Wood Coatings Market Size, Share, and Growth Analysis

Wood Coatings Market By Resin Type (Polyurethane, Nitrocellulose), By Technology (Water-Borne, Solvent-Borne), By Application (Furniture, Siding), By Region -Industry Forecast 2025-2032


Report ID: SQMIG15E2577 | Region: Global | Published Date: January, 2025
Pages: 198 |Tables: 96 |Figures: 71

Format - word format excel data power point presentation

Wood Coatings Market Insights

Global Wood Coatings Market size was valued at USD 11.43 Billion in 2023 and is poised to grow from USD 11.99 Billion in 2024 to USD 17.59 Billion by 2032, growing at a CAGR of 4.9% in the forecast period (2025-2032).

The global wood coatings market growth is driven by the growing demand for home furnishing and customers' increasing aesthetic concerns. As the world's population grows, their need for furniture, such as beds, chairs, shelves, tables, and cupboards, increases, along with improvement in the housing market. The growing interest in interior designs and décor, particularly in homes, hotels, and commercial buildings, gives further weight to this trend. Growing investment by consumers in visually pleasing and useful furniture drives the need for premium wood treatments to enhance durability and aesthetic appeal.

The demand for wood coatings is also driven by consumers' rising demand for environmentally friendly products. To cater for this demand, several companies have used non-toxic formulas with low VOC contents in their wood treatments. There has also been the launch of bio-based and environmentally friendly wood treatments resulting from the new emphasis on sustainability. For example, during February 2022, Polish chemical raw material company Synthos introduced its very first bio-based acrylic dispersion: SYNEXIL AW90CX designed to be highly applicable in colored and translucent wood coatings. Developments like this support the trajectory of the growth of the market and are in line with international environmental goals by fulfilling a growing concern that consumers have related to sustainability.

Market snapshot - (2025-2032)

Global Market Size

USD 11.43 Billion

Largest Segment

Solvent-Borne

Fastest Growth

Water-Borne

Growth Rate

4.9% CAGR

Global Wood Coatings Market ($ Bn)
Country Share for Asia-Pacific (%)

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Wood Coatings Market Segments Analysis

The global wood coatings market is segmented into resin type, technology, application, and region. By resin type, the market is classified into polyurethane, acrylic, nitrocellulose, unsaturated polyester, and others. Depending on technology, it is divided into waterborne, solvent-borne, powder coating, radiation cured, and others. According to the application, the market is categorized into furniture, joinery, flooring & decking, siding, and others. Regionally, the market is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Analysis by Resin Type

Based on the 2024 global wood coatings market forecast, the polyurethane segment accounted for the largest share of revenue and almost 41.0% of total resin sales. Most manufacturers use it as a coating material in the production of wooden furniture. The product is easily available, and polyurethane has several advantages over its alternatives. Polyurethane provides an excellent lifespan, UV protection, chemical resistance, and durability. Moreover, polyurethane coatings are available in a variety of formulas, including oil-based and water-based options, and in a range of finishes, including satin, matte, high-gloss, and semi-gloss. Due to its versatility, customers may choose the type of polyurethane that best fits their specific needs and desired appearance.

The nitrocellulose segment is expected to grow at a CAGR of 5.5% over the projection period. Nitrocellulose is the most commonly used resin type in the wood coating industry. Due to the fact that nitrocellulose coatings are relatively easy to apply, do-it-yourselfers and small-scale woodworkers prefer them. They can easily be wiped, brushed, or sprayed over the wood surface. Due to its excellent reparability, nitrocellulose coatings are relatively easy to touch up or restore. Coating damage can sometimes be repaired instead of replacing the entire surface. In addition, these coatings cost less than some of the top-of-the-line polyurethane coatings.

Analysis by Technology

As per the 2024 global wood coatings market analysis, the solvent-borne category accounted for the highest revenue share. A surface-coating system can be typically identified and recognized by the fact of the solvents used to carry it. The solvents, the information about which you can trace thereby in the course of learning about solvent-based coatings used in painting work. Practical properties of solvent-based coatings such as finish, and ease of application are great. Usually, these coatings show superior characteristics just opposite in comparison with water-based coatings. They possess excellent adhesivity, durability, and resistance towards environmental impacts, chemical agents, abrasion. Furthermore, solvent-borne coatings generally take a shorter drying period than water-based coatings. Due to the faster drying rate, it creates shorter turnaround time for construction and manufacturing. Therefore, it helps decrease labor and energy costs. This is another established advantage of solvent-borne coatings-susceptibility to detrimental environmental factors, which includes extreme temperature, UV exposure, and water.

The water-borne category is expected to grow at the fastest CAGR of 5.5% during the forecast period due to its ecologically favorable features. Keeping in line with the ever-increasing importance on sustainability, water-borne coatings have greatly reduced levels of VOCs compared to their solvent-borne counterparts. These coatings bear a softer smell that leaves it friendly for comfort to applicants to handle the job while minimizing indoor air pollution. Water-borne coatings are safer to handle and store because they contain fewer dangerous chemicals. They are generally composed of 70% water, 20% solids, and only 10% solvent. Their reduced flammability also makes them safer, and their desirable environmental impacts and user-friendly properties go a long way toward explaining why they are gaining increasing use in a wide range of applications.

Global Wood Coatings Market By Technology

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Wood Coatings Market Regional Insights

Due to high demand for home furnishings in countries such as China, India, Japan, and South Korea, Asia-Pacific led the global wood coatings market in 2024 with more than 46.2%. Rapid increases in disposal earnings and rising living standards are a cause of soaring demand and the growth of populations, specifically in China and India. This has greatly affected the customers' decision to embrace green, environmentally friendly, and sustainable green furniture. Manufacturers have concentrated on making advanced wood treatments that are far eco-friendlier and more purposeful. It is expected that the Asia-Pacific wood coatings market will continue to grow due to increased focus on sustainability, strong regional economic growth, and urbanization.

Europe is estimated to witness significant growth by 5.2% CAGR in the forecasting period, because consumers are awakening to these passions and increasingly demanding good furniture made from better materials. Due to ecologically better-quality reasons, wooden furniture is becoming highly in demand throughout Europe due to its preference for furniture that is made from recycled or renewable resources. The trend towards remote working works further to foster market growth; it increases home office furniture as well as wood coating products needed for desks, chairs, and shelf units. Furthermore, Europe provides a strategic balance as one of the major leading players in developing the wood coating market, significantly due to the area's focus on sustainability and for furniture that is good-looking yet functioning.

Global Wood Coatings Market By Geography
  • Largest
  • Fastest

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Wood Coatings Market Dynamics

Drivers

Growing Demand for Furniture

  • The main driver of the global wood coatings industry is growing demand for furniture that is both aesthetically pleasing and useful. Global urbanization and disposable incomes are driving this trend. Consumers are invested in better home and business furnishings. Another increase in demand is for wood treatments that make furniture more durable and attractive, driven by the revival of the housing market and an increased focus on interior design and décor.

Shift to Eco-Friendly Products

  • Consumer interest in sustainability has become a strong force in changing the market for wood coatings. Preference for new non-toxic, nature-based, and low-VOC coatings has greatly raised considering the consumer interest and has prompted governments to implement environmentally friendly tax breaks. This new development generated by the growing consumer demand and vegetatively enhanced legal requirements is creating an awakening of colossal amounts for an environmentally friendly coating for wooden furniture using international fronts.

Restraints

Eco-Friendly Coatings are Expensive

  • Although eco-friendly coatings are increasingly becoming popular, one limitation is that they are expensive compared to the traditional coatings. Since bio-based and low-VOC coatings require advanced ingredients and technology to manufacture, they are not as cheap for price-sensitive consumers. This price difference restricts the wide application of sustainable wood treatments, especially in developing countries where consumers are budget minded.

Tough Regulatory Conditions

  • Strict environmental regulations dealing with VOCs pose challenges in the wood coating industry. If the company sticks to these restrictions, then their product innovation and production may suffer. To fulfill these regulations in their products, manufacturers need research and development at a cost; this might prolong the release dates of the product and lower profitability. The expanding market is hindered by this form of regulatory pressure.

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Wood Coatings Market Competitive Landscape

Innovativeness, sustainability, and expanding portfolios are the strategic priorities of significant players in a highly competitive wood coatings market. Major participants in the market have significant investments in newer and more sustainable coating technologies such as Akzo Nobel N.V., PPG Industries, Sherwin-Williams, RPM International Inc., and Axalta Coating Systems. While regional expansions and market consolidations into partnerships are much in keeping with the game now that new ventures are engaged with the growing demands for sustainable solutions fueling competition and innovation.

Top Players in Wood Coatings Market

  • Akzo Nobel N.V.
  • PPG Industries, Inc.
  • Sherwin-Williams Company
  • RPM International Inc.
  • Axalta Coating Systems Ltd.
  • BASF SE
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Valspar Corporation
  • ICA Group
  • Benjamin Moore & Co.
  • Teknos Group
  • Arkema S.A.
  • Dow Inc.
  • Asian Paints Ltd.

Recent Developments

  • Axalta Building Products, a company of Axalta finishing Systems, launched its highly advanced line of wood finishing products called Zenamel in April 2024 especially for the benefit of cabinet makers. By unveiling this line of products, Axalta Building solutions aims to make its customers, who operate within the realm of wood finishing solutions, able to manufacture more quality, eco-friendly sustainable solutions under stronger regulations and due to consumer behavior changes.
  • Benjamin Moore & Co. announced an exterior paint named Element Guard that is used with various substrates, like wood, launched in April 2023. In the meantime, Benjamin Moore & Co. plans to facilitate the painting professional through Element Guard so that outside projects will last and come up with satisfaction for their customers under varied weather conditions.
  • Asian Paints announced that it would invest in a new water-borne paint manufacturing facility with a 4-lakh kl yearly capacity in January 2023. The plant will begin manufacturing water-borne wood finishes from 2026. Asian Paints aims to increase its production capacity with this expansion to capitalize on the anticipated surge in demand for water-borne wood coatings in India.

Wood Coatings Key Market Trends

Wood Coatings Market SkyQuest Analysis

SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, the global wood coatings market outlook will be transformed with rising urbanization, customer preference for more environmentally friendly products, and consumer demand for long-lasting and aesthetically pleasing furniture. Coating technology advancement such as water-borne and UV curable coatings have improved product performance and overcome environmental issues, thus increasing market acceptance. Manufacturers are focusing on more research and development to overcome strict VOC regulations along with a larger cost for coatings that are being labeled sustainable. Wood coatings can be expected to grow very strongly due to emerging technologies along with a more elevated concern toward environmental sustainability across both commercial, industrial, and residences globally.

Report Metric Details
Market size value in 2023 USD 11.43 Billion
Market size value in 2032 USD 17.59 Billion
Growth Rate 4.9%
Base year 2024
Forecast period (2025-2032)
Forecast Unit (Value) USD Billion
Segments covered
  • Resin
    • Polyurethane, Acrylic, Nitrocellulose, Unsaturated Polyester, and Others
  • Technology
    • Waterborne, Solvent-Borne, Powder Coating, Radiation Cured, and Others
  • Application
    • Furniture, Joinery, Flooring & Decking, Siding, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Akzo Nobel N.V.
  • PPG Industries, Inc.
  • Sherwin-Williams Company
  • RPM International Inc.
  • Axalta Coating Systems Ltd.
  • BASF SE
  • Nippon Paint Holdings Co., Ltd.
  • Kansai Paint Co., Ltd.
  • Valspar Corporation
  • ICA Group
  • Benjamin Moore & Co.
  • Teknos Group
  • Arkema S.A.
  • Dow Inc.
  • Asian Paints Ltd.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Wood Coatings Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Wood Coatings Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Wood Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wood Coatings Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wood Coatings Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Wood Coatings Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Wood Coatings Market size was valued at USD 11.43 Billion in 2023 and is poised to grow from USD 11.99 Billion in 2024 to USD 17.59 Billion by 2032, growing at a CAGR of 4.9% in the forecast period (2025-2032).

Innovativeness, sustainability, and expanding portfolios are the strategic priorities of significant players in a highly competitive wood coatings market. Major participants in the market have significant investments in newer and more sustainable coating technologies such as Akzo Nobel N.V., PPG Industries, Sherwin-Williams, RPM International Inc., and Axalta Coating Systems. While regional expansions and market consolidations into partnerships are much in keeping with the game now that new ventures are engaged with the growing demands for sustainable solutions fueling competition and innovation. 'Akzo Nobel N.V.', 'PPG Industries, Inc.', 'Sherwin-Williams Company', 'RPM International Inc.', 'Axalta Coating Systems Ltd.', 'BASF SE', 'Nippon Paint Holdings Co., Ltd.', 'Kansai Paint Co., Ltd.', 'Valspar Corporation', 'ICA Group', 'Benjamin Moore & Co.', 'Teknos Group', 'Arkema S.A.', 'Dow Inc.', 'Asian Paints Ltd.'

The main driver of the global wood coatings industry is growing demand for furniture that is both aesthetically pleasing and useful. Global urbanization and disposable incomes are driving this trend. Consumers are invested in better home and business furnishings. Another increase in demand is for wood treatments that make furniture more durable and attractive, driven by the revival of the housing market and an increased focus on interior design and décor.

Adoption of Water-Borne Coatings: The reasons that are contributing more for water-borne coatings include an increased level of safety, the odor level lowered, and also low-volatile organic compound content. Stringent rules have led to eco-friendly items preferred by the customer. Improving performance and longer durability are giving the impetus for wood coating to improve upon this basis even more as more water-borne coatings have made a strong ground for both industries and homes through innovations in technology of formulation.

Due to high demand for home furnishings in countries such as China, India, Japan, and South Korea, Asia-Pacific led the global wood coatings market in 2024 with more than 46.2%. Rapid increases in disposal earnings and rising living standards are a cause of soaring demand and the growth of populations, specifically in China and India. This has greatly affected the customers' decision to embrace green, environmentally friendly, and sustainable green furniture. Manufacturers have concentrated on making advanced wood treatments that are far eco-friendlier and more purposeful. It is expected that the Asia-Pacific wood coatings market will continue to grow due to increased focus on sustainability, strong regional economic growth, and urbanization.

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Wood Coatings Market

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