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Report
Canada Industrial Wood Coatings Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 80 Pages I Mordor Intelligence
The Canadian industrial wood coatings market is expected to reach USD 300 million by the end of this year. It is projected to register a CAGR of over 3% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
Key Highlights
Increasing consumer disposable income and an improving standard of life in Canada are significant factors driving demand for furniture, which is likely to drive demand for wood coatings.
Furthermore, the housing sector is experiencing substantial growth, fuelling the demand for the manufacturing of doors and windows under the joinery sector and thus boosting the market growth.
However, strict environmental regulations set by the government on the use of volatile organic compounds in the manufacturing of wood coatings are anticipated to hamper market expansion.
Furthermore, advancements in coating technology and the employment of radiation cure coatings are projected to generate opportunities in the wood coating industry in the coming years.
Canada Industrial Wood Coatings Market Trends
Increasing Demand from Joinery Sector
Industrial wood coatings are mostly used in doors, windows, trim, and cabinets in the joinery industry. The consumption of wooden coatings in the country has increased significantly to protect these wooden surfaces from various stains and scratches.
With the growing construction of housing units in Canada, the need for kitchen cabinets for various household functions, such as cooking and storing utensils, is also increasing.
The need for joinery is significantly associated with the rise in new homes, as wood is the most common material for internal doors in the region, while wooden and plastic doors are used for outside doors. For instance, in Canada, in 2021, the housing stock increased by around 200 thousand units to 14.874 million units compared to 2020.
Furthermore, in Canada, almost 24,000 more new housing construction starts in the second quarter of 2022 than in the first quarter.
Thus, with the increasing number of housing construction units in Canada, the demand for wood coatings in the joinery sector is increasing, which is likely to drive market growth during the forecast period.
Rising Demand for Furniture
Industrial wood coatings protect wooden furniture from several factors, such as water, sunlight, dust, and other chemical effects, such as oil and grease.
These coatings are also used to make furniture more aesthetically appealing. In the construction sector, wood furniture is commonly used.
The demand for furniture, such as chairs, tables, sofas, shelves, etc., has been rising significantly as a result of rising housing construction because of the growing population and increasing disposable income level in Canada.
Furthermore, with the constantly expanding service industry and changing lifestyles, people have been shifting to new regions, propelling the trend of hostels, co-living, guest homes, and official premises. This is likely to increase demand for various furniture products in Canada.
Over the past few years, the manufacture of office furniture has significantly boosted Canada's GDP. For instance, the GDP for the sector that manufactures office furniture was around CAD 1.66 billion (~1.2 USD billion) in February 2022, representing an increase of more than 40% compared to 2021.
In addition, with the increasing demand for wooden furniture, the number of furniture stores in the country has increased. For instance, there were 3,088 furniture stores across Canada as of December 2021.
Thus, increased demand for wooden furniture is expected throughout the forecast period, which is likely to result in higher consumption of wooden coatings in the country.
Canada Industrial Wood Coatings Market Competitor Analysis
The Canadian industrial wood coatings market is partially consolidated in nature. Some of the major players in the market include RPM International Inc., AkzoNobel NV, Axalta Coatings Systems, The Sherwin Williams, and PPG Industries Inc., among other companies (in no particular order).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Usage of Wooden Furniture
4.2.2 Increasing Housing Construction
4.3 Market Restraints
4.3.1 Regulations Related to VOC Emissions
4.3.2 Other Restraints
4.4 Industry Value Chain Analysis
4.5 Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size in Value)
5.1 Resin Type
5.1.1 Epoxy
5.1.2 Acrylic
5.1.3 Alkyd
5.1.4 Polyurethane
5.1.5 Polyester
5.1.6 Other Resin Types
5.2 Technology
5.2.1 Water-borne
5.2.2 Solvent-borne
5.2.3 UV-Coatings
5.2.4 Powder
5.3 End-user Industry
5.3.1 Wooden Furniture
5.3.2 Joinery
5.3.3 Flooring
5.3.4 Other End-user Industries
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel NV
6.4.2 Axalta Coatings Systems
6.4.3 Jotun
6.4.4 PPG Industries Inc.
6.4.5 RPM International Inc.
6.4.6 Kansai Paint Co. Ltd
6.4.7 Nippon Paint Holdings Co. Ltd
6.4.8 Henkel AG & Co. KGaA
6.4.9 BASF SE
6.4.10 Katilac Coatings
6.4.11 CANLAK
6.4.12 The Sherwin Williams
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Radiation-cured Coatings
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