Wood Coating Resins Market

Wood Coating Resins Market Size (2023-2028):

Wood Coating Resins Market is supposed to reach USD 5.48 billion by 2028, with a CAGR of 5.64% between 2023 and 2028.

Wood coating resins are organic compounds used for interior decoration and industrial purposes, to impart tough and beautiful coatings to protect furniture from extreme environmental conditions, while providing an aesthetic appeal. These coatings are different types of acrylic and polyurethane polymers and copolymers. These coatings are widely used in furniture, patio, and siding applications. In recent years, the market has seen frequent developments and innovations to develop environmentally friendly alternatives to solvent-based wood coating resins. Water-based and UV-curable systems are the new types of resin to be launched in the global wood coating resins market.

Wood coatings play an essential role in the wood processing and furniture industries. The global wood coating resins market has grown due to the environmental properties, better siding systems, high durability, improved aesthetics, and better performance of such siding. The increased use of solvent-free and water-based coating resins and the implementation of strict regulations on volatile organic compounds (VOCs) are expected to boost the global market during the forecast period. The major limiting factors in the global wood coating resin market are higher price points for water-based coatings compared to solvent-based coatings, and higher consumption of non-solvent-based coatings compliant.

Wood Coating Resins Market Drivers:

The global wood coating resins market is likely to grow at a moderate growth rate, amid an increasing number of residential construction in all regions of the world. Apart from this, a significant part of the demand is expected to come from pre-existing wood product maintenance activities, which are estimated to further fuel the demand for wood coating resins. As people's standard of living improves, the growing need for decorative wood coatings is also foreseen to generate revenue in the global market. The growing preference for DIY boxes in developed countries is determined to drive demand for panel resins, as seeing them available in retail stores will make people feel the need to regularly upgrade their furniture anesthetics. In addition, an increasing number of upcoming green products and advanced UV protective coatings are predicted to continually rekindle the demand for wood coating resins during the conjecture period.

Wood Coating Resins Market Restraints:

However, the prices associated with the levels of water-based coatings compared to solvent-based equivalents, the high consumption of solvent-based coatings that do not comply with VOC regulations, the increased use of particle board and various metal products for furniture manufacturing are factors restraining the size of the global wood coating resin market.

Opportunities in the Wood Coating Resins Market

Shifting consumer preference towards DIY methods in developed countries will provide stable growth prospects for the wood coating resins market. This can be attributed to the growing need to improve the aesthetics of the furniture. In addition, advanced UV protection coverage and the growth of green products to come are other factors that will boost product penetration for years to come.

Challenges in the Wood Coating Resins Market

The shift in people's preference towards alternatives to wood-based furniture is simultaneously expected to limit the growth rates in the wood coating resins market. Additionally, declining demand for maturing application areas, such as railway products and power poles, is projected to slow the expansion of the global wood coating resins market.

WOOD COATING RESINS MARKET REPORT COVERAGE:

Wood Coating Resins Market Segmentation as per the research report until 2028.

Wood Coating Resins Market - By Resin Type:

• Polyurethane

• Acrylic

• Epoxy

• Alkyd

• Nitrocellulose

• Polyester

• Others

Polyurethane resin plays an important role in wood coating resins. These coatings help produce hard surface topcoats with excellent properties. Polyurethane strengthens the properties of wood-based materials by providing protection and color. It also offers several high-performance properties for wood coating substrates, such as superior chemicals, durable surface finish, UV resistance, scratch resistance, general wear, quick drying, and excellent sanding.

Wood Coating Resins Market - By Technology:

• Solvent-borne

• High-solids

• Radiation cure

• Waterborne

• Powder

Water-based products account for the largest share of the global market size due to the proliferation of use for different applications due to its properties such as hardness, chemical resistance, and resistance to blocking and impression.

Wood Coating Resins Market - By Application:

• Furniture

• Cabinets

• Doors & windows

• Flooring

• Decoration

• Others

The furniture segment accounted for the largest share of the global market size due to the growing need for product innovation, as well as the need for R&D in wood panels. The resin encourages manufacturing organizations to look for organic and inorganic metrics. In addition, superior resistance to dirt, abrasion, and water are the most important characteristics required for wood coating resins in the furniture segment. Therefore, the growth in demand for modern and conventional furniture is directly proportional to the demand for wood coating resins. Modern indoor and outdoor furniture has a growing range of functions that require different types of coverings.

Wood Coating Resins Market - By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

Asia-Pacific is one of the key regions in terms of wood coating resin consumption in the world. Changing consumer tastes, strong economic growth, increased infrastructure, and improvements in people's lifestyles and standards of living are estimated to drive the wood coating resins market in Asia-Pacific in the near future. The market in Latin America is also anticipated to grow at a rapid pace, owing to the increase in construction activities and the improvement in the living standards of the people in the region. North America is also predicted to account for a significant share of the wood coating resins market in the near future, due to the increase in the number of infrastructure activities. In addition, the increased need for interior decorators in Europe is expected to drive demand for wood siding resins in the region. Strict environmental pressures and regulations are important factors in the wood coating resins market in Europe.

Impact of COVID-19 on the Wood Coating Resins Market:

Since the coronavirus outburst in December 2019, the WHO has declared it a public health emergency. The disease has spread to more than 100 countries and has caused enormous loss of life around the world. The global manufacturing, tourism, and financial markets in particular have been hit hard. The downside pressure on the worldwide economy, which had once shown the significance of recovery in the earlier period, has escalated again. The outburst of the pandemic has increased risk factors for the already weak growth of the global economy. The negative global impacts of the coronavirus are already here, significantly affecting the wood coating resins market in 2020.

Wood Coating Resins Market Key Players:

The key players in this market are

1. Arkema S.A.

2. Nuplex Industries Limited

3. Koninklijke DSM N.V.

4. Allnex S.à.r.l.

5. Synthopol Chemie

6. Koch GmbH & Co. KG

7. Dynea AS

8. Polynt Spa

9. Sirca Spa

10. IVM Group

11. Helios Group