by The wood paints and coatings industry has witnessed steady growth in the recent years owing to rise in construction and infrastructure development activities across the globe. Wood paints and coatings protect wood from wear-and-tear and prevent damage caused by water, heat, mold, insects and other environmental factors. They enhance durability of wood and impart superior aesthetics. The rising demand for heat resistant coatings from industries such as metal processing and power generation is also fueling the wood paints and coatings market. Heat resistant coatings offer protective shielding against extreme temperature conditions and prolong the service life of wooden structures and components.
The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the wood paints and coatings market size is the rising popularity of water-based formulations. Strict environmental regulations regarding the usage of solvent-based products are prompting manufacturers to develop sustainable water-based alternatives. Water-based wood paints and coatings emit lower VOC’s and are easier to clean. They dry faster and leave a smooth finish. The water-based variety offers performance matching solvent-based versions and is gaining wider acceptance among professionals and DIY users alike. Sustained focus on R&D for eco-friendly products will further expand growth opportunities for water-based wood protective coatings.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in the wood paints and coatings industry enable new companies to enter the market easily. However, established players have significant brand recognition and distribution networks that make it difficult for new entrants.
Bargaining power of buyers:Buyers have moderate bargaining power due to the availability of various wood paint and coatings brands. However, differentiated products of major brands provide some customer loyalty.
Bargaining power of suppliers: Suppliers of raw materials like resins and pigments have low to moderate bargaining power due to the availability of substitute materials.
Threat of new substitutes: substitute materials like plastic varnishes and laminates pose a moderate threat to wood paints and coatings. However, the growth of wooden furniture industry boosts the demand for wood paints and coatings.
Competitive rivalry: The market is fragmented with the presence of numerous global and regional players. Players compete based on product quality, pricing, and distribution network.
Key Takeaways
The global wood paints and coatings market is expected to witness high growth over the forecast period. The global wood paints and coatings market is estimated to be valued at US$ 9.58 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
Asia Pacific is anticipated to be the fastest growing as well as largest regional market for wood paints and coatings. Rapid industrialization and growth of wooden furniture industry drives the market in Asia Pacific.
Key players operating in the wood paints and coatings market are BASF SE, Arkema SA, Ashland Inc., RPM International Inc., Hempel A/S, AkzoNobel N.V., Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta Coatings Systems. Players adopt strategies such as new product launches and expansion of production facilities to gain competitive advantage and address the growing demand.
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