US 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 | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Industrial Wood Coatings Market Analysis
The United States Industrial Wood Coatings market is expected to reach USD 807 million by the end of this year. It is projected to register a CAGR of over 3.3% during the forecast period.
The United States Industrial Wood coatings market saw a rise in demand during the Covid-19 pandemic in 2020. This was predominantly due to the rise in sales of wooden furniture. During the lockdowns, consumers spent more time at home, which led them to refurbish their living spaces. The orders placed in the first quarter of 2021 were up by 50% compared to 2020.
- The driving factors behind the market growth included increased demand for wood furniture, which occupies approximately 60% of the market.
- However, the stringent regulation laws and reduction in the VOC content in the paints to protect the environment are set to hamper the demand for Industrial Wood Coatings in the future.
- The increase in demand for environmentally friendly coatings in order to reduce the VOC content is creating an opportunity for the production of bio-based coatings used in the industry. With the increase in technological advancements, the demand for bio-based industrial wood coatings is set to increase in the future.
US Industrial Wood Coatings Market Trends
Increase In The Construction Projects To Drive The Market
- Doors, windows, cabinets, wooden furniture, wood flooring, and others are found in various construction projects, which include hospitals, theatres, schools, and residential houses.
- In the recent past, there has been a rise in demand for the construction of new residential projects in the country. According to the United States Census Bureau, in 2021, the total number of newly constructed houses accounted for 1,341,000 units compared to 1,286,000 units in 2020.
- Recently due to the COVID-19 pandemic and lockdowns imposed by the governments, there was a halt in many house construction projects. This led to a decrease in demand for wood coatings. However, the DIY (Do It Yourself) coatings segment saw a rise in demand during the pandemic year.
- According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, in Nov 2022, the number of new building permits given was 1,342,000 units and permits for new houses were 1,427,000 units.
- With the increase in mortgage rates and application of new housing homes, the demand for new building and new house construction is expected to see a surge in demand in the future.
Solvent-Borne Coatings to Dominate the Market
- The solvent-borne industrial wood coating is a liquid protective layer primarily composed of organic compounds. It is applied to a material's surface to prevent corrosion, chemical effects, and other external factors.
- Solvent-borne coatings are typically more resilient than water-borne coatings during the curing of the coating.
- Solvent-borne industrial wood coatings are preferred for applications in humid environments that don't allow water-borne coatings to cure properly.
- Solvent-borne wood coatings cure due to a chemical reaction between oxygen in the atmosphere and the constituents of the solvent-borne wood coating, and not by the evaporation of water.
- However, solvent-borne industrial wood coatings emit high levels of VOCs, which are dangerous to inhale during the application and drying process and are also dangerous to exposed skin.
- Hence, stringent laws have been implemented in order to reduce the risk caused due to the usage of solvent-borne coatings.
- Advances in water-borne industrial wood coatings are making them an increasingly better option to protect wooden surfaces.
US Industrial Wood Coatings Industry Overview
The United States Industrial Wood Coatings market is consolidated. The key players (not in any particular order) in the market include The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., RPM International, and Axalta Coating Systems.
US Industrial Wood Coatings Market Leaders
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The Sherwin William Company
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PPG Industries Inc.
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Akzo Nobel N.V.
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RPM International
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Axalta Coating Systems
*Disclaimer: Major Players sorted in no particular order
US Industrial Wood Coatings Market News
The recent developments pertaining to the major players in the market are being covered in the complete study.
US Industrial Wood Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMEREY
4. MARKET DNAMICS
4.1 Drivers
4.1.1 Increasing Furniture Production
4.1.2 Growing Constructions in the United States of America
4.2 Restraints
4.2.1 Stringent Environmental Regulations
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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 Stratergies Adopted by Leading players
6.4 Company Profiles
6.4.1 Akzo Nobel N.V.
6.4.2 Axalta Coating Systems
6.4.3 BASF SE
6.4.4 CERAMIC INDUSTRIAL COATINGS
6.4.5 Hempel A/S
6.4.6 Jotun
6.4.7 PPG Industries Inc.
6.4.8 RPM International
6.4.9 Teknos Group
6.4.10 The Sherwin William Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Emerging Technologies for the Lower VOC Coatings
US Industrial Wood Coatings Industry Segmentation
Industrial wood coatings are finishes applied to wooden furniture, joinery (millwork), and flooring. The emphasis here is on factory-coated wooden products, both for commercial and household usage. The United States Industrial Wood Coatings Market is segmented by Resin Type (Epoxy, Acrylic, Alkyd, Polyurethane, Polyester, Other Resin Type), Technology (Water-borne, Solvent-borne, UV-cured and Powder Coatings), Application (Wood Furniture, Joinery, Wood Flooring, and Other Applications). The report offers market size and forecasts for United States Industrial Wood Coatings in revenue (USD million) for all the above segments.
| 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 |
US Industrial Wood Coatings Market Research FAQs
What is the current United States Industrial Wood Coatings Market size?
The United States Industrial Wood Coatings Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in United States Industrial Wood Coatings Market?
The Sherwin William Company, PPG Industries Inc., Akzo Nobel N.V., RPM International and Axalta Coating Systems are the major companies operating in the United States Industrial Wood Coatings Market.
What years does this United States Industrial Wood Coatings Market cover?
The report covers the United States Industrial Wood Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United States Industrial Wood Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
United States Industrial Wood Coatings Industry Report
Statistics for the 2024 United States Industrial Wood Coatings market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. United States 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.
