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Wood Coating Resins Market Size
Wood Coating Resins Market is projected to grow at an exponential rate from 2024 to 2032, driven by a positive outlook towards the construction industry across the globe. Rising maintenance activities of existing wood items and enhanced living standards are proliferating the demand for decorative varnishes. Shifting consumer preference towards Do-it-Yourself methods in developed countries will further provide stable prospects for the industry expansion. This can be attributed to the rising need to improve furniture aesthetics. The advanced UV protection covering and growth in upcoming eco-friendly products will also increase the product appeal.
According to a recent report, the household nominal disposable income in the U.S. increased at 6.9% YoY in 2023. The rising disposable income is encouraging consumers to opt for premium wood. Furthermore, manufacturers are focusing on developing coatings that are formulated to fulfil the performance expectations of end users that include DIY customers, OEMs, and professional contractors. Owing to this, there are numerous product types to coat the interior wood substrates. Although, few upgraded coatings are highly solid solvent-based systems, industry players are emphasizing waterborne solutions, adding to the industry growth.
Wood Coating Resins Market Trends
The growing demand for eco-friendly and sustainable resins due to increasing environmental regulations and consumer preferences is increasing the adoption of wood coating resins. The rising interest in high-performance water-based and UV-curable resins is offering fast curing times and low VOC emissions. To that end, manufacturers are focusing on developing innovative resin formulations with enhanced durability, scratch resistance, and weatherability to meet the evolving needs of the construction and furniture industries. The growing adoption of bio-based and renewable raw materials in resin production is further gaining traction for aligning with the sustainability goals across the wood coating industry.
Wood Coating Resins Market Analysis
In terms of product, the polyurethane resins segment is projected to depict significant growth from 2024 to 2032, owing to their superior durability, abrasion resistance, and chemical resistance of polyurethane, further serving as an ideal choice in wood coating applications, such as furniture and flooring. The increasing demand for high-performance coatings with excellent adhesion and flexibility will also fuel the adoption of polyurethane resins. Significant developments in polyurethane resin formulations, including water-based and solvent-free options are helping to cater to the growing need for eco-friendly and low-VOC coatings. The versatility of polyurethane resins also allows the creation of various finishes, further enhancing the product appeal.
The furniture end-user segment is anticipated to account for sizeable revenue share of the wood coating resins market by 2032, on account of the increasing demand for aesthetically pleasing and durable furniture. Novel resin formulations are offering enhanced scratch resistance and UV protection while meeting the consumer expectations for long-lasting furniture finishes. The growing trend of customization and premiumization in the furniture sector is fueling the demand for specialized coatings with unique textures and finishes. The rise in disposable incomes and urbanization will further drive the segment growth.
Asia Pacific wood coating resins market is projected to observe notable growth between 2024 and 2032. This can be attributed to the rapid urbanization and infrastructure development in countries like China and India. According to IBEF, the real estate sector of India is expected to expand to USD 5.8 trillion by 2047. The thriving real estate sector will create a strong demand for home interiors and furniture coatings. Increasing disposable incomes and changing consumer lifestyles are driving the demand for high-quality furniture and wood coating resins. The influx of stringent environmental regulations will push manufacturers to adopt eco-friendly resin formulations. Surging investments in R&D activities coupled with significant innovations are further enhancing product performance and serving the evolving customer preferences.
Wood Coating Resins Market Share
Leading firms operating in the wood coating resins industry are adopting mergers, acquisitions, partnerships, and innovative product launches to strengthen their market foothold.
Some of the renowned wood coating resins companies are:
- Arkema Group
- Helios Group
- Nuplex
- Royal DSM
- Synthopol Chemie
- Akzo Nobel
- Allnex
- Dynea
- Ivm Group
- Polynt
- Kansai Paint Co. Ltd.
- Sirca SPA.
Wood Coating Resins Industry News:
- In September 2023, Allnex announced the launch of its new product, ‘SETAQUA 6753’ to cater to furniture and kitchen cabinetry applications.
- In November 2022, Engineered Polymer Solutions, a provider of high performance acrylic emulsions, introduced EPS 2436, a novel self-crosslinking acrylic dispersion, designed as a binder for premium wood coatings.