Wood paints and coatings provide protective as well as aesthetic value to wood and wood products. They protect the surfaces from factors like moisture, UV rays, and corrosion, thereby increasing the durability of wood substrates. Furthermore, wood paints and coatings impart color and designs to wood, allowing its usage for decorative and aesthetic purposes. This makes them suitable for applications in furniture, cabinets, doors, windows, and other wooden construction materials. Surging construction of both commercial and residential buildings worldwide has augmented the demand for wooden furniture, cabinets, and other decorative wooden materials over the years. Additionally, rising home improvement and remodeling activities have also propelled the usage of 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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the wood paints and coatings market is the development of eco-friendly and sustainable product offerings. Strict environmental regulations regarding the usage of volatile organic compound (VOC) emitting solvents in paints and coatings have compelled manufacturers to invest in green chemistry technologies. This has led to innovations like development of water-based and powder-based wood paints and coatings with reduced VOC content. With growing consumer awareness about environmental protection, sustainable wood paints and coatings are finding widespread application in commercial as well as residential sectors. Additionally, introduction of nanotechnology has enabled manufacturers to engineer products with enhanced properties like self-cleaning, easy applicability, durability, and aesthetics using minimal raw materials.
Threat of new entrants: Low capital requirements for new entrants thanks to availability of raw materials and technology encourages new players. However, the wood paints and coatings market is dominated by large players.
Bargaining power of buyers: Large buyers have moderate bargaining power due to availability of substitutes and fragmented supply base. However, customer loyalty and availability of specialized products increases dependence.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitutes and large number of suppliers. However, suppliers of specialized additives have higher bargaining power.
Threat of new substitutes: Threat from new substitutes is moderate as new technologies and materials slowly replace traditional oil and alkyd based coatings.
Competitive rivalry: Intense due to large number of global and regional players and product differentiation becoming increasingly difficult.
The Global Wood Paints And Coatings Market Share is expected to witness high growth over the forecast period of 2024 to 2031. 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 2024 to 2031.
Regional analysis: The Asia Pacific region currently dominates the global market and is expected to continue its dominance over the forecast period. China, India, and other Southeast Asian countries are witnessing rapid growth in wood coatings demand driven by growth in construction activities.
Key players: 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. BASF SE, AkzoNobel N.V., and Hempel A/S collectively account for over 35% of the global market share due to their large product portfolios and widespread distribution networks across regions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it