How Has The Wood Coating Resins Market Size Evolved In Recent Years?
The wood coating resins market has seen considerable growth due to a variety of factors.
• The market for wood coating resins has witnessed a significant expansion in its size over the recent past. The market, which was valued at $4.41 billion in 2024, is projected to reach $4.66 billion in 2025, growing at a compound annual growth rate (CAGR) of 5.6%. Factors contributing to this growth over the historic period include increased construction and housing activities, growth in furniture manufacturing, urbanisation, architectural refurbishments, a surge in demand for high-performance finishes, rising disposable income, and the emerging trends of sustainability and eco-friendliness.
What is the Forecasted Market Size and CAGR for the Wood Coating Resins Market?
The Wood Coating Resins market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of wood coating resins is expected to experience significant expansion in the coming years. The market is set to escalate to $5.95 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.3%.
Several factors contributing to the growth during the forecast period include preference for water-based coatings, increasing demand for antimicrobial varnishes, the ups and downs of the residential housing market, green building accreditations, advances in hybrid coating mixtures, incorporating smart home systems, and residential and commercial interior trends. Key trends for the forecast period involve a movement towards waterborne resins, increasing demand for UV-curable resins, formulas with high solids content, innovations in nanotechnology, developments in digital printing and coating technologies, regulatory compliance, and the reduction of volatile organic compounds (VOC).
What Key Factors and Trends Are Driving The Growth Wood Coating Resins Market?
The rise in the number of hotels and restaurants is anticipated to drive the growth of the wood coating resin market. Hotels, which offer lodging and often additional services like dining and leisure to travelers, along with restaurants that primarily cater to on-site food and beverage consumption, are on the rise due to increased worldwide tourism, urbanization, and shifts in consumer preferences towards dining out and travel experiences. Wood coating resin is employed in these establishments to safeguard wooden surfaces from wear and tear, moisture and staining, while also enhancing durability and maintaining aesthetic appeal in areas of high footfall. As an illustration, a report by the UK Hospitality Industries, a UK-based trade association, in November 2023 indicated that over the previous six years, the hospitality industry increased its annual economic contribution by $26.14 billion (£20 billion) to reach $121 billion (£93 billion). In 2022, the sector produced $26.14 billion (£20 billion) in export revenue. Consequently, the expanding number of hotels and restaurants is fuelling the growth of the wood coating resin market.
What Are The Market Segments In The Wood Coating Resins Market?
The wood coating resins market covered in this report is segmented –
1) By Resin Type: Epoxy Resin, Amino Resin, Alkyd Resin, Polyurethane Resin, Unsaturated Polyester Resin, Saturated Polyester Resin, Acrylic Resin, Vinyl Resin, Other Resins
2) By Technology: Solvent-Borne Coatings, Powder Coatings, Waterborne Coatings, High Solids Coatings, Radiation Curable Coatings, Other Technologies
3) By Application: Automotive Coatings, Marine & Protective Coatings, Architectural Coatings, General Industrial Coatings, Packaging Coatings, Wood Coatings, Other Applications
Subsegments:
1) By Epoxy Resin: Solvent-Based Epoxy, Waterborne Epoxy, High-Solid Epoxy
2) By Amino Resin: Urea-Formaldehyde Resin, Melamine-Formaldehyde Resin, Benzoguanamine Resin
3) By Alkyd Resin: Waterborne Alkyd, Solvent-Based Alkyd, High-Solid Alkyd
4) By Polyurethane Resin: One-Component Polyurethane, Two-Component Polyurethane, Moisture-Cure Polyurethane
5) By Unsaturated Polyester Resin: Orthophthalic Resins, Isophthalic Resins, Dicyclopentadiene (DCPD) Resins
6) By Saturated Polyester Resin: Waterborne Saturated Polyester, Solvent-Based Saturated Polyester
7) By Acrylic Resin: Thermosetting Acrylics, Thermoplastic Acrylics, Waterborne Acrylics
8) By Vinyl Resin: Polyvinyl Acetate (PVA), Polyvinyl Chloride (PVC)
9) By Other Resins: Phenolic Resins, Silicone Resins, Polyurea Resins
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What Trends Are Shaping The Wood Coating Resins Market?
The trend of product innovation is significantly gaining traction in the wood coating resin market. Major market players are producing distinct and innovative products to remain relevant in the wood coating resin market. For instance, to illustrate, Engineered Polymer Solutions, a company based in the US that specializes in top-tier resins and colorants for the coatings and adhesives sectors, made headlines in November 2022 when it introduced EPS 2436. This is a brand new self-crosslinking acrylic dispersion intended to be used as a binder for premium wood coatings. EPS 2436 consists of a set of resins that can be harnessed by wood coating formulators to generate high-performance solutions suitable for flooring, cabinets, and industrial applications. When dried, this ground-breaking product provides excellent clarity and exceptional block resistance. To mention in wood applications indoors, coatings produced with EPS 2436 deliver enhanced capacities like outstanding chemical resistance and rapid hardening. The swift development of hardness not only accelerates production but also reduces the duration of the manufacturing process. Furthermore, EPS 2436 represents a low-VOC waterborne alternative to the preceding solvent-borne technologies.
Who Are the Key Players In The Wood Coating Resins Market?
Major companies operating in the wood coating resins market include:
• 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
What Are The Regional Insights Into The Wood Coating Resins Market?
Asia-Pacific was the largest region in the wood coating resins market in 2024. The regions covered in the wood coating resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
