Wood Coating Resins Global Market Report 2024

The global wood coating resins market has grown strongly in recent years. It will grow from $4.20 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to several factors, including the expansion of construction and housing sectors, growth in furniture manufacturing, urbanization trends, increased architectural renovations, a rising demand for high-performance finishes, an upswing in disposable income, and the growing adoption of sustainable and eco-friendly trends.

The global wood coating resins market is expected to see strong growth in the next few years. It will grow to $5.54 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to several factors, including a preference for water-based coatings, increased demand for antimicrobial coatings, the dynamics of the residential housing market, the influence of green building certifications, the adoption of hybrid coating formulations, the integration of smart home technologies, and evolving trends in both residential and commercial interiors. Key trends expected during the forecast period include a shift towards waterborne resins, a growing demand for UV-curable resins, formulations with high solids content, advancements in nanotechnology, the incorporation of digital printing and coating technologies, and a focus on regulatory compliance and VOC reduction.

The market for wood coating resins is anticipated to witness growth due to an increasing emphasis on enhancing furniture aesthetics. Wood coating resins play a crucial role in augmenting the visual appeal and durability of furniture. Notably, in July 2021, approximately 22% of students opted for online classes from their beds, highlighting the importance of perfecting the ergonomics and aesthetics of home workstations. This growing necessity to enhance furniture aesthetics is a driving force behind the expansion of the wood coating resin market.

The global market for wood coating resins is forecasted to experience substantial growth owing to heightened investments in the construction and building sector. This surge in investments encompasses diverse segments like commercial establishments such as hotels and residential properties. Post the COVID-19 impact, the construction industry is witnessing an uptick, particularly in the demand for residential units. Factors like urbanization and increased disposable income are contributing significantly to the construction sector's expansion. Notably, the Budget 2023-24 in India emphasizes a notable 33% rise in capital investment for infrastructure, amounting to INR 10 trillion ($122 billion), equating to 3.3% of the country’s GDP. This surge in construction investments is propelling the growth trajectory of the wood coating resin market.

Innovation stands out as a prominent trend shaping the wood coating resin market. Leading market entities are actively innovating to sustain their positions within this sector. A case in point is the recent launch in November 2022 by Engineered Polymer Solutions, a US-based company specializing in high-performance resins and colorants. They introduced EPS 2436, a self-crosslinking acrylic dispersion aimed at serving as a binder for top-tier wood coatings. This innovative resin group offers exceptional clarity and excellent block resistance when dry. Notably advantageous in interior wood applications, coatings formulated with EPS 2436 showcase heightened properties like robust chemical resistance and rapid hardening, ultimately expediting production cycles. Additionally, EPS 2436 presents a low-VOC waterborne alternative, catering to previous solvent-based technologies.

Major industry leaders are investing in the development of Eco-Friendly Exterior Coating products to fortify their standing in the wood coating resin market. In a notable instance from November 2021, Covestro, a renowned global provider of coating resin solutions for the decorative industry, introduced Decovery SP-8310. This product, boasting a 37 percent bio-based composition, stands as a breathable, versatile resin tailored for exterior coatings. It offers heightened outdoor durability while significantly enhancing its bio-based content. Forming part of Covestro’s Decovery resin line, incorporating up to 52 percent bio-based materials, this innovative solution addresses the demand within the decorative coating market for long-lasting outdoor coatings with reduced environmental impact.

In March 2022, Allnex, a leading Germany-based entity specializing in industrial coating resins, made a strategic move by acquiring the Mahad manufacturing site and coating resins business from D.R. Coats Ink & Resins Pvt. Ltd., the India-based company engaged in resins for coatings, printing inks, adhesives, and construction chemicals. This undisclosed acquisition aligns with Allnex's strategic agenda to expand its footprint in India. The newly acquired manufacturing facility will promote close collaboration with local and regional clientele, enable the utilization of local raw materials, and expedite market entry by localizing products that were previously imported. This strategic acquisition is poised to strengthen Allnex's presence in the region.

Major companies operating in the wood coating resins market report are Arkema SA, Nuplex Industries Limited, Koninklijke DSM NV, Allnex SARL, Synthopol Chemie Dr rer pol Koch GmbH & Co KG, Dynea AS, Polynt Spa, Sirca Spa, Helios Group, Covestro AG, Badische Anilin und Soda Fabrik, Evonik Industries AG, Huntsman International LLC, The Sherwin-Williams Company, Jiangsu Sanmu Group Company Limited, Arakawa Chemical Industries Limited, Alberdingk Boley Inc., The Nippon Synthetic Chemical Industry Company Limited, Eternal Materials Company, CBC Company, Perstorp Group, Wanhua Chemical Group Company Limited, DIC Corporation, Wacker Chemie AG, Royal DSM NV, Akzo Nobel NV, Eastman Chemical Company, Dainippon Ink and Chemicals, Bayer AG, Lanxess

Asia-Pacific was the largest region in the wood coating resins market in 2023. The regions covered in the wood coating resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wood coating resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of wood coating resins include epoxy resin, amino resin, alkyd resin, polyurethane resin, unsaturated polyester resin, saturated polyester resin, acrylic resin, vinyl resin, and other resins. Epoxy resin, for instance, is a flexible thermosetting resin formed through the copolymerization of an epoxide with another compound containing two hydroxyl groups. It finds extensive use in coatings and adhesives. Various technologies are employed in the production of wood coating resins, including solvent-borne coatings, powder coatings, waterborne coatings, high solids coatings, radiation-curable coatings, and others. These resins are applied in diverse applications such as automotive coatings, marine and protective coatings, architectural coatings, general industrial coatings, packaging coatings, wood coatings, and other related areas.

This report provides wood coating resins market statistics, including wood coating resins industry global market size, regional shares, competitors with wood coating resins market share, detailed wood coating resins market segments, market trends and opportunities, and any further data you may need to thrive in the wood coating resins industry. This wood coating resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wood coating resign market consists of sales of solvent borne, high-solids, radiation cure and water borne resins. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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