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| Wood Paints And Coatings Market |
The global Wood Paints And Coatings Market is estimated to be valued at US$ 9.58 Mn in 2023 and is expected to
exhibit a CAGR of 6.5% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Wood paints and coatings products provide protection and enhance the aesthetic
appeal of wood surfaces. They prevent wooden surfaces from damage caused by
moisture, UV rays, fungi and insects. These products are available in different
sheens, styles and colors allowing consumers to customize the wood appearance
as per their needs and interior décor.
Market key trends:
Eco-friendly and bio-based coatings for wood surfaces is gaining widespread
popularity among consumers and industrial customers due to stringent
environmental regulations regarding VOC emissions of coatings. Major players
are focusing on developing bio-based and eco-friendly coatings by utilizing
plant-based resins, solvents and additives in lieu of petroleum-based compounds
to make their products greener and sustainable. For instance, BASF SE offers a
range bio-based wood coatings under the Ecobinder brand that contains 40-60%
renewable raw materials derived from plants making them suitable for indoor as well
as outdoor applications.
Segment Analysis
The global wood paints and coatings market is dominated by interior wood paints
and coatings sub-segment. Interior wood paints and coatings are widely used for
doors, windows, flooring, cabinets, wood furniture, and other indoor wood
applications to provide protection and enhance the aesthetic appeal. These
coatings are gaining high traction due to the increasing consumer spending on
home interiors and renovation activities.
Key Takeaways
The global Wood
Paints And Coatings Market Trends is expected to witness high growth,
exhibiting CAGR of 6.5% over the forecast period, due to increasing
construction activities and renovation projects across the globe.
Regional analysis
The Asia Pacific region is expected to dominate the global wood paints and
coatings market during the forecast period. The high growth in the region can
be attributed to rising disposable incomes, increasing construction activities,
and expanding housing sector in emerging economies such as China and India.
Key players
Key players operating in the wood paints and coatings market are BASF SE,
Arkema SA, Ashland Inc., RPM International Inc., Hempel, AkzoNobel N.V.,
Premium Coatings, Chemicals Pvt. Ltd., Nippon Paint Co. Ltd., and Axalta
Coatings Systems.
For more insights, read- https://www.ukwebwire.com/wood-paints-and-coatings-market-trends-size-and-share-analysis/
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