Research and Markets, a leading market research company, has published a comprehensive report on the global furniture paints market.
Furniture paint is a coating specially formulated for application on furniture pieces. It is formulated to provide a flexible and aesthetically pleasing surface that can withstand daily wear and tear associated with regular use.
Furniture paint generally contains characteristics that make it suitable for various furniture materials, including wood, metal and laminate surfaces. Principal furniture paint types include oil-based, water-based and other formulations. Oil-based paint uses oil as a base and imparts a durable and glossy surface to furniture pieces. Among the various products in this category are acid-curing coatings, nitrocellulose coatings and polyurethane coatings, addressing applications in residential, commercial and industrial settings.
The furniture paint market comprises sales of chalk paint, oil-based paint, spray paint, latex or acrylic paint. The values in this market are "ex-factory" values, that is, the value of goods sold by the producers or creators of the goods to other organizations (including sub-manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes relevant services sold by the creators of the goods.
The market value contained in the report is defined as revenues in currency units (in US dollars unless otherwise specified) derived by organizations from the sale of goods and/or services through sales, gifts or donations in the specified market and geography. For a specific geography, revenues are consumption values, which are revenues obtained within the market by organizations in the specified geography, regardless of where they are produced. It does not include revenues from resales along the supply chain further downstream or as part of other products.
Market trends
The furniture paint market size is expected to show strong growth over the coming years. The compound annual growth rate (CAGR) will reach USD 12.83 billion by 2028 at 5.9%. Growth during the forecast period is expected to be supported by consumer demand for customization, rapid urbanization trends, increasing construction activities, growth in renovation and remodeling projects and widespread adoption of e-commerce platforms. Key trends expected during the forecast period include the rise of water-based paints, advances in nanotechnology and smart coatings, development of environmentally friendly formulations, evolving trends in interior design and home decoration and ongoing technological innovations in the furniture paint industry.
Key sectors driving growth
Expansion in the real estate sector is expected to support future growth of the furniture paint market. Real estate encompasses land, structures, natural resources and associated property or usage rights. Growth in real estate projects is fueled by population growth, rapid urbanization, economic advancement, infrastructure investments and evolving consumer preferences. Furniture paint plays an important role in enhancing property aesthetics, increasing value and attracting potential buyers by revitalizing interior spaces and modernizing décor. For example, data from the Northern Ireland Statistics and Research Agency from June 2023 showed an expansion of 6.5% in the general construction sector from the first quarter of 2022 to the first quarter of 2023. The residential sector in particular saw an increase of 11.1%, while the infrastructure sub-sector rose by 3.7%. Consequently, growth in the real estate sector is positively impacting the progress of the furniture paints market.
The importance of innovation
Key players in the furniture paint market are focusing on developing innovative products such as spray paints to gain a competitive advantage. Spray paint involves the application of paint through an aerosol can and provides even coverage and smooth surfaces on various furniture surfaces. For example, in April 2022, PPG Industries Inc., a US-based paint manufacturing company, introduced "GLIDDEN MAX FLEX" spray paint, an innovative spray paint and primer combination with a lacquer-based formulation and different spray pattern. This groundbreaking product delivers high coverage and ultra-durable coatings on various surfaces, enabling do-it-yourselfers to achieve flawless surfaces with a five-minute quick-drying time.
In January 2021, StanChem Polymers, a US-based company specializing in high-performance emulsion polymers, acquired Dux Paint LLC for an undisclosed amount. This strategic acquisition aims to increase product offerings and brand awareness by leveraging StanChem Polymers' expertise in protective coatings. By expanding capabilities and serving customers with demanding applications, the acquisition is accelerating growth in key markets and applications. Based in the US, Dux Paint LLC manufactures VOC-compliant liquid industrial coatings that protect various metal, wood and plastic surfaces.
Asia-Pacific was the largest region in the furniture paint market in 2023. North America is expected to be the fastest-growing region during the forecast period. The regions covered in the furniture paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the furniture paint market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, the United States, Canada, Italy and Spain.
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