Wood Preservation Chemicals Market - Strategies, Insights and Recent Developments By 2023

The global wood preservation chemicals market is observed to be typified by low price sensitivity, as a result of which the significant players in the industry are competing with product differentiation as a basis. In a report released by Transparency Market Research (TMR), the plain sailing availability of raw materials and relatively moderate production cost have intensified the threat of new entrants. While the degree of competition is forecasted to be medium, the possibility of joint ventures, strategic mergers, and exclusive agreements could be high.

According to the research analysis of TMR, the world wood preservation chemicals market is projected to rake in US$2.1 billion by the end of 2023, whereas it stood at US$1.7 billion in 2016. The various applications of wood preservation chemicals have proved to be vital in the advancement of the global market. The construction application segment had attained US$7.6 billion in 2016 and is anticipated to reach US$9.8 billion by 2023. Asia Pacific is expected to stand tall as a larger producer as well as consumer of wood preservation chemicals with a 38.4% share expected in 2023.

Global Market to Leap on the Strength of Construction and Wood Furniture Industries

The global wood preservation chemicals market is analyzed to be closely associated with the construction sector, especially in the emerging economies of Poland, Russia, Brazil, China, and India. As a momentous end-user division of the global market, the construction industry has provided a fine impetus for growth while riding on crucial factors such as urbanization, population growth, world economic advancement, and government support for infrastructure projects.

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The wood furniture sector is another end-user segment that is envisioned to vitally contribute toward the growth of the international wood preservation chemicals market. The Asia Pacific market for wood furniture could rise at a faster rate in countries such as South Africa, India, and China, owing to their elevating disposable income. The U.S. could be a larger market for wood furniture with respect to demand.

Strict Regulations Demote Common Chemicals and Promote Eco-friendly Alternatives

Pentachlorophenol (PCP), creosote, and chromated copper arsenate (CCA) were three of the most commonly used chemicals for wood preservation which represented an almost 75.0% of the global wood preservation chemicals market. However, after a risk assessment was conducted by the United States Environmental Protection Agency (USEPA), these chemicals were labelled as toxic and potentially harmful for use in residential applications, some of them even raising the risk of cancer. Subsequently, their production suffered on a higher side and there was a preference shift to eco-friendly wood preservation chemicals.

This shift opened a substantial market for eco-friendly alternatives of wood preservation chemicals such as propiconazole, cyproconazole, and borates. Since arsenic was a highly toxic CCA substance, manufacturers have taken to producing arsenic as well as chromium free wood preservation chemicals such as copper azole and alkaline copper quaternary (ACQ). Wood acetylation, where the modification of wood is performed at a molecular level, has gained quite some popularity as an eco-friendly technique. Likewise, there is a surging inclination toward the usage of borates in the global wood preservation chemicals market.

Key companies such as Rütgers Group, Lonza Group Ltd., Lanxess AG, and Koppers Holdings Inc. had accounted for an approximately 50.0% share of the international wood preservation chemicals market in the past. However, the other weighty players could be Janssen Preservation & Material Protection, Viance LLC, Kop-Coat Inc., Rio Tinto Minerals, KMG Chemicals, Kurt Obermeier GmbH & Co. KG, and BASF Wolman GmbH.

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This release was published on openPR.