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Durability, ease in cleaning and high performance are critical to consumers when they look for wood coatings.
April 6, 2024
By: DAVID SAVASTANO
Editor, Ink World Magazine
When people think of painting their homes, it isn’t just interior and exterior areas that can use refreshing. For example, decks can use staining. On the inside, cabinets and furniture can be recoated, giving it and its surroundings a fresh new look. The wood coatings segment is a sizable market: Grand View Research places it at $10.9 billion in 2022, while Fortune Business Insights predicts it will reach $12.3 billion by 2027. Much of it is DIY, as families take on these home improvement projects. Brad Henderson, director, product management at Benjamin Moore, observed that the wood coatings market fared slightly better than the architectural coatings as a whole. “We believe the wood coatings market correlates with the housing market and over indexes on home improvements and maintenance, such as deck maintenance and outdoor home improvement expansions,” Henderson reported. Bilal Salahuddin, regional commercial director of AkzoNobel’s Wood Finishes business in North America, reported that 2023 was a tough year due to the overall macro-economic climate around the globe leading to unfavorable conditions. “Wood finishes serve highly discretionary spend categories, hence inflation has a disproportionately high impact on our end markets,” said Salahuddin. “Furthermore, the final products are tied in closely with the housing market, which, in turn, was significantly challenged due to high interest rates and rising house prices. “Looking forward, while the outlook for 2024 is stable in the first half, we’re cautiously optimistic about things picking up towards the back end of the year leading into strong recovery during 2025 and 2026,” Salahuddin added. Alex Adley, woodcare and stain portfolio manager, PPG Architectural Coatings, reported that the stain market, overall, showed limited, single-digit percentage growth in 2023. “Growth areas in wood coatings in the U.S. and Canada were seen on the Pro side when it came to specialized use, including doors and windows and log cabins,” Adley said.
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