How Is The Global Furniture Paint Market Defined?
Furniture paint is a specialized paint explicitly designed for application on furniture pieces. It is formulated to provide a durable, attractive finish that can withstand the wear and tear associated with daily use. Furniture paint often includes properties that make it suitable for various types of furniture, including wood, metal, and laminate surfaces.
Furniture Paint Global Market Report 2024 provides data on the global furniture paint market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The furniture paint market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Furniture Paint Market Size And Growth Rates Projected To Evolve?
The furniture paint sector has grown significantly, expanding from $9.66 billion in 2023 to $10.20 billion in 2024, reflecting a CAGR of 5.6%. Historical growth has been driven by eco-friendly preferences, interior design trends, regulatory measures, international furniture trade, and DIY culture growth. The market is expected to grow to $12.83 billion by 2028 at a CAGR of 5.9%, supported by demand for customization, urbanization, construction activities, renovation projects, and e-commerce proliferation. Trends include water-based and eco-friendly paints, smart coatings, nanotechnology, interior design influences, and technological innovations.
What Are The Essential Drivers Behind The Growth Of The Furniture Paint Market?
The expansion of the real estate sector is expected to drive growth in the furniture paint market. Real estate projects are on the rise due to urbanization, economic growth, and infrastructure investments. Furniture paint enhances the aesthetic appeal of properties, increasing their market value and attracting potential buyers with modernized interiors. For example, in June 2023, the Northern Ireland Statistics and Research Agency reported a 6.5% growth in the construction industry from Q1 2022 to Q1 2023, with an 11.1% increase in the housing sector and a 3.7% rise in infrastructure. This growth in real estate is contributing to the increased demand for furniture paint.
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How Is The Global Furniture Paint Market Divided Into Key Segments?
The furniture paint market covered in this report is segmented –
1) By Type: Oil-Based, Water-Based, Other Types
2) By Product: Acid Curing Coatings, Nitrocellulose Coatings, Polyurethane Coating
3) By Application: Residential, Commercial, Industrial
What Trends Are Reshaping The Future Of The Furniture Paint Market?
Companies in the furniture paint market are innovating with products like spray paints to gain an edge. Spray paint is applied from an aerosol canister, providing even coverage and smooth finishes on furniture. In April 2022, PPG Industries Inc., a US-based paint manufacturer, introduced 'GLIDDEN MAX FLEX' spray paint. This combination of spray paint and primer features a lacquer-based formula that provides high coverage and durability, making it perfect for DIY enthusiasts seeking a flawless finish with minimal drying time.
What Is The Fastest Growing Region In The Furniture Paint Market?
Asia-Pacific was the largest region in the furniture paint market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the furniture paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
