According to the latest report by IMARC Group, titled, “Waterborne Wood Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” the global waterborne wood coatings market size reached US$ 1.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1.7 Billion by 2027, exhibiting a growth rate (CAGR) of 5.8% during 2022-2027.
Wood coatings protect the interior and exterior furniture, doors, and other wood-based items from environmental influences while decorating them. Waterborne wood coatings are surface coatings that contain 80% water and a small amount of other solvents, such as polyvinyl ether and glycol. These coatings are applied on wooden surfaces for protecting and enhancing their appearance. The composition and consistency of these coatings differ vastly, mostly depending upon the different solvents that are added to them. The coatings help protect wood and wood substrates from scratches, chemical abrasion, and corrosion. They are environmentally friendly and used for various applications, including automotive refinish, coils, protective coatings, and marine and industrial wood.
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Waterborne Wood Coatings Market Trends and Drivers:
The global market is majorly driven by the increasing production of wooden artifacts and decorative commodities. In line with this, numerous government regulations to reduce the usage of volatile organic compounds and carbon emissions, coupled with continual product innovations, are significantly contributing to the market across the globe. Furthermore, the escalating product demand from the automotive sector due to low toxicity levels is positively influencing the market. Moreover, the increasing demand for waterborne wood coatings in marine applications for their anti-corrosion, anti-fouling, and self-cleaning properties is further propelling the market. Additionally, heavy expenditure on infrastructural development projects in emerging economies is providing a boost to the market growth. Other factors, including augmenting construction activities, rapid urbanization, and the rising demand for green construction products, are also providing a boost to the market worldwide.
- The competitive landscape of the market along with the profiles of key players has also been examined in this report.
Waterborne Wood Coatings Market 2022-2027 Competitive Analysis and Segmentation:
The report has segmented the market based on report has categorized the market based on application.
Market Breakup by Application:
On the basis of applications, the market has been categorized into furniture, decking, joinery, siding, flooring and others. Amongst these, furniture is the largest application segment of waterborne wood coatings.
Market Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific represents the leading market, holding the majority of the total share. Other markets include Europe, North America, Middle East and Africa, and Latin America.
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