Europe Wood Coatings Market Expected to Reach $ 1,010.9 Million by 2031

According to a new report published by Allied Market Research, titled, “Europe Wood Coatings Market by End-Use Industry, Application, Component, And Marketing Channel: Opportunity Analysis and Industry Forecast, 2020–2027,” The Europe wood coatings market size was valued at $555.1 million in 2021, and is projected to reach $1,010.9 million by 2031, registering a CAGR of 6.3% from 2022 to 2031.

Wood coating is widely used to protect the wooden surface from moisture, water damage, and scratch, and enhances the shelf life of wood. Wood coatings are translucent paints, which provide aesthetic look to the wood used for the residential and commercial purpose. Wood coatings are used for both interior as well as exterior application. The exterior wood coating improves the durability, protect the wood from humid climate, and increases resistance toward termite attacks.

In addition, increase in purchasing power of consumers across Europe is one of the key factors that supplement the growth of the Europe wood coatings market. Furthermore, people are expected to make long-term investments rather than spending on perishable and consumable goods, due to rise in purchasing power. These long-term investments include buying real estate, increased expenditure on furniture, and preventive maintenance activities such as coating and painting for long lasting durability. Moreover, increase in new flooring activities, surge in remodeling and renovations, and growth in urbanized population across Europe are expected to drive the growth of the Europe wood coatings market.

On the basis of resin type, the Europe wood coatings market is segmented into polyurethane, nitrocellulose, acrylic, unsaturated polyester, and others. The polyurethane is widely used as a resin in wood coating due to its versatility and exceptional physical and chemical properties. It is used in manufacturing hard surface topcoats and is considered as high-performance coating that offers vibrant color, gloss retention, and resistance to abrasion from chemicals. By technology, the market is segmented into waterborne, conventional solid solvent borne, high solid solvent borne, powder coating, radiation cured, and others. The conventional solid solvent-borne wood coatings have higher demand, owing to their low price and quick drying characteristics.

The low price of these coatings is attributed to easy availability of hydrocarbon solvent base, as it is derived from crude oil. All these factors together significantly contribute toward the Europe wood coatings market growth. By application, the market is segmented into furniture, joinery, flooring, and others. Wood coatings are used to protect the wood furniture from humid environmental conditions and chemical attack. The increase in demand for antique furniture, especially French windows, carved doors, and other such furniture is expected to boost the growth of the Europe wood coatings market.

By country, the market is analyzed across Germany, the UK, Spain, France, Italy, and rest of Europe. Germany emerges as a leader in wood coatings market due to increase in demand for wood coatings, owing to development of the flooring industry and increase in users of furniture. This factor is expected to increase the Europe wood coatings market size from 2021 to 2031.

The key players operating in the wood coatings industry include Akzo Nobel N.V., Axalta Coatings Systems, BASF SE, Jotun, Eastman Chemical Company, Kansai Paint Co., Ltd., Wendel Group, PPG Industries Inc., Tikkurila OYJ, and Teknos Group.

Key findings of the study

• The rest of Europe wood coatings market is projected to hold a share of over 39.8% by 2031.
• The conventional solid solvent borne segment is expected to hold the highest share of 30.2% by the end of 2031.
• The polyurethane segment held the highest share of 38.8% in 2021 and the trend is expected to continue during the forecast period.
• The furniture segment garnered a share of over 57.1% in 2021.