Wood coatings markets look positive

Wood continues to remain a popular building material and the future for the further development of the wood coatings market looks positive, with forecasts projecting that the global volume should increase by 2024.

According to Markets and Markets (M&M), the global market for wood coatings is expected to grow from 3.3 million tons in 2019 to 3.9 million tons by 2024, at an annual growth rate of 3.7 %. M&M also expects demand for wood coatings to be strongly influenced by environmental legislation and economic constraints in the construction industry.

The growth of the residential sector has led to the emergence of do-it-yourself (DIY) coatings. M&M expects the market for wood coatings to continue to grow as this do-it-yourselfers increasingly look for unique projects that include wood stains and surfaces.

The global market for wood coatings has experienced an upswing since 2009 thanks to the large number of new buildings that have sprung up after the economic downturn. There is a considerable amount of renovation and conversion work going on worldwide.

In 2019, the Asia-Pacific region had a volume share of around 46 % of the total market, followed by North America and Europe with 27 % and 17 % respectively.

However, the wood coatings market in the industrialised countries is saturated, so that it will probably grow more slowly. The market in emerging countries, such as China and India, is expected to grow more strongly in the next 5 years.

Emerging trends

Wood construction seems to be becoming more popular overall, says Steffen Rüdiger of Rütgers Organics. He sees further potential in wood facades with greying glazes. For Dr Arne Deußen from Oskar Nolte wood is attractive as a renewable raw material and could win in favour of other substrates due to the sustainability issue.

According to Jens Hesse from Hesse Lignal, natural-looking surfaces are still in vogue, whether oiled or lacquered. Dull matt and scratch-resistant surfaces, achieved with classic paint systems or with excimer technology, underpin this trend.

For Deußen, the furnishing trend is towards less and less or smaller furniture - which is more than compensated for by the strong interest rate trend in construction and renovation.

“On the market side, medium-sized industrial customers are losing out to small, flexible manufacturers and joineries or to efficient large-scale producers,” he says.

For Rüdiger, there is a trend towards oils, waxes and mineral paints – in other words, products with a biological background. “There is also a trend away from thick-film products towards thin and medium-film products,” he adds.

Jens Hesse says that potential in a declining market can only be developed with solutions that have high market relevance. “We are able to paint even deep 3D profiles with efficient rolling applications and thus avoid spray applications,” she says.

But innovative solutions alone are not enough; new service concepts such as partner programs are essential components, Hesse adds.

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