PUBLISHER: The Business Research Company | PRODUCT CODE: 1662447
PUBLISHER: The Business Research Company | PRODUCT CODE: 1662447
Wood coating resins are crucial components in the production of various building materials such as adhesives, coatings, paints, plastics, primers and sealers, floors, and more. Epoxies, a type of thermoset polymers, result from the chemical interaction of two or more industrial components. These resins serve as robust adhesives on wooden surfaces.
The primary types of wood coating resins include epoxy resin, amino resin, alkyd resin, polyurethane resin, unsaturated polyester resin, saturated polyester resin, acrylic resin, vinyl resin, and other resins. Epoxy resin, for instance, is a flexible thermosetting resin formed through the copolymerization of an epoxide with another compound containing two hydroxyl groups. It finds extensive use in coatings and adhesives. Various technologies are employed in the production of wood coating resins, including solvent-borne coatings, powder coatings, waterborne coatings, high solids coatings, radiation-curable coatings, and others. These resins are applied in diverse applications such as automotive coatings, marine and protective coatings, architectural coatings, general industrial coatings, packaging coatings, wood coatings, and other related areas.
The wood coating resins market research report is one of a series of new reports from The Business Research Company that provides wood coating resins market statistics, including wood coating resins industry global market size, regional shares, competitors with wood coating resins market share, detailed wood coating resins market segments, market trends and opportunities, and any further data you may need to thrive in the wood coating resins industry. This wood coating resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The wood coating resins market size has grown strongly in recent years. It will grow from $4.41 billion in 2024 to $4.66 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to growth in construction and housing, expansion of furniture manufacturing, urbanization trends, architectural renovations, demand for high-performance finishes, rise in disposable income, sustainable and eco-friendly trends.
The wood coating resins market size is expected to see strong growth in the next few years. It will grow to $5.95 billion in 2029 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to preference for water-based coatings, demand for antimicrobial coatings, residential housing market dynamics, green building certifications, hybrid coating formulations, smart home integration, residential and commercial interior trends. Major trends in the forecast period include shift towards waterborne resins, growing demand for uv-curable resins, high solids content formulations, advancements in nanotechnology, digital printing and coating technologies, regulatory compliance and VOC reduction.
The increasing number of hotels and restaurants is anticipated to drive the growth of the wood coating resin market in the future. Hotels are establishments that offer lodging along with additional services such as dining and recreation for travelers, while restaurants primarily focus on serving food and beverages for on-site consumption. The rise in the number of hotels and restaurants is attributed to factors like growing global tourism, urbanization, and shifting consumer preferences towards dining out and travel experiences. Wood coating resin is essential in hotels and restaurants to protect wooden surfaces from wear, moisture, and stains, while also enhancing durability and preserving aesthetic appeal in high-traffic areas. For example, in November 2023, a report from the UK Hospitality Industries, a UK-based trade association, noted that the hospitality sector has increased its annual economic contribution by $26.14 billion (£20 billion) over the past six years, reaching a total of $121 billion (£93 billion). In 2022, this sector generated $26.14 billion (£20 billion) in export revenue. Thus, the rising number of hotels and restaurants is fueling the growth of the wood coating resin market.
The global market for wood coating resins is forecasted to experience substantial growth owing to heightened investments in the construction and building sector. This surge in investments encompasses diverse segments like commercial establishments such as hotels and residential properties. Post the COVID-19 impact, the construction industry is witnessing an uptick, particularly in the demand for residential units. Factors like urbanization and increased disposable income are contributing significantly to the construction sector's expansion. Notably, the Budget 2023-24 in India emphasizes a notable 33% rise in capital investment for infrastructure, amounting to INR 10 trillion ($122 billion), equating to 3.3% of the country's GDP. This surge in construction investments is propelling the growth trajectory of the wood coating resin market.
Innovation stands out as a prominent trend shaping the wood coating resin market. Leading market entities are actively innovating to sustain their positions within this sector. A case in point is the recent launch in November 2022 by Engineered Polymer Solutions, a US-based company specializing in high-performance resins and colorants. They introduced EPS 2436, a self-crosslinking acrylic dispersion aimed at serving as a binder for top-tier wood coatings. This innovative resin group offers exceptional clarity and excellent block resistance when dry. Notably advantageous in interior wood applications, coatings formulated with EPS 2436 showcase heightened properties like robust chemical resistance and rapid hardening, ultimately expediting production cycles. Additionally, EPS 2436 presents a low-VOC waterborne alternative, catering to previous solvent-based technologies.
Key players in the market are developing Eco-Friendly Exterior Coating products to strengthen their position in the wood coating resin market. For example, in February 2024, Covestro, a Germany-based company that produces high-tech materials and solutions for various industries, introduced its Waterborne Coating Solutions. These waterborne resins offer a more sustainable alternative to traditional solvent-based coatings, significantly lowering volatile organic compounds (VOCs) by up to three times while preserving performance characteristics. Additionally, these coatings enable faster production processes, improving line speed by 50-60%, which allows manufacturers to increase throughput without significant capital investments.
In March 2022, Allnex, a leading Germany-based entity specializing in industrial coating resins, made a strategic move by acquiring the Mahad manufacturing site and coating resins business from D.R. Coats Ink & Resins Pvt. Ltd., the India-based company engaged in resins for coatings, printing inks, adhesives, and construction chemicals. This undisclosed acquisition aligns with Allnex's strategic agenda to expand its footprint in India. The newly acquired manufacturing facility will promote close collaboration with local and regional clientele, enable the utilization of local raw materials, and expedite market entry by localizing products that were previously imported. This strategic acquisition is poised to strengthen Allnex's presence in the region.
Major companies operating in the wood coating resins market are 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
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.
The countries covered in the wood coating resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The wood coating resign market consists of sales of solvent borne, high-solids, radiation cure and water borne resins. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wood Coating Resins Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wood coating resins market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wood coating resins ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wood coating resins market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.