Italy Industrial Wood Coatings Market

Italy Industrial Wood Coatings Market Analysis

The Italy Industrial Wood Coatings Market is expected to register a CAGR of greater than 3.5% during the forecast period.

The Italy Wood Coatings Market recovered from the COVID-19 pandemic and saw an increase in demand in 2021. This is due to the increased wooden furniture supply chain in 2021.

• One of the main factors that has contributed to the expansion of the market is the recent surge in commercial development across the country, which has led to a surge in demand for wood coatings in new building constructions.
• The stringent regulations regarding the VOC limits and other toxic substances in paints and coatings create hindrances in the market.
• The increase in demand for environmentally friendly coatings to reduce VOC content is creating an opportunity to produce 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.

Italy Industrial Wood Coatings Market Trends

Increase in the Production of Furniture is likely to drive the demand for Industrial Wood Coatings

• Italy is one of the leading furniture exporters and the second-largest furniture manufacturer in the world.
• In 2021 wood furniture production showed a 14.1% growth compared to 2019, reaching a production turnover worth 49 billion Euros. In 2019 the total production of wood furniture amounted to 43 billion Euros.
• The total value of furniture export registered in 2021 was worth 18 billion euros (USD 19.11 billion) which was 20.6% higher than the previous year. In 2019 the total furniture export amounted to 17 billion Euros.
• There was an increase in the overall supply chain of the Italian wood furniture market. The effectiveness of tax breaks, such as bonus mobility and the increase in the demand for modern homes, are the major causes of the demand for wood furniture.
• Major countries like United Kingdom and France import furniture products from Italy. With the increase in demand for office furniture, furniture products are expected to have strong demand in the near future.
• With the increase in production and demand for the furniture products, industrial wood coatings are expected to have substantial growth in the forecast period.

Water-Borne Coatings Growing at a Faster Pace

• Industrial wood coatings are used in various markets, including furniture, kitchen cabinets, building products, and decorative coatings.
• Due to increasing regulations for lower VOC and formaldehyde emissions, more environmentally friendly coatings are now in demand.
• Water-based industrial wood coatings reduce the absorption of moisture and solar radiation and help reduce solvent emissions.
• Water-borne coatings use water as a solvent to disperse a resin, have significantly fewer toxins, and will dissipate from the air faster than solvent-based paint. They are also less flammable and easier to meet safety regulations. Due to stringent VOC regulations, water-borne coatings are in higher demand.
• The introduction of alkyd latex resin technology has allowed coating manufacturers to combine the performance advantages of alkyd-based paint chemistries with solvent-free water-borne coatings. Water-borne acrylic alkyd hybrids provide good clean-up and low VOC levels, along with good leveling and durability.
• Water-borne paints will continue to evolve amid growing interest in sustainability, and will occupy a major share in the wood coatings market in the near future.

Italy Industrial Wood Coatings Industry Overview

The Italy Industrial Wood Coatings market is consolidated. Some key players (not in any particular order) in the market include PPG Industries Inc., Akzo Nobel N.V., RPM International, The Sherwin-Williams Company, and Axalta Coating Systems.

Italy Industrial Wood Coatings Market Leaders

Italy Industrial Wood Coatings Market News

• Oct 2022: Sherwin-Williams announced an agreement to acquire Industria Chimica Adriatica S.p.A. (ICA), an Italian designer, manufacturer, and distributor of industrial wood coatings. The deal is expected to close by the end of 2022.