Lacquer Market Prospects Pinpoint Higher Traction from Developed Nations during 2018-2028|| Industry players Akzo Nobel, Asian Paints, Axalta Coating, Berger Paints India, Berkshire Hathaway

The report on lacquer market covers high level insights on various aspects that drive the market, along with new trends and developments. It also provides analysis on the application of lacquers across various end use industries and the respective scenarios across important regions. The report stresses on the fact that the sales of lacquers are largely influenced with direct to customer selling via online sales channel, apart from specialty stores and modern trade. Moreover, according to the report, demand for solvent based lacquers is expected to increase at a significant pace, in turn providing an impetus to the growth of the entire lacquer market during the assessment period.

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The lacquer market continues to be in a transformative phase, as solvent-based lacquers give way to water-based variants. The shift has been induced by a range of factors, however, stringent regulations and carbon consciousness among end-users are the prominent factors. Although solvent-based lacquers still account for a significant revenue share of the market, demand for water-based lacquers is also growing at a steady pace.

Lacquers continue to be the preferred finishes for woodworking owing to a bevy of advantages. Among the various types of lacquers available to end-users, demand for nitrocellulose continues to be the highest, on account of its competitive pricing and quick drying features. Nitrocellulose lacquers are ideally suited for production shops of all sizes, as they offer a uniform layer of film over the material. The fact that nitrocellulose lacquers are evaporative in nature provides for easy blending. Although nitrocellulose will continue to the highest selling lacquer type globally, its limitations are influencing end-users to opt for feasible alternatives. Notable is the problem of ‘crazing’ associated with the use of nitrocellulose.

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Demand for lacquers is pretty much evenly spread over a range of industries, including automotive, architectural, furniture, and cosmetics to name a few. Traditionally, furniture industry has accounted for the bulk of demand, however, applications in cosmetics industries have complemented demand. Surging demand from cosmetics industry is a lucrative opportunity that manufacturers are focusing on leveraging. Demand has also been complemented by the steadiness in the automotive industry. Automotive sales have been healthy in the US, China, and India, with a rapidly emerging middle class demographic ramping up demand. The fortunes of the lacquer market are directly linked to the broader developments in the automotive industry, and it is highly likely that steadiness in the automotive sector will create sustained growth opportunities for manufacturers.

The lacquer industry – in addition to the broader paints, varnishes, and coatings industry – is heavily regulated. The stringency in emission guidelines has meant that manufacturers have to invest in meeting compliance and regulatory norms. In a bid to comply with a complex web of regulations, many industry players are focusing on adopting a holistic and comprehensive Environmental Management System (EMA). Regulations such as Clean Air Act (CAA), Clean Water Act (CWA), and Toxic Substances Control Act (TSCA) require manufacturers to make a slew of changes, across the entire supply chain.

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