The Latest Wood Coatings Industry Statistics Explained
The global market size for wood coatings was valued at $9.31 billion in 2019.
The statistic indicates that in the year 2019, the worldwide market for wood coatings, which are products used to protect and enhance the appearance of wood surfaces, was estimated to be $9.31 billion. This valuation reflects the total revenue generated from the sale of wood coatings internationally and signifies the size and significance of this market segment within the broader coatings industry. The figure serves as a key metric for understanding the demand for wood coatings across various sectors such as construction, furniture manufacturing, and automotive industries, highlighting the economic importance and widespread adoption of these products on a global scale in the specified year.
The wood coatings sector is forecast to grow at a compound annual growth rate (CAGR) of 5.3% by the end of 2027.
The statistic indicates that the wood coatings sector is projected to experience steady growth over the forecasted period until the end of 2027, with a compound annual growth rate (CAGR) of 5.3%. This means that, on average, the sector is anticipated to increase its revenue or market size by 5.3% each year until 2027. The CAGR takes into account the compounding effect of growth over time, providing a more accurate representation of the sector’s overall trajectory. This forecast suggests positive prospects for companies operating in the wood coatings industry, indicating potential opportunities for expansion and increased market share in the coming years.
North America accounted for 22.0% market share in 2019 for the wood coatings industry.
The statistic indicates that in 2019, North America held a 22.0% share of the market for the wood coatings industry. This means that of all the wood coatings sold globally that year, 22.0% were consumed in North America. This information is valuable for industry analysis and market research purposes as it helps to understand the regional distribution of demand and market influence within the wood coatings sector. The statistic reflects North America’s significance in the industry and can be used by businesses to make strategic decisions regarding market expansion, investment opportunities, and competitive positioning within the region.
The water-based wood coatings segment is expected to witness a CAGR of 5.5% by 2027.
This statistic indicates that the water-based wood coatings segment is projected to experience a Compound Annual Growth Rate (CAGR) of 5.5% by the year 2027. The CAGR serves as a measure of the annual growth rate of an investment over a specified period, smoothing out fluctuations in the data and providing a more accurate representation of the overall trend. In this context, the forecasted 5.5% CAGR suggests a steady and relatively moderate rate of growth for the water-based wood coatings industry, indicating potential opportunities and demand for such products over the next several years.
Furniture held the largest share among applications accounting for 60.2% in the wood coatings market in 2019.
This statistic indicates that among all the different applications of wood coatings in the market in 2019, furniture had the highest proportion, representing 60.2% of the total usage. This suggests that a significant portion of wood coatings produced and used during that year was specifically intended for application on furniture surfaces. The high share of furniture applications highlights the importance of this sector within the wood coatings market, potentially driven by factors such as the demand for aesthetically pleasing and durable finishes on furniture products. This information can be valuable for businesses operating in the wood coatings industry to understand market trends and target their products and marketing strategies accordingly towards the furniture segment.
The European wood coatings market is projected to register a CAGR of 5.6% by 2027.
This statistic indicates that the European wood coatings market is forecasted to experience a Compound Annual Growth Rate (CAGR) of 5.6% by the year 2027. A CAGR is a measure used to represent the average annual growth rate of a market over a specified period, in this case, until 2027. A CAGR of 5.6% suggests that the market is expected to steadily expand at this rate, reflecting a positive outlook for the industry. This projection implies that the demand for wood coatings in Europe is likely to increase gradually over the coming years, potentially driven by factors such as growing construction activities, renovation projects, and increasing awareness about the benefits of wood coatings in protecting and enhancing the durability and aesthetics of wood products.
The Asia Pacific region dominated the global wood coatings market in 2019, holding 38.8% of the global share.
The statistic indicates that in 2019, the Asia Pacific region had the largest market share in the global wood coatings market, accounting for 38.8% of the total market. This dominance highlights the significant presence and influence of the Asia Pacific countries in the wood coatings industry, with strong demand and production capacity within the region. Factors such as rapid industrialization, urbanization, and growth in construction activities have likely contributed to the region’s leading position in the market. The statistic suggests that businesses operating in the wood coatings sector should pay close attention to the Asia Pacific region for potential opportunities and partnerships to capitalize on its market dominance.
UV-cured coatings are expected to hold a significant market share, owing to the various benefits that these coatings provide.
This statistic indicates that UV-cured coatings are projected to maintain a substantial presence in the market due to the numerous advantages they offer. UV-cured coatings are known for their fast curing times, which can lead to increased productivity and efficiency in manufacturing processes. Additionally, these coatings are environmentally friendly as they produce minimal volatile organic compounds (VOCs) compared to traditional solvent-based coatings. Furthermore, UV-cured coatings typically exhibit excellent durability, scratch resistance, and enhanced aesthetic appeal, making them a preferred choice for a wide range of applications including automotive, electronics, packaging, and furniture industries. As a result, the market share of UV-cured coatings is expected to grow significantly as industries increasingly seek sustainable and high-performance coating solutions.
The APAC region will contribute 54% of the market share by 2024 in the wood coatings sector.
This statistic suggests that the Asia-Pacific (APAC) region is expected to significantly increase its market share in the wood coatings sector by 2024, accounting for 54% of the total market. This forecast indicates a strong growth trajectory for the wood coatings industry in the APAC region, highlighting the region’s increasing importance and dominance in the market. Factors contributing to this projected growth could include rising demand for wood coatings in construction and furniture industries, expanding urbanization, and economic development in APAC countries. Companies operating in the wood coatings sector may need to focus on capturing opportunities in the APAC region to capitalize on this market trend and stay competitive in the industry.
The wood coatings market’s growth momentum will decelerate with a projected CAGR of over 6% during the period of 2020-2024.
This statistic indicates that the wood coatings market is expected to experience a slowing down in its growth rate over the period of 2020-2024. The Compound Annual Growth Rate (CAGR) is projected to be over 6%, which suggests that the market will continue to expand but at a slower pace compared to previous years. This deceleration in growth momentum could be influenced by various factors such as market saturation, economic conditions, regulatory changes, or shifts in consumer preferences. Overall, while the wood coatings market is still anticipated to grow, the pace of growth is expected to be more moderate during the specified period.
The market for waterborne wood coatings is foreseen to capture over 50% revenue share by 2024.
This statistic indicates that the market for waterborne wood coatings is expected to dominate the industry and account for more than half of the total revenue generated by 2024. This suggests a growing preference and demand for waterborne wood coatings over other types of coatings, potentially due to factors such as environmental concerns, regulatory pressures, or performance benefits. The forecasted significant market share of waterborne wood coatings implies a shift in the industry towards more sustainable and eco-friendly products, as well as opportunities for businesses operating in this sector to capitalize on this trend and potentially gain a competitive advantage.
The wood coatings market size in Middle East and Africa is estimated to surpass $580 million by 2024.
The statistic provided indicates that the wood coatings market in the Middle East and Africa region is projected to exceed a value of $580 million by the year 2024. This suggests a substantial growth opportunity within the region for companies involved in the production and distribution of wood coatings. Factors such as increasing construction activities, rising disposable income levels, and a growing focus on enhancing aesthetics and durability of wooden surfaces are likely driving this market growth. This statistic serves as a crucial indicator for businesses and investors looking to capitalize on the expanding market in the Middle East and Africa region.
The global wood coating resins market is expected to reach a value of $4.74 billion by 2025.
This statistic indicates that the global wood coating resins market is forecasted to grow and attain a market value of $4.74 billion by the year 2025. This projection suggests a steady increase in demand for wood coating resins over the coming years, likely driven by factors such as growth in the construction industry, increasing focus on sustainable products, and rising consumer preferences for high-quality wood finishes. The market expansion may also be influenced by advancements in technology leading to more innovative and efficient wood coating resin products. Overall, this statistic reflects a positive outlook for the wood coating resins industry, with opportunities for companies to capitalize on this projected growth.
The wood coatings market in Latin America will reach approximately $163 million by 2023.
This statistic indicates that the wood coatings market in Latin America is projected to grow significantly to reach around $163 million by the year 2023. This growth implies an increasing demand for wood coatings products within the region, which may be driven by factors such as economic development, rising construction activities, and a growing focus on aesthetics and protection of wooden surfaces. The market estimation serves as a valuable insight for businesses operating in the wood coatings industry, allowing them to plan and strategize accordingly to leverage the opportunities presented by the expanding market in Latin America.
Cans accounted for about 60% of total wood coating packaging in 2019.
This statistic indicates that cans were the predominant choice for packaging wood coatings in 2019, representing approximately 60% of the total packaging used for this purpose. This suggests that cans were a popular and widely utilized option among manufacturers and consumers in the wood coating industry. The high percentage of cans used for packaging also implies that they may offer certain advantages such as ease of use, durability, or cost-effectiveness compared to other types of packaging materials. Understanding the distribution of packaging materials in the industry can provide valuable insights for market analysis, production planning, and sustainability efforts in the wood coating sector.
Solvent-based technology segment continues to be the most preferred in the wood coating industry, accounting for the highest sales in 2018.
This statistic indicates that within the wood coating industry, the segment utilizing solvent-based technology was the most popular choice among consumers in terms of sales during the year 2018. This suggests that customers showed a preference for wood coatings that are formulated with solvent-based technology over other options such as water-based or UV-cured coatings. The high sales volume in this segment implies that manufacturers and suppliers of solvent-based wood coatings were able to capture a significant portion of the market share, potentially due to factors like price, performance, or availability. Overall, this statistic reflects the continued dominance of solvent-based technology within the wood coating industry in 2018, highlighting its importance and appeal to customers in the market.
The residential end-use sector led the wood coatings market and accounted for more than 50% share of the global revenue.
This statistic indicates that the residential end-use sector has played a significant role in driving the wood coatings market, commanding a share of over 50% of the total revenue generated globally. This suggests that the demand for wood coatings within residential applications, such as furniture, flooring, and cabinetry, has been substantial compared to other sectors. Factors such as increasing construction activities, renovation projects, and the growing preference for wooden products in household settings have likely contributed to the dominance of the residential end-use sector in the market. Companies operating in the wood coatings industry may thus need to focus their strategies and product offerings towards catering to the specific needs and preferences of residential customers to capitalize on this predominant market segment.
The wood coatings market served 1.2 million metric tons volume in 2018.
The statistic indicates that the wood coatings market had a volume consumption of 1.2 million metric tons in the year 2018. This figure represents the total amount of wood coatings, such as varnishes, stains, and paints, that were used or sold within that specific time period. The volume metric tonnage serves as a measure of the quantity of wood coatings utilized by consumers, manufacturers, and other industry players during the year. This statistic is essential for understanding the scale and demand within the wood coatings market, providing insight into the industry’s size and potential growth opportunities.
The solvent-based wood coating sector has over 35% share with rising demand from various applications like exterior doors, interior trims, kitchen cabinets and others.
This statistic indicates that the solvent-based wood coating sector holds a significant market share, accounting for over 35% of the overall market. The increasing demand for wood coatings in applications such as exterior doors, interior trims, and kitchen cabinets suggests a growing preference for solvent-based products in these specific areas. The popularity of solvent-based coatings in these applications could be attributed to factors such as durability, finish quality, and ease of application. Overall, this statistic highlights the dominance of solvent-based wood coatings in certain segments of the market and suggests a positive trend in demand for these products in various key applications.
References
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