Latest News - Wood Coatings Market: Stains and varnishes are expected to lead the Product segment during 2024-2028

The Wood Coatings Market is being driven by Rising demand for wood coatings from developing countries

The Wood Coatings Market is expected to grow at a CAGR of 5.27% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3624.9 million. In the wood coatings market, manufacturers are prioritizing sustainability by sourcing raw materials from renewable and eco-friendly sources. This shift includes the utilization of bio-based ingredients, recycled materials, and by-products from other industries in wood coating formulations. Notably, The Sherwin Williams Co. is pioneering recyclable packaging solutions for wood coatings to minimize waste and promote circular economy principles. Furthermore, the adoption of sustainable packaging materials, such as paper-based or biodegradable alternatives, is on the rise to decrease plastic usage. Additionally, closed-loop production systems are being implemented to recycle waste materials back into the manufacturing process, thereby reducing resource consumption, minimizing landfill waste, and enhancing overall operational efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Stains and varnishes
  • Wood preservatives
  • Shellacs
  • Others
• Technology
  • Solvent-based
  • Water-based
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for wood coatings from developing countries
• Advancements in coating technology
• Growing demand for high-performance wood coatings

However, the market also witnesses some limitations, which are as follows:

• Stringent regulatory standards on use of certain chemicals in wood coatings
• Volatility in raw material prices
• Increasing concerns about wood logging practices

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Market Scope in Wood Coatings Market Research Report

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Research Analysis Overview

The wood coatings market is witnessing significant growth due to the increasing demand for sustainable and eco-friendly alternatives in various sectors. Government health packages promoting the use of recycled raw materials in construction and furniture production are driving the market for wood coatings. VOC carbon coatings, a sustainable alternative to traditional solvent-based coatings, are gaining popularity due to their low carbon footprint. Environmental influences are also shaping the market trends, with water-borne UV coatings becoming increasingly popular for their reduced environmental impact. Wooden products, including doors, exterior and interior furniture, cabinets, tables, shelves, chairs, beds, and home furniture, are major applications for wood coatings. The demand for protective finishes that enhance the appearance of natural grain and provide resistance to moisture damage is driving the market for paints, stains, and varnishes. Corporate offices and residential spaces are major end-users of these coatings. Color preferences continue to influence the market, with consumers seeking finishes that complement their interior design choices.

Market Research Overview

The global commodity chemicals market encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this market excludes chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, the commodity chemicals market's size is determined by the consolidated revenue generated by manufacturers of industrial and basic chemicals. Key growth drivers for this market include the increasing demand for plastic packaging, with plastic being the most widely used material in the global packaging industry. Continuous innovation in the market, driven by the need for lightweight, corrosion-resistant materials, significantly impacts the use of chemicals in the production of plastic packaging materials. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/