Press Releases

Wood Coatings Market to See 6.5% Annual Growth Through 2023

Global Consumption and Growth in Protective Coatings Driving Industry Expansion

May 06, 2019

WELLESLEY, Mass., May 6, 2019–Growing construction activities globally and global demand for protective coatings are two factors helping to drive expansion of the global wood coatings industry, according to a report by BCC Research, “Wood Coatings: Technologies and Application Markets.”

The market expects to see a compound annual growth rate (CAGR) of 6.5% through 2023, when it could be worth $12.3 billion.

Major players in the market include Sherwin-Williams (SHW), BASF (BAS), Kansai Paint (4613), Axalta (AXTA) and Arkema (AKE).

Research Highlights

  • Spraying technology leads the market by growth, with a CAGR through 2023 of 6.8%, followed by non-spraying at 6.3%.
  • Varnishes dominate the market by type, with a 2018 value of $5.6 billion, followed by shellacs at $1.6 billion and lacquers at $1.3 billion.
  • Solvents will see a CAGR through 2023 of 7.1%, followed by oils at 6.6% and resins/additives at 6.2%.

“The global coatings for wood technologies and applications markets are expected to expand at a significant pace due to growth in the protective coating markets and the growing global construction activities,” notes report author Sinha G. Gaurav. “Rapid technological advancements and the emergence of new product developments, as well as the increasing demand for low volatile organic compound coatings, are further expected drive the global coatings for wood technologies and applications market during the forecast period.”

Chief Market Opportunities Include Growth in Asia-Pacific Region and Developing Countries

The market’s most important growth opportunities will come from developing nations around the world, and in particular the Asia-Pacific region. Developing countries in Africa, Latin America, and the Middle East have large untapped growth potential, and advancements in quick applications and eco-friendly solutions will drive growth. China, India and Japan are major markets with significant growth opportunities. China is the world’s largest producer and exporter of furniture, though with price being a key challenge, players will be looking for low-cost products.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Wood Coatings: Technologies and Application Markets( AVM182A )
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