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Furniture Lacquer Market Report 2024: Strategies And Recent Developments | > BASF SE, The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paint Holdings Co Ltd
Furniture Lacquer Market Characteristics
The Business Research Company offers in-depth market insights through Furniture Lacquer Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The furniture lacquer market size has grown strongly in recent years. It will grow from $9.57 billion in 2023 to $10.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rising demand for furniture, growing preference for wooden furniture, growing popularity of diy furniture, expansion of the furniture industry, growing popularity of online furniture sales.
The furniture lacquer market size is expected to see strong growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to continued growth of the global furniture, awareness of environmental sustainability, e-commerce growth, customization and personalization. Major trends in the forecast period include water-based lacquers, digital printing on lacquer, hybrid finishes.
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Market Segmentation:
The main types of furniture lacquer are solvent-based and water-based. Solvent-based lacquers are water-soluble and contain solvents as the primary constituent. The various finishes are gloss, matte and satin or semi-gloss applied in wood furniture and metal furniture. The various distribution channels are online and offline.
Furniture Lacquer Global Market Report 2023 provides data on the global furniture lacquer market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The furniture lacquer market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Growing Construction And Home Renovations Boost Demand For Furniture Lacquer
The rise in the construction of new homes and home renovations is expected to propel the growth of the furniture lacquer market. New homes are buildings that are entirely new and have never been occupied. Home renovation brings a fresh look to a space while maintaining its original layout. Furniture lacquer is used in new homes and home renovations to provide an intense gloss finish to the new furniture and restore the glossiness of the old furniture. For instance, in March 2022, according to recent residential construction statistics released by the United States Census Bureau, a US-based principal agency, the privately-owned housing starts in the United States reached 1,769,000 in February 2022, up from 1,447,000 in February 2021, showing an increase of 22.3%. Further, in June 2022, RubyHome, a US-based luxury real estate brokerage, the US home remodeling revenue increased by 9% from $337.0 billion in 2020 to $369.0 billion in 2021 and in 2021 remodeling activity increased by 55%. Therefore, the rise in the construction of new homes and home renovations drive the growth of the furniture lacquer market.
Competitive Landscape:
Major players in the furniture lacquer market are BASF SE, The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paint Holdings Co Ltd., RPM International Inc., Axalta Coating Systems Ltd., The Valspar Corporation, Kansai Paint Co Ltd., Hempel A/S, Jotun Paints Inc., Comex Group, Berger Paints Ltd., Rust-Oleum Corporation, Chugoku Marine Paint Ltd., Minwax Company, Carpoly Chemical Group Co Ltd., Cloverdale Paint Inc., Chugoku Marine Paints Ltd., Adler Lack AG, Maydos Chemicals Co Ltd., Pacific Paint (Boysen) Philippines Inc., Tamiya Incorporated, Morrells Woodfinishes Ltd., Intercoat Paints Ltd., Pure & Original Paint.
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Top Trend - Enhancing Aesthetic Appeal With Ultra-Matte Finishes In Furniture Lacquer
Major companies operating in the furniture lacquer sector are focused on developing new innovative products, such as Bona Traffic HD RAW, to strengthen their position in the market. Bona Traffic HD RAW is an aqueous two-component finish that preserves the look and feel of natural wood. It has an ultra-matte finish that produces a low sheen from all angles. For instance, in November 2021, Bona AB, a US-based manufacturer and supplier of floor care, launched Bona Traffic HD Raw, an ultra-matte, highly durable and protective lacquer. Bona Traffic HD Raw produces an incredibly tough, ultra-matte topcoat that is simple to apply and meets the demands of modern trends. This new finish is EC1 PLUS and GREENGUARD Gold certified for indoor air quality and has a quick dry and cure time.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Furniture Lacquer Market Characteristics
3. Furniture Lacquer Market Trends And Strategies
4. Furniture Lacquer Market - Macro Economic Scenario
5. Furniture Lacquer Market Size And Growth
…..
27. Furniture Lacquer Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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