Global Lacquer Demand to Reach 7 Million Tons in 2018, Steady Shift from Solvent-Based to Water-Based Lacquers Underway

As applications in furniture, automotive, and architectural industries create sustained growth opportunities. The shift from solvent-based to water-based lacquers will become more palpable in the next decade, as a combination of environmental compliance and end-user consciousness induces changes in manufacturing and uptake. The long-term outlook on lacquer market remains bullish, with novel applications in cosmetics likely to complement demand, finds a new research study by Fact.MR.

The report finds that nitrocellulose lacquers will continue to be the highest selling products globally.

Demand for nitrocellulose will be driven by a range of features, including but not limited to easy blending, competitive pricing, and quick drying. On account of these factors, nitrocellulose will maintain its lead as the preferred product type during the course of the forecast period, with polyurethane lacquers closing in on the second spot.

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Competition Landscape

BASF Coatings, Berger Paints India, Carpoly Chemical, Chugoku Marine Paints, Cloverdale Paint are some of the major players in the lacquer market.

• In August 2021, Sherwin Williams announced that it would be acquiring Sika's European industrial coatings business. With manufacturing facility at Vaihingen, Germany company aims at expanding its business capabilities for niche products in European market.

• Akzo Nobel in June 2021 announced of acquiring Colombia based paints and coatings company Orbis. With this deal company aims at expanding its position across south and Central America. Company can be seen involved in major acquisitions attributed to it's grow & deliver strategy.

Fact.MR has provided detailed information about price points of top manufacturers of lacquer positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion in the recently published report.

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End-users continue to show a marked preference for solvent-based lacquers, owing to their performance advantages over water-based lacquers, however, concerns over VOC emissions, and stringency in regulations are driving the demand water-based lacquers. Solvent-based lacquers are likely to account for nearly 70% volume share throughout the assessment period, and grow at a higher rate vis-à-vis water-based variants.

However, the lower growth doesn't undermine the fact that interest in water-based solvents is gaining ground, as compliance advising costs and evolving preference fuel demand.
Specialty stores and modern trade are the prominent distribution channels in lacquer market.

These two distribution channels accounting for over half of all lacquer sold in 2017. The report finds that these two distribution channels will continue to remain the preferred distribution channels among end-users during the assessment period. Direct sales have traditionally remained a lucrative sales channel, and the status quo is unlikely to change during the assessment period.

Lacquer applications continue to remain concentrated in furniture, architectural, and automotive industries. These three end-use industries collectively accounted for nearly 80% volume share of the market. Furniture industry is the biggest end-use industry for lacquers globally, and it will continue to be the biggest demand center during the course of the review period.

Asia Pacific excluding Japan (APEJ) is the largest market for lacquers, followed by Europe and North America. Many countries in APEJ have remained traditional manufacturing hubs, and demand for lacquers, varnished, and coatings has remained robust in the region. In addition to being a major consumer of lacquers, the region has also been a prominent exporter to North America and Europe.

However, the report finds that increasing stringency in regulations, combined with increasing labor costs in emerging countries has led to a steady decline in exports in the recent past. End-user demand for high-quality, water-based solvents has also led Asian manufacturers to change their suite of offerings.
The report identifies woodworking as the leading application segment for lacquers globally.

In addition to wood, metal and plastics are the other prominent application areas for lacquers. Increase in novel applications pertaining to paper and nail polish are creating new growth avenues for manufacturers. According to the research study, increasing adoption in leather and textiles is also likely to create sustained growth during the assessment period.

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Key Segments

• By Product Type
o Nitrocellulose Lacquers
o Pre-Catalyzed Lacquers
o Acid Catalyzed Lacquer
o Polyurethane Lacquers
o Radiation Curing-Lacquers
o Unsaturated Polyester Lacquers
o Other Product Types

• By Formulation Type
o Solvent Based
o Water Based

• By Application
o Wood
o Metal
o Plastics
o Leather and Textiles
o Others (paper, nail polish etc.)

• By Distribution Channel
o Modern Trade
o Departmental Store
o Online Retailers
o Specialty Stores
o Direct Sales
o Other Sales Channel

• By End Use Industry
o Automotive
o Architectural
o Furniture
o Cosmetics
o Other End Users

• By Region
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa

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