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Wood Coatings Market By System Type (Solvent-borne, Water-borne, High-solids), By Type (Preservatives, Stains & Varnishes, Shellacs, Others), By End User (Furniture, Flooring, Decking, Siding, Others) - Growth, Future Prospects And Competitive Analysis, 2017 - 2025

The wood coatings serve to protect the wood structures from the inside out. Wood coatings are required to ensure the long-term durability of its wood products due to moisture penetration and harsh climatic conditions. The growth in construction activities, coupled with the increase in spending power on repair and remolding, is expected to drive the global wood coatings market.

Among the system types, the solvent-borne segment accounted for a major value share in 2016 and is expected to lose share gradually by 2025. This is attributed to the harmful emissions from the use of organic solvents. However, solvent-borne wood coatings continue to dominate the market due to their superior finishing performance and technical advantages over others.

Geographically, the Asia Pacific region registered a more than 45% value share in 2016 and is expected to cater to significant growth by 2025. The government's investments in infrastructural development and initiatives towards housing schemes in countries such as India, Vietnam, and ASEAN countries, among others, are expected to propel the wood coatings market in the region.

In China, the demand for water-borne wood coatings is on the rise owing to the new tax reform on VOC emissions. In early 2015, the Chinese government implemented the new tax with the objective of reducing air pollution and thereby benefiting water-borne wood coating manufacturers. Overall, the global wood coating market is experiencing stringent environmental norms for VOCs and HAPs emissions, resulting in a gradual shift from solvent-borne coatings towards water-borne or high-solids coatings.

Some of the key players present in this market are Teknos Group Oy, BASF SE, Akzo Nobel N.V., The Sherwin-Williams Company, Valspar Corporation, Covestro AG, PPG Industries, Inc., Morrells Wood Finishes, Axalta Coating Systems, LLC, and Katilac Coatings, Inc., among others. Mergers and acquisitions, as well as new product launches, are some of the strategies the companies are undertaking to mark their robust presence in the global wood coatings market.

The report titled "Global Wood Coatings Market: Growth, Future Prospects, and Competitive Analysis, 2017–2025" offers strategic insights into the global Wood Coatings market, along with the market's size and estimates for the duration of 2015–2025. The said research study covers an in-depth analysis of multiple market segments based on system type, coating type, end-use, and a cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2016 and 2025. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.The report also includes profiles of the leading wood coating manufacturers, as well as their product portfolios and key developments, to assist strategic decision-makers.

Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the wood coating industry
  • Market fuelers, market impediments, and their impact on market growth
  • in-depth competitive environment analysis
  • Trailing 2-year market size data (2015–2016)
  • SRC (Segment, Region, Country) Analysis

Overall, the research study provides a holistic view of the global wood coating market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above-mentioned factors.

For the purpose of this study, the global wood coatings market by system type is categorized into:

  • Solvent-borne
  • Water-borne
  • High-solids

Wood coatings are required for the durability and aesthetics of wood products. Wood coatings are produced with different systems, which consist of organic solvents, water, or high solids as the principal formulation base. The solvent-borne wood coatings effectively transfer the solids onto the timber but are responsible for high VOC emissions.

These emissions result in environmental problems, which is why the wood coatings industry is governed by stringent regulations and policies. Solvent-borne coatings are expected to lose market share gradually by 2025 after accounting for more than 45% of the value share in 2016. This is attributed to the shift in technology from solvent-borne systems toward high-solids and water-borne systems. The technical performance of solvent-borne systems, such as the transfer rate of solids, quick evaporation of solvents, and efficient coatings, are the factors supporting their slow growth.

The wood coatings of water-borne systems are environmentally friendly, with very low to no VOC emissions. The high-solids type is a high-viscosity coating that is applied by rolling and is widely used for wood flooring. The increasing demand for high durability and quick curing is expected to boost the wood coatings market by high-solids type, registering a fast pace of growth by 2025.

For the purpose of this study, the global wood coatings market by coating type is categorized into:

  • Preservatives
  • Varnishes and stains
  • Shellacs
  • Others (wax, oil, etc.)

The wood logged from the forest undergoes preservation treatments to prevent the degradation caused by fungi, algae, bacteria, etc. The wood preservatives are essential for interior as well as exterior wood protection. For instance, preservatives such as biocides, alkaline copper quaternary (ACQ), and azoles work on interior wood protection, whereas varnishes, shellacs, and oils function for exterior protection.

The increasing demand for wood in construction is expected to propel the preservatives market, accounting for more than 30% of its value by 2025. The use of wood in flooring, decking, or windows provides beautiful aesthetics but can also result in fatal incidents, such as fires that burn in minutes. Thus, preservatives such as fire retardants, water repellants, and insect repellants are important and are anticipated to record steady growth prospects.

The stains contain dyes and pigments that are either suspended in agents or solvents or directly mixed with wood finishes such as varnish. Varnishes are applied on wood stains, offering a tough protective finish. The growing demand for an on-stop finish for furniture is expected to gain momentum for the stains and varnishes segment and grow at a relatively high CAGR by 2025.

For the purpose of this study, the global wood coatings market by end-user is categorized into:

  • Furniture
  • Flooring
  • Decking
  • Siding
  • Others (landscape, windows, doors, etc.)

The increased development in residential construction benefits the wood coatings market, primarily for furniture, flooring, and decking. In 2016, the furniture segment accounted for a value share of more than 25%, followed by the flooring segment. The growing demand for high-quality and durable furniture products coupled with hard-wearing surfaces propels the wood coatings market for the furniture segment.

The flooring and decking generally use hardwood or engineered wood, which are the common choices for residential properties. The flooring must be slip resistant and durable in order to have a longer shelf life, which drives the market for wood coatings on flooring and decking. However, wood flooring is expensive, and its maintenance and replacement are also highly valued. Vinyl floor titles with a wooden floor style are new substitutes on the market that are significantly less expensive than wood. Such a substitute for flooring and decking might impact the growth of the wood coating market.

On the basis of geography, the global wood coatings market is segmented into the following regions and countries:

  • North America
  • U.S.
  • Canada
  • Europe
  • EU7
  • CIS
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • Argentina
  • rest of Latin America
  • Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

In 2016, Asia Pacific accounted for more than 45% of the global wood coatings market in terms of value. The wood coating market's expansion is fuelled by the growth of the construction industry, especially in India, China, and ASEAN countries in the Asia Pacific. Emerging countries are launching infrastructure projects in order to diversify their economies and government revenue systems. According to the India Brand Equity Foundation, the country gained US$ 3.49 billion in infrastructure deals and US$ 10.49 billion in urban development in the Indian state of Maharashtra in FY 2016-17.

Also, multinationals are investing in these countries to capitalize on vast opportunities. For instance, the Meinhardt Group, a Singapore-based engineering company, plans to establish its base to meet urban developments in India. The Asia Pacific region's positive development for commercial and residential projects is expected to drive growth in the wood coatings market during the forecast period.

The wood coatings market in North America and Europe is expected to grow steadily with the significant adoption of water-borne systems. In these regions, wood is the most preferred choice for home construction, and thus the demand for wood coatings is robust.

Frequently Asked Question:

The market for Wood Coatings Market is expected to reach USD$ 10.49 billion in 2025.

The Wood Coatings Market is expected to see significant CAGR growth over the coming years, at 6.9%.

The report is forecasted from 2017-2025.

The base year of this report is 2016.

Teknos Group Oy, BASF SE, Akzo Nobel N.V., The Sherwin-Williams Company, Valspar Corporation, Covestro AG, PPG Industries.are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Aug 2017
Category:  Chemicals
Report ID:   58636
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
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