Wood coatings refer to the protection or refining of wooden surfaces from wear & tear, UV radiation, and moisture during production of furniture. Based on resin, the market of Wood coating is segmented into Acrylic, Polyurethane (PU), Nitrocellulose, Melamine Formaldehyde, and Others. The acrylic coating is applied to light-colored wood, chemically bleached wood, and open-pore wood. PUR coating is applied on wooden articles through a spray gun, curtain coating, electrostatic, and automated system. PUR coating offers advantages such as lifting resistance, moisture resistance, high durability, UV protection, chemical resistance, and versatility and is used for wooden articles such as fitted furniture, solid wooden parts, doors, flat parts, and turned parts.
Based on resin, Polyurethane coating accounted for a significant demand for wood coating globally in 2022 owing to advantages such as resistance from abrasion, rough use, scratches, spills, etc. Additionally, PUR coating is highly resistant to boiling water and harsh chemicals such as acids and alkalis. The demand for water-borne PUR coating is increasing on the back of high demand of environmentally compatible coatings as water-borne coatings emits less odor, and volatile organic compounds, (VOC) and dry rapidly. This will further drive the demand for PUR resin in the wood coating market.
The market of Wood coating is fragmented based on application which include, furniture, cabinets, decking, fencing, siding, windows & doors, flooring, and others. Furniture accounted for the largest market share of wood coating demand in 2022.
Asia-Pacific dominated the market of wood coating globally in 2022. The growing demand for furniture in the region is driving the market of wood coating. More than half of the global furniture is produced in APAC. As per the estimates of The China International Furniture Fair Magazine (CIFF), Asia-Pacific accounted for around 41% of the global furniture demand in 2021 followed by Europe at 28%, and North America at 24%. Middle East Africa and South America together accounted for the remaining 7% of the global furniture demand.
India accounted for around 5% market share in the global furniture market in 2022 at USD 32 Billion. India’s 40% of population is poised to live in urban areas by 2025 up from 10% in 2010. Growing consumer demand and rising urbanisation rate will boost the market of furniture production and drive the market of Wood coatings.
Malaysia was the 10th largest exporter of furniture and furniture components globally with an export value of around USD 2.21 Billion in 2021 and the major top 5 destinations were the USA, Japan, the UK, Singapore, and Australia. In 2021, the country had around 30 approved projects in the furniture and fixture industry and a total approved domestic investment of around USD 52.1 million. The Malaysian government also provides some incentives such as the Domestic Investment Strategic Fund (DISF), and Automation Capital Allowance (ACA), and encourages the use of automation to boost the production of high-value-added products. Under the National Agricommodity Policy (DAKN) 2021-2030 of Malaysia, the government of Malaysia has planned to increase the exports of wooden-based products including wooden furniture to reach an export value of USD 4.09 Billion by 2025.
China is the world’s largest furniture producing country the country’s furniture industry witnessed a growth in profit in 2022. As per the Ministry of Industry and Information Technology, the enterprises with annual revenue of around USD 2.91 Million reported a profit of USD 6.45 Billion.
Here are some of the top wood coating manufacturers:
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