Wood Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Wood Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The market for wood coatings is likely to register a CAGR of less than 5% during the forecast period. The coronavirus pandemic, the series of nationwide lockdowns, strict social distancing regulations, and disturbances in the worldwide production network hampered the wood coating market. Numerous processing plants and businesses were closed worldwide, influencing interest in the market. However, the market is estimated to have reached pre-pandemic levels and is expected to grow positively during the forecast period. Key HighlightsOne of the major factors driving the market studied is the growing furniture production worldwide. The ever-increasing construction industry in Asia-Pacific, Middle-East, and Africa will likely boost the market growth.Stringent environmental regulations may restrain the demand for wood coatings during the forecast period.The increasing demand for UV-cured coatings is likely to act as an opportunity for the market in the future.Asia-Pacific dominated the wood coatings market across the world during the forecast period.Wood Coatings Market TrendsGrowing Furniture Production Worldwide is Driving the Market Growth With increasing housing construction, population, and income worldwide, the demand for furniture such as chairs, tables, beds, sofas, shelves, and cupboards has increased significantly. The total revenue of the Furniture market is expected to reach USD 770.0 billion in 2023. The market is also expected to grow annually by 5.31% for the next five years. A significant portion of the market is occupied by Living Space Furniture, with an estimated market volume of USD 227.70 billion in 2023. Moreover, with the rapidly growing service sector, a considerable proportion of the population has been relocating to new locations, driving the trend of hostels, co-living, guest houses, and official premises. This is expected to augment the demand for various furniture products. In the furniture industry, concepts related to the interiors of homes, offices, and flats are changing continuously. This is driving innovation and development, primarily in terms of designs, size, and colors, which is expected to augment furniture production volume worldwide. In the furniture industry, wood coatings are extensively used. Thus, the increasing production volume of furniture across the world is augmenting the growth of the market studied. The Asia-Pacific Region is Expected to Dominate the Market The Asia-Pacific region has been dominating the global market share for the Wood coatings market. China has the largest furniture sector in the world, which is thriving due to increasing domestic and foreign demand. In India, both the furniture and construction sectors have been seeing significant development as of late. Some of the key factors driving this growth include increased investment in the residential and commercial sectors, as well as government initiatives such as "Housing for All." Hong Kong's housing authority initiated a number of initiatives in China to jump-start the development of affordable housing. By 2030, the authorities hope to have 301,000 public housing units available. Similarly to this, it is anticipated that 7,000 additional shopping malls will be built in China and opened by 2025. According to the Forest Trends Association, the Indian domestic furniture market is expected to grow at an annual rate of 12.9% between 2020 and 2024. IKEA has also announced its future plans to open more than 25 stores across the country, with investments of more than USD 1 billion in stores alone. Additionally, there has been major growth in public and private investments in the construction sectors of ASEAN countries in recent times. These factors are likely to help the Asia-Pacific region to dominate the market during the forecast period.Wood Coatings Industry Overview The wood coatings market is highly concentrated, with the top three players accounting for about 65% - 70% of total revenue. Some of the major companies in the market include Sherwin-Williams Company, Akzo Nobel N.V., PPG Industries Inc, RPM International Inc, and Kansai Paints Co. Ltd.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support