Furniture Paint Market Size is Surpassing USD 18.32 Billion by 2033, Growing at Projected 6.21% CAGR

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The furniture paint market size is anticipated to grow from USD 10.03 Billion in 2023 to USD 18.32 Billion in 10 years. The worldwide furniture paint market is driven by increasing number of consumers preferring DIY renovation, especially for furniture.

Newark, June 17, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the furniture paint market will grow from USD 10.03 billion in 2023 to USD 18.32 billion by 2033. This market will develop in response to the increasing demand for eco-friendly furniture paint that contains no harmful chemicals. With rising demand, various manufacturers are offering water-based and oil-based paints with different properties.

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Key Insight of the Furniture Paint Market

Asia-Pacific region will account for the largest market size during the forecast period.

Asia-Pacific region will hold a significant market share due to the rapid growth of the housing industry. As a result of the growing population in Japan, China and India, the demand for residential properties has also increased. The market for furniture paint is rising due to rising consumer spending on the renovation of interior spaces. The growing e-commerce industry in the region has also given customers a range of selections for different products.

The oil-based segment is expected to augment the market during the forecast period.

The type segment is divided into water-based, oil-based and others. The oil-based segment is expected to augment the market during the forecast period. An oil-based paint is often a blend of pigments, resins, and solvent thinner, and it uses synthetic alkyd or natural oils like linseed oil as its base. Interior wood finishes with an oil base enhance the natural beauty of the wood while providing a deep, rich colour.

The commercial segment is expected to augment the market during the forecast period.

The application segment is divided into residential, industrial, and commercial. The commercial segment is expected to augment the market during the forecast period. The demand for good-quality wood furniture in the hospitality industry has changed over the years. Hotel and resort owners are adapting their preferences to meet consumer demand for more aesthetically pleasing furnishings.

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Market Dynamics

Driver: Increasing demand for renovation of residential properties

Instead of looking for new development that fits their unique demands, current homeowners are more inclined to remodel their residences. Renovating an existing home is less expensive than building a new one in practically every economy. Many people must spend money on renovations to repair their current structures. Over time, house remodelling can help homeowners save money and raise the value of their homes. Replacing old solid wood or leather furniture is a challenge for most individuals. Paint for furniture can be used to refinish furniture, paint kitchen cabinets, and give old furniture a fresh look. Spray paint is a special kind of furniture paint that arrives in an aerosol can. Both large-scale painting jobs and do-it-yourself initiatives use such paints.

Restraint: Issues with consistency

Getting the proper consistency and thickness while painting with latex can be challenging. Inattention to detail could result in an uneven or streaky finish. After a few years, it can begin to crack and fade since it doesn’t always hold up well to the elements, particularly if it’s exposed to rain or sunshine.

Opportunity: Expansion of the hospitality industry

The global hospitality and tourism business has evolved in a way that has been influenced by rapid globalization, economic expansion, improved connectivity, and accessibility. The growth of employment in the country is significantly attributed to the hospitality and tourist sectors. With a 10% contribution to the global GDP, the hospitality sector is the largest in the world. To prosper, hotels and other companies serving this billion-dollar industry emphasize customer satisfaction, which means routine maintenance and upkeep are required to maintain the feeling of space and make it appear new to guests. In the hotel industry, first impressions count, and a building’s exterior and interior paint jobs greatly impact creating a welcoming and appealing atmosphere. Managers of hotels and other facilities that frequently repaint guest rooms are aware of how important aesthetics are to a building’s overall design.

Challenges: Availability of substitutes

Although paint may be less expensive initially, touch-ups and repainting can become expensive over time. Wood laminate sheets are affordable because they need little upkeep and are unlikely to be replaced for many years. Thus, the use of furniture pain is slightly declining compared to laminates, which is challenging the market’s growth.

Some of the major players operating in the furniture paint market are:

• AkzoNobel N.V.
• DuluxGroup Limited
• PPG Industries, Inc.
• Asian Paints Ltd.
• The Sherwin-Williams Company
• Nippon Paint Holdings Co., Ltd.
• BASF SE
• Jotun Group
• Kansai Paint Co., Ltd.
• RPM International Inc.
• Axalta Coating Systems Ltd.

Key Segments Cover in the Market:

By Type:

• Water-Based
• Oil-Based

By Application:

• Residential
• Industrial
• Commercial

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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