologies and applications market was valued at REDACTED in 2017, and it is expected to reach REDACTED by 2023, growing at a compound annual growth rate (CAGR) of REDACTED from 2018 to 2023.
Wood has been used for many centuries in household and commercial applications. Woods are used to enhance the aesthetic beauty of buildings, ships and vehicles. Wood’s durability is the key factor for its wide range of applications. There are two types of woods: hardwood and softwood. Beech, oak and mahogany are examples of hardwoods, whereas redwood, fir and pine are examples of softwoods.
Hardwoods are used to manufacture furniture, and softwoods are used to manufacture stud partitions, external fences, doors and roof traces. Both hardwoods and softwoods can be used for wooden floorings. Hardwoods are more expensive than softwoods. Both wood types have differentiated features and beauty. Wood grains also differ by wood type. Every wooden structure is coated with transparent or stain coatings to enhance the color and grains of the timber. Coatings are therefore essential and are used according to the applications of those structures by their manufacturers. The coating also enhances a product’s life. Ultraviolet (UV)-retardant and moisture-resistant coatings are the most demanding features of wood coating solutions.
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Varnishes, shellacs, preservatives, dyes, repellents and lacquers are the most common types of products used for coating wooden surfaces. Distinguishing features and durability are driving the demand for such products. Coatings are applied with the help of a wide range of tools and equipment, the demand for which is expected to increase further with the increase in demand for wood coats and wood items. Various coating techniques, such as conventional spray, high-volume low-pressure (HVLP) spray, airless spray and electrostatic spray, are the prevailing spraying solutions used by wood product manufacturers. The demand for other wood surface coating techniques (e.g., rollers, brush, vacuum,
curtain) is further expected to rise with the increase in demand for wood products. Differentiated coating techniques are applied based on the size, shape and complexity of the product surface. The types of coating products to be applied depends on the exposure of the surface. Interior or exterior applications of wood products determine the types of the coat to be applied.
The demand for wood coating solutions is directly related to the demand for wood products, as those coating solutions have been developed for application solely on wooden surfaces. The rise in demand for household and commercial buildings is expected to create a demand for wood products, including furniture, cabinets, flooring and decking, which in turn is expected to drive the global wood coating technology market during the forecast period. The demand for cargo ships is expected to rise due to the reduction of trade barriers and the latest global trade policies. The demand for passenger and cruise ships is further expected to rise due to the increasing amount of disposable income among the global
population, which is expected to drive tourists to pursue royal traveling experiences. The increased demand for cargo and passenger ships will lead to the increased demand for wood for manufacturing and decorating ship interiors, which will surge wood coating applications among ship manufacturers. Moisture-resistant and UV-retardant wood coats are expected to be in great demand among the ship manufacturers due to ships’ exposure to water and sunlight. The demand for wood coats for exterior fencing is also expected to increase during the forecast period, as wood fencing adds a superior appearance to a building or premises. Maintenance of antique wood structures and the process of coating several newly designed handcrafts are factors expected to drive the wood coating technology market during the forecast period.
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