Press release
Wood Preservatives Market to Record Overwhelming Hike in Revenues by 2026 | Key Vendores BASF Wolman GmbH, Borax Inc., KMG Chemicals Inc., Koppers Inc., Remmers AG Kurt Obermeier GmbH & Co. KG, LANXESS AG, Kop-Coat
Wood Preservatives
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Market Dynamics
Increasing use of wood and wood products due to high demand for wooden architecture and furniture and rising concerns regarding use of toxic preservatives, in turn is driving demand for eco-friendly wood preservatives. Moreover, increase in the standard of living of people backed by use of premium wood decorative is further anticipated to enhance the global wood preservatives market.
North America held a dominant position in the global wood preservatives market in 2016, owing to rise in industrial application of wood preservatives for utility poles, railway ties and various other applications. Moreover, growth in constructional and industrial sectors has further augmented growth of the wood preservatives market in North America. In terms of revenue, North America dominated the wood preservatives market in 2016, accounting for 40.28% share. This is due to extensive use of wood in the residential sector in the region. According to Government of Canada, in 2010, Canadian industry of wood preservatives, sold US$ 682.36 Mn valued residential and industrial treated products.
Asia Pacific is projected to be the fastest growing region in the global wood preservatives market over the forecast period, owing to rise in construction activities. For instance, in 2016, the Chinese government had planned to invest US$ 720 billion on infrastructure projects. This further fuels residential application of wood preservatives thereby, propelling growth of the wood preservatives market in the region. Moreover, rise in disposable income of the middle class people, allows them to purchase luxury products such as wooden furniture and wooden artifacts has a positive impact on the wood preservatives market in the region.
Growth of wood preservatives market is fueled by the use of wood in marine piling, utility fencing, decking, and in infrastructure. The U.K. government invested US$ 7.09 Bn on infrastructure development in 2016, which in turn led to high demand for wood, thereby, propelling growth of the wood preservatives market.
Among applications, the residential and commercial segment accounted for a dominant market share of 78.69% in 2016. This is attributed to increasing demand for wood from the infrastructure sector for flooring and wooden furniture. Furthermore, rising popularity of wood as a renewable and sustainable building material with lowest carbon footprint has led to its rampant use in the construction industry. This is another factor expected to drive growth of the wood preservatives market.
Major players operating in the global wood preservatives market include BASF Wolman GmbH, Borax Inc., KMG Chemicals Inc., Koppers Inc., Remmers AG Kurt Obermeier GmbH & Co. KG, LANXESS AG, Kop-Coat Inc., and Lonza Group Ltd
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Detailed Segmentation:
Global Wood Preservatives Market, By Application:
Residential & Commercial
Industrial
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