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LONDON, GREATER LONDON, UNITED KINGDOM, October 23, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The wood coating market has seen significant growth in recent years, increasing from $10.88 billion in 2023 to $11.71 billion in 2024, with a compound annual growth rate (CAGR) of 7.6%. This growth during the historical period can be attributed to the construction and furniture industries, architectural applications, consumer preferences for wood finishes, demands for protection and durability, as well as renovation and restoration projects.
Global Wood Coating Market Size Forecast and Annual Growth Rate Predictions
The wood coating market is anticipated to maintain its strong growth, reaching $15.6 billion by 2028, with a compound annual growth rate (CAGR) of 7.4%. This growth during the forecast period is driven by increasing demand for premium and custom finishes, the expanding market for outdoor wooden structures, growth in the real estate sector, and a heightened focus on UV-cured coatings. Key trends for the forecast period include the integration of nanotechnology into coating formulations, an emphasis on exterior wood coatings for weather resistance, the customization of coating solutions to align with design trends, a rise in the application of low-energy coatings, and a shift towards powder coatings for wood substrates.
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What Are The Major Factors Driving The Growth Of The Wood Coating Market?
The increase in new home construction and renovations is anticipated to drive the growth of the wood coating market. The demand for housing is rising due to factors such as population growth, rapid urbanization, economic and infrastructure development, and supportive government housing policies and programs. This surge in building new homes and making modifications will lead to a significant demand for wood materials that are coated for use in these residential projects. Wood coatings provide an attractive finish while enhancing the durability of the wooden materials used in homes.
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Which Major Market Players Are Propelling the Wood Coating Market?
Key players in the market include BASF SE, The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Sika AG, Nippon Paint Holdings Co Ltd., MAS Paints Group, RPM International Inc., Axalta Coating Systems Ltd., Cabot Corporation, The Valspar Corporation, Kansai Paint Co Ltd.
What Trends Are Shaping the Future of the Wood Coating Market Size?
Leading companies in the market are emphasizing innovative products, including Italian wood finishes, to better satisfy the needs of their current customers. Italian wood finishes refer to coatings and applications used on wood surfaces, commonly found in furniture, interior design elements, and architectural woodwork.
What Is the Segmentation of the Global Wood Coating Market?
1) By Type: Preservative Wood Coatings, Stain Wood Coatings, Shellac Wood Coatings
2) By Product Type: Water Borne Wood Coatings, Solvent-Borne Wood Coatings, Powder Wood Coatings
3) By Application: Furniture, Cabinets, Siding, Flooring, Other Applications
Regional Insights: Asia-Pacific’s Dominance in the Wood Coating Market
Asia-Pacific was the largest region in the wood coating market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market report during the forecast period. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Defining the Wood Coating Market
Wood coating is a type of substance applied to wooden surfaces to safeguard them from damage caused by various natural and artificial environments. These coatings facilitate the cleaning and disinfecting of wood while helping to seal pores that could harbor bacteria. Coatings represent the final step in the wood finishing process, enhancing the aesthetic appeal of wooden surfaces while prolonging their lifespan and improving durability.
The Wood Coating Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Wood Coating Market Report: Trends, Opportunities, Strategies, and More
The Wood Coating Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into the wood coating market size, wood coating market drivers and trends, wood coating market major players, wood coating competitors' revenues, wood coating market positioning, and wood coating market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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