International. The global wood coatings market reached US$8.625 billion in 2016 and is projected to increase at a promising CAGR of 8.3% during 2017–2025. Increasing at this rate, the global market is projected to reach a value of US$17.595 billion by the end of 2025.
The global wood coatings market presents a highly competitive landscape due to the presence of a large number of competing companies, notes Transparency Market Research (TMR).
TMR finds that the wood siding market is also quite consolidated, with the top four players having a combined share of almost 60.0% in 2016. These companies are RPM International Inc., Akzo Novel N.V., PPG Industries Inc. and The Sherwin Williams Company. Of these, only the Sherwin Williams company accounted for the main stake of 21.3% in 2016. Some of the other companies operating in the global wood coatings market are Dow Chemical Company, Nippon Paints Holdings, Asian Paints and BASF SE.
Among the various types of resins, polyurethane led the global wood coatings market today. Rising to a robust CAGR of 8.8% from 2017-2025, the segment is likely to maintain its dominance throughout the forecast period. Growth is driven by the use of these resins in the myriad applications, attributed to them being largely resistant to scratches and moisture.
