Global Wood Coatings Market

This month’s issue of Coatings World is focused on the wood coatings market. According to research firm Mordor Intelligence, the global wood coatings market was valued at $8818.46 million in 2017. It is expected to witness a moderate CAGR during the forecast period 2018 to 2023. Furniture and fixtures application is expected to be the largest segment with a share of approximately 60 percent, followed by decks and cabinets in 2017.

Wood coatings are used in both industrial and residential areas.

This month’s feature article, Wood Coatings Market, focuses on both the DIY and professional sides.

One important factor impacting wood coatings is the housing market. An improved housing market is great news for wood coatings manufacturers.

“The housing market is directly linked to the wood coatings market, which is why the housing market recovery had a strong effect on our market,” said Anthony Woods, segment marketing director wood coatings, AkzoNobel.

“We are seeing various factors drive growth in the coatings market, including a rise in existing home sales, new construction, employment rate and consumer confidence,” noted Jim Lamont, senior marketing manager, wood care at PPG.

Our Africa correspondent, Shem Oirere, also focused on the wood coatings market in his column, Housing, Furniture Boom to Drive Kenya’s Wood Coatings Market.

He reported that there is growing optimism in the future performance of the wood coatings market as Kenya revives plans for the construction of two million housing units across the country’s urban areas with the first 500,000 housing units expected by 2022.

“The Kenyan government has indicated interest in providing one million low-cost houses and we expect that this will create a significant demand for paint,” said Rakesh K. Rao group chief executive officer of Crown Paints. “We already have a range of economy paints and other products to meet this demand.”

The company manufactures Crown wood finishes series such as aquavar varnish, multi-purpose clear varnish, oil varnish stains, polyurethane clear varnish, polyurethane wood seal, two-pack epoxy varnish and two-pack polyurethane varnish.