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Wood Coating Market Size, Share & Covid-19 Impact Analysis, By Resins (Polyurethane, Nitrocellulose, Acid-curing, Polyester, and Others), By Formulating Technology (Solvent-borne, Water-borne, UV-cured, and Others), By Application (Furniture, Cabinets, Siding, Flooring, and Others), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI104605

 

KEY MARKET INSIGHTS

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The global wood coating market size was USD 8,656.6 million in 2019 and is projected to reach USD 12,323.2 million by 2027, exhibiting a CAGR of 4.8% during the forecast period.


A wood coating is used to protect the interior and exterior furniture, doors, and other items from environmental influences and to decorate them. The major trend in the market is the ongoing shift towards water-borne UV, particularly water-borne UV. The gradual migration to water-based goods is expected to proceed. The surging middle-class population in China, India, and others is another factor pushing the construction industry and spurring opportunities for the market. The growing interest in more environmentally safe furniture and a transition to more sustainable alternatives, including a shift to lower VOC carbon coatings and recycled raw materials.


Shortage of Skilled Labor to Hamper Production During COVID-19 Pandemic


The coatings industry in late March faced the possibility of a deep recession triggered by the impact of the coronavirus (COVID-19), resulting in lockdown across the world. As a result, demand for wood coatings diminished radically until governments lifted the lockdown to revive economies. The government offered health packages, including grants and state-guaranteed industry loans and state-subsidized salaries to deter lay-offs. This slowed down the decline in production performance, particularly among large industrial coating manufacturers due to the lack of availability of laborers. In addition, the dramatic drop in oil prices has further contributed to the high cost of raw materials that are dependent on petrochemicals, thus impeding the market growth. Thirty percent of the cost of raw materials is indirectly tied to the price of oil. The lockdown has exerted tremendous pressure on the manufacturing and supply chain of the coatings industry. There is also a severe shortage of skilled and unskilled labor lockdowns in the coating industry, driving a substantial proportion of employees to their hometowns.


LATEST TRENDS


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Growing Demand for Powder Coating to Drive Market


The wood finish, powder-coated, is much more durable than a liquid finish. Powder-coated wood expands steadily due to the drastic change in the appearance and efficiency of the finished wood. Likewise, the rapid progress towards green products will further contribute to the market growth. Low- or zero-maintenance substitutes have eroded traditional timber markets in cladding, window and door goods from nearly 50% down to just 25% over the last 10 to 15 years. Powder-coated timber can blend the conventional appeal of wood and inherent environmental benefits with exceptional durability and outstanding UV and moisture penetration tolerance. This means powder-coated timber needs little or no maintenance. A combination of panel bonding wood particles with a synthetic resin is one of the major breakthroughs for powder in the heat-sensitive substrate industry on medium-density fibreboard or MDF. Because of its low porosity and homogeneous surface, MDF is very suitable for powder coating applications. Office chairs, kitchen and bath tables, partitions, shop fixtures and displays, barbecue trays, and ready-to-assemble office and home furniture are included in the MDF items.


The MDF industry is revolutionized by powder coating because it provides design freedoms that other finishing techniques and laminating processes can just not deliver. Powder coating in every color of the rainbow offers a stunning, robust, smooth finish. And MDF products are secured from chips, streaks, drops, and bruises by powder coating. The benefits of powder coatings are recognized as no VOC, high-quality finishing, and cost-effective. Powder spraying will allow the industrial application of wood products to mitigate water loss and changes in scale, while the coating can produce a higher gloss and bright color effect while providing a replacement for solvent-based coatings solution in the state of the more restrictive VOC restrictions on the case.


DRIVING FACTORS


Improving Housing Industry to Aid Market Growth


The overall wood coating market growth is due to the rising global population and the stabilization of the housing market, all of which have contributed to a growing demand for seats, tables, beds, shelves, etc. Development in the market for coatings is closely connected to an improving housing market. Homes in the U.S. are typically constructed of timber, from outside siding, roofs, and fences to interior cabinetry, chairs, and flooring. The sources of development are focused on new building starts and remodeling of houses. If the world economy booms and purchasing capacity rises, this is expected to significantly affect industries such as housing. With the widening of the construction industry, due to their primary end customers' rise, industries such as wood coatings would be positively affected. The category that is expected to see the most development is that of kitchen cabinets in the market. Spending on home renovation and remodeling is proliferating. The kitchen room is much of this home renovation. This development will likely persist and maintain the key markets for kitchen cabinets. For the wood products industry, housing sectors are essential, since new single-family homes use more value-added wood products than any other business that uses wood. This coating is used to protect the interior and exterior furniture, doors, and other items from environmental influences such as water, UV rays from sunshine, pollutants, etc., and to decorate them.


Continuous Shift towards Water-Borne and UV-Cured Coating to Augment Growth


Environmental regulations and economic restrictions will impact the future of coatings. Environmental law and the increasing quality health-oriented water-borne and radcure system will be the priority in terms of the environmental aspects. Also, to improve sustainability, green energy will begin to replace petrochemical products in wood coatings. From solvent-borne coatings to solvent-free or more solvent-reduced materials, there is a visible change. Water-borne coatings, high-solids, radcure coatings, and powder coatings are the technologies used. This is driven by environmental and regulatory standards. The presence of any volatile organic compounds in the composition of a coating is making it harmful to the environment and human health. Due to HAP and harmful effects on staff, whether during application and drying cycles, it is undesirable. Formaldehyde and organic solvents are typically such compounds.


This is a further justification to switch to UV-curing or water-borne coatings. The continuing moves to formulations of lower volatile organic compound (VOC) and formaldehyde content and lower odor are common among all applications. Although some newer coatings are solvent-borne processes with heavy solids, the focus seems to be on water-borne solutions. Traditional solvent-based resin solutions are still favored to water-based technology, but regulations regulating VOCs and eliminating the use of occupational flammables are forcing producers to build comparable performance alternative technologies.


RESTRAINING FACTORS


Increasing Price of Petroleum-Based Raw Material


Growing raw material costs for wood-coating binders are mostly due to increasing petroleum prices. The rethinking of petroleum-based raw materials is thus predictable for the chemical industry in general and the coating industry in particular. In general, there are two methods of overcoming the replacement of petroleum-based raw materials to develop new bio-based natural substitutes, or to substitute the current chemical composition of petroleum-based raw materials with the alteration of renewable resources by a chemical/biotechnology approach. There are more risks on the first path and more scope for new assets and performance standards to be developed. However, there are many obstacles to address, such as REACH registration, the need for a lot of research and growth, and consumers who cannot turn to new binders or innovations or are fearful of them.


SEGMENTATION


By Resins Analysis


Polyurethane Segment to Hold a Significant Share of the Global Market


Based on resins, the market is segmented into polyurethane, nitrocellulose, acid-curing, polyester, and others. The polyurethane segment held a significant wood coating market share. Polyurethane is divided into two categories one-component and two-component. The use of polyurethane offers wood surfaces a specific finish that cannot be overtaken in terms of surface hardness, chemical tolerance, and mechanical resistance. They are the most commonly used for wood treatment because of these features. The use of polyurethane parquet coatings is possible to ensure better resistance.


The nitrocellulose segment is expected to expand at a rapid pace during the forecast period. In wood finish applications, nitrocellulose-based lacquers are used extensively, particularly where a high-quality finish is needed. In many wood varieties, they dry easily, show excellent polishing properties, and increase the grain's appearance. Polyester has excellent chemical and mechanical stability, high filling capability, and high resistance to degradation and shrinkage. After specific methods of sanding, brushing, and polishing, these materials are used either as base coats or as extremely brilliant topcoats for wood surfaces.


By Formulating Technology Analysis


Water-borne Segment to Expand Rapidly Because of its Low VOC Content


In terms of formulating technology, the market is segmented into solvent-borne, water-borne, UV-cured, and others. The solvent-borne segment constituted the primary market share. This is particularly applicable in the furniture industry, where the demand for solvent-borne is higher. Solvent-borne is a significant source of environmental concern in coating applications because hazardous air pollutants (HAPs) and volatile organic compounds (VOCs) are released as curing occurs.


Solvent-borne predominates, but water-borne delivers exceptional efficiency without loss of properties or aesthetic characteristics. Traditional solvent-borne are still favored to be water-based, but VOCs regulations and eliminating occupational flammables are making consumers shift to water-borne. UV-cured is used to a greater degree in flooring, paneling, siding, and other wood flat stock applications.


By Application Analysis


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Furniture Segment to Be Leading Segment to Control the Moisture Content of Furniture


On the basis of application, the market is classified into furniture, cabinets, siding, flooring, and others. Coating solid wood furniture can not only ensure that the properties and features of solid wood materials are successfully maintained but also enhance their ornamental texture appeal and at the same time prevent sawdust on furniture from scratching the hands of customers, thereby preserving the health of consumers. The moisture content has a significant impact on wood stability. In addition to preventing exterior moisture from entering into the wood efficiently, the coating of the wood surface will also prevent internal moisture from evaporating prematurely, thereby ensuring that the wood is not easily deformed.


The coating can be added to the wood sealing cabinets, and it provides an excellent opaque layer. When opposed to replacing your cabinets, coating your cabinets is much inexpensive. It takes a lot cheaper to coat than to buy new cabinets and get them built. Coating floors offers a great deal of customization and flexibility, and it will make it easy to clean the floor.


REGIONAL INSIGHTS


Asia Pacific Wood Coating Market Size, 2019 (USD Million)

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The market size in the Asia Pacific stood at USD 3,641.8 million in 2019.  Asia Pacific dominated the market and is likely to maintain its position during the forecast period, strongly influenced by government subsidies, construction activities, interest rates, and consumer spending, all of which are essential GDP components. Growing construction activities is likely to drive the market


Europe is a major manufacturer of furniture in the world. Europe is a major user of wood-based panels used in conjunction with wood-sliced veneers. The home office industry is growing, spurred by changing working styles and the rise in home computer ownership. Wood is gaining ground as 'hidden' personal computer (PC) storage is customized to suit other household furniture. For example, the living room industry is performing well in the UK. The new home entertainment technology requires well-designed, high-quality wooden storage solutions as a substitute for low-cost metal and plastic stands.


In North America, increasing requirements for custom home decor items, combined with increasing customer spending, would primarily drive the wooden furniture industry's demand. Increasing investment in residential and commercial buildings in the region is likely to boost the market.


The main factors driving demand for modern furniture are increasing consumer disposable incomes and improving living standards in emerging economies such as Brazil and Mexico. Furthermore, in Latin America, there is a substantial development in the housing and real estate industry, which positively affects the demand for joinery.


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An expanding population is projected to promote higher demand throughout the GCC in the residential, industrial, leisure, hospitality, healthcare, and infrastructure sectors. The need to develop affordable accommodation for a growing workforce is gaining ground across the emirates as the population grows. The draught legislation for compulsory 15-20 percent subsidized housing in potential residential projects by the Dubai Municipality could help boost the demand-supply situation. The growing residential sector in the region is likely to boost the demand for wood furniture, in turn fueling the market.


KEY INDUSTRY PLAYERS


Strategic Planning Adopted by Companies to Strengthen Their Industry Position


The market is fragmented in nature with the presence of various major players and some global and regional small and medium-sized players worldwide. Many companies are competing based on the offered product quality and the technology used for the manufacturing of


coatings. Major players are involved in mergers and acquisitions, developing infrastructure, expanding their manufacturing facilities, investing in research and development facilities, and are looking for opportunities to integrate vertically across the value chain. Affix Labs, a chemical technology start-up based in Finland, has released its surface cleaning product, Clean N Coat. It can be added to furniture and wood, which offers protection and an anti-microbial coating. It is eco-friendly as well.


LIST OF KEY COMPANIES PROFILED:



  • Evonik (Essen, Germany)

  • DSM (Heerlen, Netherlands)

  • Dow (Michigan, U.S.)

  • Akzo Nobel N.V. (Amsterdam, Netherlands)

  • Asian Paints (Mumbai, India)

  • BASF SE (Ludwigshafen, Germany)

  • Kansai Nerolac Paints Limited (Osaka, Japan)  

  • PPG Industries, Inc. (Pennsylvania, U.S.)

  • RPM International Inc. (Ohio, U.S.)

  • The Sherwin-Williams Company (Ohio, U.S.)  

  • Teknos Group (Helsinki, Finland)

  • Axalta Coating Systems (Pennsylvania, U.S.)

  • Nippon Paint Holdings Co., Ltd (Osaka, Japan)

  • Stahl Holdings (Waalwijk, Netherlands)

  • Valspar (Minnesota, U.S.)

  • IVM Group (Milan. Italy)

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • In February 2021, Axalta, a major global provider of liquid and powder coatings, has released a new Wood Coatings Pro mobile app for iOS and Android smartphones. For the wood coatings market, the new app provides easy and quick access to product information, industry color trends, and best practices.



  • In February 2021, Dunn-Edwards introduced DECOPRIME, a new water-based wood primer. This new range is designed for inside wood cabinets, doors, and trim in kitchens and bathrooms. The DECOGLO paint, which will be available this fall, is part of a two-product solution for interior cabinets, doors, and trim.



  • In May 2021, Sikkens Wood Coatings introduced the second version of CETOL, which it claims offers a new and adaptable exterior transparent system with a streamlined product range, offering producers of timber joinery, construction, and cladding even more options.


 


REPORT COVERAGE


An Infographic Representation of Wood Coating Market

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The wood coating market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and applications. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market's growth over recent years.


The report for this market includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the latest market dynamics and opportunities in the industry.


Report Scope & Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Million) and Volume (Kilo Tons)



Segmentation



  Resin, Formulating Technology, Application; and Geography



By Resin




  • Polyurethane

  • Nitrocellulose

  • Acid-curing

  • Polyester

  • Others



By Formulating Technology




  • Solvent-borne

  • Water-borne

  • UV-cured

  • Others



By Application




  • Furniture

  • Cabinets

  • Siding

  • Flooring

  • Others



By Geography




  • North America

    • By Resin

    • By Formulating Technology

    • By Application

    • By Country

      • U.S. (By Application)

      • Canada (By Application)





  • Europe

    • By Resin

    • By Formulating Technology

    • By Application

    • By Country

      • Germany (By Application)

      • UK (By Application)

      • France (By Application)

      • Italy (By Application)

      • Spain (By Application)

      • Russia & CIS (By Application)

      • Rest of Europe (By Application)





  • Asia Pacific

    • By Resin

    • By Formulating Technology

    • By Application

    • By Country

      • China (By Application)

      • Japan (By Application)

      • India (By Application)

      • ASEAN (By Application)

      • Rest of Asia Pacific (By Application)





  • Latin America

    • By Resin

    • By Formulating Technology

    • By Application

    • By Country

      • Brazil (By Application)

      • Mexico (By Application)

      • Rest of Latin America (By Application)





  • Middle East & Africa

    • By Resin

    • By Formulating Technology

    • By Application

    • By Country

      • GCC (By Application)

      • South Africa (By Application)

      • Rest of Middle East & Africa (By Application)







Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 8,656.6 million in 2019 and is projected to reach USD 12,323.2 million by 2027.

In 2019, the Asia Pacific market size stood at USD 3,641.8 million.

Growing at a CAGR of 4.8%, the market will exhibit steady growth during the forecast period (2020-2027).

The furniture coatings segment is expected to be the leading segment in this market during the forecast period.

Thriving housing industry is expected to support the growth of the market.

Axalta Coating Systems, The Sherwin-Williams Company, Teknos Group, Dow, and Akzo Nobel N.V. are major players globally.

Asia Pacific dominated the market share in 2019.

Continuous shift towards water-borne and UV-cured coating is expected to aid the adoption of such products.

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