US Industrial Wood Coatings Market Analysis
The United States Industrial Wood Coatings Market is expected to register a CAGR of greater than 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
The Sherwin William Company
PPG Industries Inc.
Akzo Nobel N.V.
RPM International
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.
