The industrial wood coatings market consists of three distinct segments: wood furniture, joinery, and pre-finished wood flooring. Wood furniture coatings make up the largest portion, accounting for 74% of the global market in 2022. Asia Pacific dominates this segment with a 58% market share, driven by the growing populations of China and India. The production of wood furniture is influenced by economic cycles and local markets, making it less globally connected compared to other furniture types.
VOC regulations and consumer preference for eco-friendly products are responsible for the high demand for water-borne coatings. These coatings offer advantages such as faster drying time, reduced production time, and improved resistance to yellowing, making them ideal for high-quality wooden furniture. Acrylic dispersions and solvent-borne technologies still dominate the wood furniture segment, but UV-curable coatings are gaining popularity due to their superior performance, quick curing, and energy efficiency. LED curing and the use of bio-based components are expected to further enhance energy efficiency and reduce environmental impact.
In the joinery segment, coatings applied to doors, window frames, trim, and cabinets account for about 23% of the global market. Asia Pacific is the largest market in this segment as well, driven by new construction and the expansion of residential housing programs. Wood joinery faces tough competition from alternative materials such as uPVC, composite, and aluminum, which offer lower maintenance and competitive pricing. Solvent-borne coatings are widely used in joinery, but water-borne alternatives, particularly polyurethane-based systems, are being explored due to environmental concerns and stricter regulations.
The wood floor coatings segment is the smallest, representing approximately 3% of the global market. The Asia-Pacific region holds a 55% market share in this segment. Wood flooring competes with other flooring types like vinyl and ceramic tiles. Polyurethane-based coatings are commonly used for wood floors due to their flexibility, hardness, and chemical resistance. Advances in water-borne technology have led to the development of coatings that meet VOC regulations and provide properties comparable to solvent-borne systems. UV coating technologies are preferred for their fast cure time, abrasion resistance, and scratch resistance.
The growth drivers for industrial wood coatings are new construction and property refurbishment, supported by population growth, increasing urbanization, and rising disposable income. Quality assurance is crucial in maintaining competitiveness against alternative materials. While wood joinery and wood flooring show relatively weak growth, wood remains the dominant material in the furniture market, accounting for 74% of furniture production value in the EU28. The global industrial wood coatings market is set to grow at 3.8 percent CAGR between 2022 and 2027, with wood furniture coatings exhibiting faster growth compared to joinery and wood flooring coatings.