April 12, 2024

Wood Paints and Coatings Market is Estimated to Witness High Growth Owing to Growing Popularity of Wooden Interiors

The wood paints and coatings market has witnessed significant growth over the years owing to the high demand for wood paints and coatings from various end use industries such as construction, furniture, marine, and others. Wood paints and coatings are widely used for protection and decoration of wooden surfaces. They provide long lasting color and protect the wooden surface from damage by moisture, heat, stains, and scratches. Additionally, wood paints and coatings offer advantages such as enhanced durability, resilience to weather changes, and protection from UV radiation. The growing popularity of wooden interiors in residential and commercial construction is elevating the demand for wood paints and coatings.

The Global wood paints and coatings market is estimated to be valued at US$ 11.04 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period from 2024 to 2031.

Key Takeaways
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. These players are focusing on new product launches and expansion strategies to gain a competitive advantage in the market.

The key opportunities in the wood paints and coatings market include growing demand for eco-friendly and low VOC paints and coatings from the construction industry. Manufacturers are investing in research & development of bio-based and green wood coatings to capitalize on the demand.

The wood paints and coatings market is expanding globally due to the increasing construction activities in Asia Pacific and Middle East regions. The growth of the real estate and infrastructure industries is fueling the consumption of wood paints and coatings in these emerging economies.

Market drivers
The primary driver for the growth of the wood paints and coatings market is the rising popularity of wooden interiors in residential and commercial construction. Wooden flooring, decking, cabinets, and furniture are increasingly being used in interior designing owing to the aesthetic appeal and natural appearance provided by wood. This is positively impacting the sales of wood paints and coatings.

PEST ANALYSIS
Political: The wood paints and coatings market is influenced by government regulations regarding the use of toxic and hazardous chemicals. Stringent environmental laws can promote the demand for eco-friendly and low VOC paints.

Economic: Rising construction activities, renovation of homes and commercial spaces boost the wood paints and coatings market. Interior decoration and remodelling projects increase the consumption of wood paints.

Social: Changing consumer preference towards visually appealing and aesthetically designed interiors drives the adoption of premium and designer wood paints with advanced finishes. Environmentally conscious consumers opt for green products.

Technological: Advancements in formulation technology lead to the development of paints offering better durability, scratch and weather resistance. Nano-technology helps manufacturers introduce anti-microbial, self-cleaning and UV protective wood paints with extended lifespan.

The wood paints and coatings market in terms of value is highly concentrated in North America and Europe. North America accounts for the largest share attributed to established construction industry and frequent repainting cycles in the US and Canada. Europe is another major regional market supported by growing DIY trend and increasing home improvement activities.

The Asia Pacific region is poised to register the fastest growth in the wood paints and coatings market over the forecast period. Factors such as rapid urbanization, rising disposable income, expansion of real estate sector and growth in infrastructure development projects are fueling paints consumption in the Asia Pacific. China represents the biggest wood paints market in the Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it