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How Large Is the Global Wood Coating Resins Market Expected to Be in 2029?
In recent years, the market size for wood coating resins has shown consistent growth. The market, set to increase from $4.41 billion in 2024 to $4.59 billion in 2025, is growing at a compound annual growth rate (CAGR) of 3.9%. Factors contributing to this growth during the historic period include expansion in the construction and housing sector, the growth of furniture manufacturing, urbanization patterns, architectural restorations, demand for high-performance finishes, an increase in disposable income, as well as sustainable and environmentally friendly trends.
Anticipated robust expansion in the wood coating resins market is expected to lead to a market size of $5.77 billion in 2029, with a compound annual growth rate (CAGR) of 5.9%. This growth during the forecast period can be ascribed to the inclination towards water-based coatings, requirements for antimicrobial coatings, fluctuations in the residential housing market, the rise in green building certifications, the development of hybrid coating formulas, integration of smart homes, as well as residential and commercial interior design trends. The major trends within this forecast period comprise a move towards waterborne resins, an increasing demand for UV-curable resins, formulations with high solids content, improvements in nanotechnology and coating and digital printing technologies, regulatory compliance, and VOC reduction.
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What Are the Emerging Drivers Shaping the Future of the Wood Coating Resins Market?
The continuous upsurge in the number of hotels and restaurants is anticipated to boost the expansion of the wood coating resin market. Hotels offer accommodations often coupled with other services like dining and entertainment for travelers, whereas restaurants are enterprises chiefly serving food and drinks for in-house use. The acceleration in the growth of such establishments is a resultant effect of the global increase in tourism, urbanization, and shifts in consumer inclination towards eating out and traveling. The business necessity of wood coating resin in these establishments is due to its role in preserving wooden structures from damage, dampness, and staining whilst buttressing durability and conserving aesthetic charm in areas with high foot traffic.
Case in point, a report by the UK Hospitality Industries, a UK-based business group, released in November 2023, stated that the hospitality industry has ramped up its yearly economic contribution by $26.14 billion (£20 billion) in the last six years, reaching a value of $121 billion (£93 billion). The sector generated export revenue of $26.14 billion (£20 billion) in 2022. And so, the escalating number of hotels and restaurants is a key driver in the expansion of the wood coating resin market.
Which Segment of the Wood Coating Resins Market Will Lead Innovation Through 2029?
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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How Are Regional Trends Influencing the Global Wood Coating Resins Market Outlook?
The emergence of innovative products is a prominent trend catching on in the wood coating resin market. Key market players are introducing unique solutions to maintain their standing in this sector. For instance, a US-based company, Engineered Polymer Solutions, which specializes in high-quality resins and colorants for adhesives and coatings industries, unveiled EPS 2436 in November 2022. This is a new type of self-crosslinking acrylic dispersion for use as a binder in premium wood coatings. It falls under a category of resins that wood coating developers can use to design superior solutions for industrial applications, cabinets, and flooring. Once dried, this revolutionary product offers excellent clarity and outstanding block resistance. In the context of interior wood applications, coatings formulated with EPS 2436 deliver additional benefits like rapid hardening and robust chemical resistance. The fast hardening process enhances productivity and reduces the manufacturing period. Furthermore, EPS 2436 serves as a low-VOC waterborne alternative to previous solvent-borne technologies.
Who Are the Leading Industry Giants Competing in the Wood Coating Resins Market?
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
Which Region Is Emerging as the Next Growth Hub in the Global 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.
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