July 14, 2024

Wood Paints And Coatings Market Connected with Wood Paints And Coatings Sustainability

The Global Wood Paints And Coatings Market is estimated to be valued at US$ 9.04 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Wood paints and coatings are integral protective and decorative layers for wood surfaces. They protect wood from damage caused by moisture, humidity, UV radiation, insects, and other environmental factors while also enhancing aesthetics. Water-based acrylic or alkyd paints and coatings are commonly used for wood substrates and offer advantages like ease of application, durability, and low odor. Their use prolongs the lifespan of wood structures and furniture.

Market key trends:
One of the major trends witnessed in the wood paints and coatings market is the increasing demand for eco-friendly and sustainable product offerings. Growing environmental awareness among consumers is compelling manufacturers to develop paints and coatings with reduced or zero volatile organic compound (VOC) content. Water-based formulations with lower toxicity profiles are gaining traction in the market. Suppliers are also focusing on utilizing plant-derived and recyclable materials in their products to obtain green certifications and cater to sustainability-driven demand.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the wood paints and coatings market as it requires high capital investment to establish manufacturing facilities and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple established players and availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers. However, suppliers of generic materials have low bargaining power.
Threat of new substitutes: The threat of new substitutes is moderate as other surface protection materials like varnishes and wood finishers can substitute coatings to an extent.
Competitive rivalry: The competitive rivalry is high owing to the presence of numerous global and regional players.

Key Takeaways
The Global Wood Paints And Coatings Market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing construction and infrastructure development activities across the world.

Regionally, Asia Pacific dominated the market in 2022 and is projected to maintain its leading position during the forecast period. Factors such as urbanization, industrialization, and increased spending on housing and commercial construction in emerging economies like China and India are boosting the demand for wood paints and coatings 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. Leading players are focusing on new product development and expansion in emerging markets to strengthen their market position.

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