What is the Estimated Industry Size of Lacquer

The global lacquer market is expected to be worth USD 30,904 million in 2022 and USD 45,349 million by 2032, increasing at a 5.2% CAGR from 2022 to 2032.

As applications in the furniture, automotive, and architectural industries generate long-term growth potential. The transition from solvent-based to water-based lacquers will become more apparent over the coming decade, as a mix of environmental compliance and end-user awareness drives changes in manufacture and adoption. According to a new Fact.MR research analysis, the long-term forecast for the lacquer industry remains positive, with newer uses in cosmetics expected to supplement demand.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
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According to the research, nitrocellulose lacquers will remain the best-selling product internationally. Nitrocellulose demand will be influenced by a variety of factors, including, but not limited to, ease of mixing, competitive pricing, and quick drying. Because of these characteristics, nitrocellulose will keep its position as the favored product type throughout the projected period, with polyurethane lacquers closing in on second place.

End-users continue to favor solvent-based lacquers due to their superior performance over water-based lacquers; however, concerns about VOC emissions and stringent restrictions are increasing the market for water-based lacquers. Solvent-based lacquers are expected to account for approximately 70% of total volume during the evaluation period, growing at a faster rate than water-based versions. However, the slower rise does not diminish the reality that interest in water-based solvents is increasing, as compliance costs and changing preferences drive demand.

The lacquer market's main distribution channels are specialty stores and modern trade. These two distribution channels accounted for more than half of all lacquer sales in 2017. The analysis concludes that these two distribution channels will continue to be the preferred distribution channels among end users during the assessment period. Direct sales have generally been a profitable sales channel, and the situation is unlikely to alter throughout the review period.

Lacquer uses continue to be centered in the furniture, architectural, and automotive industries. These three end-use industries accounted for roughly 80% of total market volume. The furniture industry is the world's largest end-use market for lacquers, and it will remain the largest demand center during the review period.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞: https://www.factmr.com/report/799/lacquer-market

Asia Pacific, excluding Japan (APEJ) is the largest lacquer market, followed by Europe and North America. Many APEJ countries have remained major manufacturing hubs, with strong regional demand for lacquers, varnishes, and coatings. In addition to being a significant lacquer consumer, the region has a strong export presence in North America and Europe. However, the analysis indicates that increased regulatory stringency, combined with rising labor costs in emerging markets, has resulted in a continuous fall in exports in recent years. End-user demand for high-quality, water-based solvents has also prompted Asian manufacturers to modify their product offerings.

According to the survey, woodworking is the world's leading lacquer application segment. Lacquers are widely used in a variety of applications, including metal and plastics. The increase in creative applications for paper and nail polish is opening up new business opportunities for manufacturers. According to the research report, rising usage of leather and textiles is also expected to result in long-term growth during the evaluation period.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬:
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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.

Sherwin Williams announced in August 2021 that it will acquire Sika's European industrial coatings business. With a manufacturing site in Vaihingen, Germany, the company seeks to grow its commercial capabilities for specialized items in the European market.
In June 2021, Akzo Nobel announced the acquisition of Orbis, a Colombia-based paints and coatings company. With this transaction, the corporation intends to increase its presence in South and Central America. The company has been involved in big acquisitions as part of its expand and deliver strategy.

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