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The global wood coatings market is predicted to grow to $11.98 Billion by 2025 at 6.3% CAGR. This growth from 2018’s estimated market size of $7.8 billion is attributed to numerous factors, including the increase in global construction activities, rising demand for furniture and the development of new, greener coatings that eliminate the harmful impact of VOCs, as well as the rapidly growing market of green buildings which are using wood as a preferred construction material.
Global Wood Coating Industry
Increased consumer and industry awareness and a sense of responsibility has lead to a major development that’s influencing the growth of the global wood coating industry - the increase of the green buildings industry. Worldwide there has been a huge shift towards greener and more sustainable practices.
People are looking to reduce carbon emissions, to rely less on processes powered by fossil fuels, and are instead favoring processes which don’t damage the environment. This shift in perspective has fueled interest in green building.
The growth of the green building sector is intrinsically linked with the growth in the wood coatings market, and this is because wood is a key choice of material used in green building projects. When forests are managed so that they are renewable, wood can be supplied for construction purposes without causing damage to the environment.
Sustainable forestry is a method that has been developed since the 1980s, where a balance is struck between the needs of human consumption of wood products, and the needs to minimize the impact on the ecosystem. Sustainable sourcing makes wood a preferred choice for green buildings, it’s durable with significant longevity, and manufacturing for wood construction consumes far less energy in comparison to other methods.
The global green building materials market was worth $199.7 billion in 2017, and this is projected to reach $387.9 billion by 2023, at a growth of 11.7% CAGR from 2018 to 2023. This rapid expansion of the green buildings market is reflected in the expansion of the wood coatings market. Increased green building is fuelling lumber construction, which is, in turn, boosting demand for wood coating products.
Green Wood Coatings
In addition, the global green coatings market is also showing significant growth. It’s predicted to reach $118.99 billion by 2023, growing at 5.8% CAGR. Green wood coatings represent a significant part of this market, and analysts conclude that consumers’ growing preference to use environmentally coatings is one of the key forces behind this market expansion.
A report on this market points out that there are increasingly stringent regulations in sectors like the construction industry, meaning that buildings are having to be constructed with increased environmental awareness. This is resulting in people looking towards both green building methods, which rely on wood that requires coating, as well as looking for green options for the coatings that they are applying to the wood. With industries and consumers are becoming more aware of the products they are using and how they impact the environment and their own health, the increasing availability of greener products in the coatings market has helped to boost sales in the industry.
Finally, we can identify some global regions as being more instrumental in the surge in the green buildings market, and therefore these areas are also responsible for boosting the wood coatings market. Countries such as Brazil, China, India, South Africa, and the US are particularly embracing green building techniques in order to construct healthier buildings, which can benefit occupants and help to meet social demand for more responsible construction.
Overall we can see that the global green buildings market is intrinsically linked with the wood coatings market due to green’s reliance on wood as a building material. What we have also seen is that this market is also helping to boost the green coatings market, of which green wood coatings are a significant sector.