According to a recently updated Fact.MR analysis, the global demand for wood coatings is anticipated to grow at a CAGR of 6.2% from 2022 to 2032 and be worth US$ 17.7 billion at that time. The industry’s value increased to US$ 9.7 billion in 2022. Growth is ascribed to the construction of office and residential buildings, which has increased the demand for sturdy, high-quality furniture.
Sales grew at a 5% value CAGR from 2015 to 2021, reaching a valuation of US$ 9.2 billion. In the furniture industry, interior design ideas for buildings, buildings, and apartments are constantly changing.
Key Takeaways from the Market Study
• The value of the global wood coatings market will nearly double by 2032.
• Solvent-borne coatings will make up 66% of the market revenue by product type.
• The United States is expected to be a lucrative market with opportunities worth US$7.6 billion by 2032.
• The Chinese market is expected to have a value of over $10 billion in 2022.
• A CAGR of 6% will be recorded in Europe between 2022 and 2032.
• South Korea and Japan will grow at CAGRs of 6.4% and 6.2%, respectively.
Competitive Environment
Leading players are embracing novel strategies like cutting-edge marketing strategies, technology developments, mergers, and acquisitions.
The new Joncryl 953X portfolio, which includes five acrylic dispersions for protecting and enhancing wood grain, was announced by BASF in November 2020. This portfolio will present low- to no-VOC sustainable alternatives.
• The ACRYSOLTM DR-180 Rheology Modifier, a high-efficiency hydrophobically modified alkali-soluble emulsion, was just released by The Dow Chemical Company (HASE). To achieve the needed performance in contractor-quality paints, it couples great sag/flow balance with exceptional spray, roller, and brush application capabilities. It offers a partial or full substitute for hydroxyethylcellulose HEC technology.
