Jan 4, 2023
2022: Wood Coatings Market Share Competition Analysis
In the last year 2022, the wood coatings market has seen positive growth with recovering from the covid-19 impact, raw materials supply issues, price inflation, etc. Wood-related products such as furniture, cabinets, siding, paneling, flooring, etc. are the key end-use applications where the demand has risen. Such growth in demand for wood coatings is mainly because of the following market drivers:
Increasing construction activities (housing construction, maintenance & repair, or re-modeling),
Rising disposable income mainly in the Asia-Pacific region
Change in lifestyle for a luxurious outlook at home and custom colors of wooden products, etc.
Increase in DIY applications' Products
Growth in the global wooden furniture market
Wood coatings are very important to protect wooden products from moisture, weather changes, UV radiation, termites, etc., and also to maintain their aesthetic view. In 2022, the 10 key players in the global wood coatings market listed below are estimated to account for about 49.53% market share together with an estimated sales value of about USD 4,596.55 million. The wood coatings market is moderately fragmented in many countries where major global players have high competition with the local regional/country players. AkzoNobel continued to be the top player in the overall wood coatings market followed by Sherwin Williams and PPG industries. The acquisition strategies and new product development by the top players have supported them to increase their market share in the highly competitive scenario. Nippon Paints jumps to 4th position passing RPM International to 5th position in the global market in 2022.
Asia-Pacific region dominated the global wood coatings market and is poised to grow at the fastest CAGR of 6.9% over the forecast period 2022-2027. The European region accounted for the second largest market and is forecast to grow at a CAGR of more than 3.45%.
In 2022, the global wooden furniture market accounted for about USD 341.33 million at a y-o-y growth rate of about 2.48% and is forecast to have a CAGR of 3.01% over the period 2022-2027. The increasing demand for wooden furniture in 2022 has driven the wood coatings market globally.
With the changing regulations, focus on sustainability, and lower VOC coatings products, the demand for water-borne wood coatings products has an increasing uptrend followed by UV-cured products.
On 2nd Dec. 2022, The Sherwin Williams Company completed the acquisition of wood coatings company ICA group including ICA’s interest in the India-based joint-venture, ICA Pidilite.
On 8th Nov. 2022, The Sherwin Williams Company announced to the acquisition of German-based wood coatings companies Oskar Nolte GmbH and Klumpp Coatings GmbH that will complement their industrial wood coatings business portfolio along with foil coatings. This acquisition is expected to complete by early 2023. These acquisitions will increase the market share for Sherwin Williams in the wood coatings market in 2023.
According to a recent market forecast by AKI Research, the global wood coatings market will reach over USD 12,308.4 million by 2027. For detailed updated paints & coatings market research reports, please reach us at email@example.com.
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