Global Wood Paints And Coatings Market Is Estimated To Witness High Growth Owing To Increasing Urbanization And Rising Demand For UV-Cured Coatings

 

Wood Paints And Coatings Market

Overview:

Wood is a beautiful and durable material that can be used to create elegant furnishings, flooring, and architectural elements. Protecting and beautifying wood surfaces is easy with the right coatings. Wood coatings are designed to resist chipping, cracking, fading, and weathering. They can also help to enhance the natural grain of wood and keep it looking shiny and smooth, even when exposed to constant wear and tear. Industrial wood coatings are applied at the factory to a variety of wood products, including furniture and kitchen cabinets. Oil-based paint dries into a hard layer over the surface, making it less vulnerable to scuff marks and other signs of heavy use than water-based paint. It also dries faster than plant-oil-based paints, which can take weeks to dry completely.

Market Dynamics:

Growing product approvals are estimated to augment growth of the Global Wood Paints And Coatings Market during the forecast period. For instance, PPG Industries Inc., declared that two of their products been recognized with 2022 R&D 100 Awards in the Mechanical/Materials category, in August 2022. COMEX VINIMEX TOTAL antiviral and antibacterial paint and COPPER ARMORTM antimicrobial paint were the two products. Moreover, increasing strict regulation regarding VOC emitting solvent is anticipated to restrain growth of the global wood paints and coatings market during the forecast period.

Impact of COVID-19:

COVID-19 was first identified in 2019 in China. The pandemic impacted on the growth of many sectors across the world. Countries such as China, Spain, Italy, India, the US, UAE, Australia and many more had to impose nationwide lockdown restrictions for avoiding transmission of the disease. These restrictions led to shutting down of several companies temporarily. During the pandemic, there was a shortage of raw materials and manpower in several sectors. This led to halting manufacturing activities. The pandemic also hampered the production and demand of many products. There was a decrease in demand for wood paints and coatings. Thus, the pandemic restrained the growth of the global wood paints and coatings market.

Key Takeaways:

The global wood paints and coatings market is expected to witness high growth, exhibiting CAGR of 6.2 % over the forecast period, due to rising acquisitions by key players. For instance, AkzoNobel acquired Lankwitzer Lackfabrik GmbH’s wheel liquid coatings business in December 2022. This acquisition will strengthen their performance coatings portfolio.

Asia-Pacific is anticipated to witness significant growth in the global wood paints and coatings market during the forecast period, due to growing domestic and foreign demand.

Key players operating in the Global Wood Paints And Coatings Market are IVM Group, Dow, Valspar, Akzo Nobel N.V., Stahl Holdings, Asian Paints, Nippon Paint Holdings Co., Ltd, BASF SE, Axalta Coating Systems, Kansai Nerolac Paints Limited, Teknos Group, PPG Industries, Inc., The Sherwin-Williams Company, and RPM International Inc.