Inkwood Research estimates that the Global Wood Coatings Market is set to grow with a 4.45% CAGR during the forecasted years, 2024-2032.
Wood has diverse uses that require coating for decorative as well as protective purposes. Wood coatings cover a broad range of products like clear coats, stains, topcoats and supporting ancillaries used outdoors or indoors. Major industries requiring wood coatings include flooring, furniture, and joinery. Also, there has been a growing sustainability awareness to regulate the environmental impacts resulting from economic growth.Â
Further, an increase in disposable income of consumers and improvement in the standard of living in developing economies such as India and China are the key factors fueling the demand for modern furniture, which in turn is expected to drive the demand for wood coatings. Moreover, as a renewable resource, wood is a special attraction as a material substrate that complements any necessary coatings.
Growth Opportunities in Radiation Cure Coatings Technology
Radiation cure coatings employ light to solidify liquid coatings formulations in different applications. Thus, applications requiring improved productivity or facing environmental regulations and restrictions can benefit from radiation-curable technology. The new advances in radiation-curable technology include UV-LED curing, in which the traditional mercury-based UV bulb is changed with a UV-LED bulb. It provides an advantage of a long lifetime, cooler operating conditions, and less drop-off in energy.Â
The application of radiation cure coatings is continuously rising, owing to its excellent curing speed, hard & chemical resistant finish, high productivity, and non-flammability. Moreover, these coatings occupy a small market share and create high growth opportunities during the analysis period.
Major Resin Type: Polyurethane
With the majority market share in the resin type segment, polyurethane is used as a resin in wood coating owing to its versatility and exceptional chemical and physical properties. They are also considered high-performance coatings used in manufacturing and hard surface topcoats that offer gloss retention, chemical abrasion resistance, and vibrant color.
Resistance to wear & tear, resilience to UV light damage, durable surface finish, solvent & scratch resistance, enhanced sanding, smooth & multi-coat finish, and quick-drying application are some properties of polyurethane wood coatings. The polyurethane wood coatings preserve natural wood quality and provide a high-performance finish. Furthermore, they enhance protection and color while strengthening wood products’ properties. These advantages support the demand for wood coating in various industries.
Leading Region: Asia-Pacific
Due to emerging application sectors such as flooring, furniture, joineries, etc., the Asia-Pacific wood coatings market is witnessing several growth opportunities. These opportunities are supported by the massive utilization and manufacturing of wood coatings in Japan, South Korea, China, Vietnam, and India. In addition, the market growth is driven by heavy investments in infrastructure & urbanization and the rapid increase in disposable income. Furthermore, an upsurge in demand from the application segment, economic growth rate, and increase in foreign investments drive the growth of the Asia-Pacific wood coatings market.
The global market is expected to grow moderately due to strict environmental regulations and increased customer demand for eco-friendly wood coating. Many strategic moves like acquisitions, product launches, expansions, and innovations to diversify the Wood Cohavengs market have intensified the competition of the leading players worldwide. Moreover, the availability of numerous wood coating manufacturers increases the competition in the market.
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