Mexico Industrial Wood Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mexico Industrial Wood Coatings Market Analysis
The Mexican industrial wood coatings market is expected to reach USD 150 million by the end of this year and is projected to register a CAGR of 3% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- Increasing consumer disposable income and an improving standard of living in the country are significant factors driving demand for furniture, which is likely to drive demand for wood coatings.
- Furthermore, the housing sector is experiencing substantial growth, fuelling the demand for the manufacturing of doors and windows under the joinery sector and, thus, boosting market growth.
- However, strict environmental regulations set by the government on using volatile organic compounds in wood coatings manufacturing are anticipated to hamper market expansion.
- Furthermore, advancements in coating technology and the employment of radiation cure coatings are projected to generate opportunities in the wood coating industry in the coming years.
Mexico Industrial Wood Coatings Market Trends
This section covers the major market trends shaping the Mexico Industrial Wood Coatings Market according to our research experts:
Increasing Demand from Joinery Sector
- The joinery industry mostly uses industrial wood coatings in doors, windows, trim, and cabinets. To protect these wooden surfaces from various stains and scratches, the consumption of wooden coatings in the country has increased significantly.
- With the growing construction of housing units in Mexico, the need for kitchen cabinets for various household functions, such as cooking and storing utensils, is also increasing.
- The need for joinery is significantly associated with the rise in new homes, as wood is the most common material used for internal doors. For instance, in Mexico, the housing stock increased by roughly 2% from 2020 to 2021, reaching 36.01 million units.
- Furthermore, Mexico's residential real estate industry is booming due to the country's growing population. Since 2016, it has contributed to the GDP of the country by about 6%. As a result, the demand for wood coatings, which are used to construct doors, windows, and other items, rises along with the growth of the residential real estate sector.
- Moreover, wood coatings are widely used in the residential and commercial building sectors. These coatings are used in various applications in hospitals, and schools, among others, in the manufacturing of doors, wooden cabinets, etc.
- In 2021, the number of hospitals in Mexico increased by 86, indicating a 1.75% rise over 2020. This is expected to create significant demand for wooden coatings in Mexico.
- Thus, owing to the above-mentioned factors, the demand for wood coatings is likely to increase during the forecast period.
Growing Demand for Furniture
- Industrial wood coatings protect wooden furniture from several factors, such as water, sunlight, dust, and other chemical effects, such as oil and grease.
- These coatings are also used to make furniture more aesthetically appealing. In the construction sector, wood furniture is commonly used.
- Due to modernization and changing lifestyle preferences, the demand for furniture, such as chairs, tables, sofas, shelves, etc., has risen significantly due to increasing disposable income levels.
- Thus, the country's wooden furniture sales have increased due to these factors. For instance, furniture sales in 2021 increased by over MXN 9 billion from the previous year and reached a value of about MXN 11 billion.
- Thus, increased demand for wooden furniture is expected throughout the forecast period, which is likely to result in higher consumption of wooden coatings in the country.
Mexico Industrial Wood Coatings Industry Overview
The Mexican industrial wood coatings market is partially consolidated in nature. Some of the major players in the market include RPM International Inc., AkzoNobel NV, Axalta Coatings Systems, The Sherwin Williams, and PPG Industries Inc., among other companies (in no particular order).
Mexico Industrial Wood Coatings Market Leaders
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RPM International Inc
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AkzoNobel NV
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Axalta Coatings Systems
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The Sherwin Williams
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PPG Industries Inc.
*Disclaimer: Major Players sorted in no particular order
Mexico Industrial Wood Coatings Market News
The recent developments pertaining to the major players in the market are being covered in the complete study.
Mexico Industrial Wood Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Usage of Wooden Furniture
4.2.2 Increasing Housing Construction
4.3 Market Restraints
4.3.1 Regulations Related to VOC Emissions
4.3.2 Other Restraints
4.4 Industry Value Chain Analysis
4.5 Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Resin Type
5.1.1 Epoxy
5.1.2 Acrylic
5.1.3 Alkyd
5.1.4 Polyurethane
5.1.5 Polyester
5.1.6 Other Resin Types
5.2 Technology
5.2.1 Water-borne
5.2.2 Solvent-borne
5.2.3 UV-Coatings
5.2.4 Powder
5.3 End-user Industry
5.3.1 Wooden Furniture
5.3.2 Joinery
5.3.3 Flooring
5.3.4 Other End-user Industries
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel NV
6.4.2 Axalta Coatings Systems
6.4.3 Jotun
6.4.4 PPG Industries Inc.
6.4.5 RPM International Inc.
6.4.6 Kansai Paint Co. Ltd
6.4.7 Nippon Paint Holdings Co. Ltd
6.4.8 Henkel AG & Co. KGaA
6.4.9 BASF SE
6.4.10 Hempel A/S
6.4.11 Valspar
6.4.12 The Sherwin Williams
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Radiation-cured Coatings
Mexico Industrial Wood Coatings Industry Segmentation
Industrial wood coating is used for the protection of wooden products used for different industrial purposes, such as the production of wooden furniture, doors, cabinets, etc.
The Mexican industrial wood coatings market is segmented by resin type, technology, and end-user industry. By resin type, the market is segmented into polyurethane, acrylic, nitrocellulose, alkyd, and others. By technology, the market is segmented into water-borne, solvent-borne, powder, UV-Coatings, and other technologies. By end-user industry, the market is segmented into wooden furniture, joinery, flooring, and other end-user industries. For each segment, the market sizing and forecasts have been done on the basis of revenue. ( USD million)
| Resin Type | |
| Epoxy | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Polyester | |
| Other Resin Types |
| Technology | |
| Water-borne | |
| Solvent-borne | |
| UV-Coatings | |
| Powder |
| End-user Industry | |
| Wooden Furniture | |
| Joinery | |
| Flooring | |
| Other End-user Industries |
Mexico Industrial Wood Coatings Market Research FAQs
What is the current Mexico Industrial Wood Coatings Market size?
The Mexico Industrial Wood Coatings Market is projected to register a CAGR of 3% during the forecast period (2024-2029)
Who are the key players in Mexico Industrial Wood Coatings Market?
RPM International Inc, AkzoNobel NV, Axalta Coatings Systems, The Sherwin Williams and PPG Industries Inc. are the major companies operating in the Mexico Industrial Wood Coatings Market.
What years does this Mexico Industrial Wood Coatings Market cover?
The report covers the Mexico Industrial Wood Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Industrial Wood Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Industrial Wood Coatings Industry Report
Statistics for the 2024 Mexico Industrial Wood Coatings market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Mexico Industrial Wood Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
