Lacquer Market – Recent Developments in the Competitive Landscape Forecast 2018 – 2028

Lacquer Market research study in brief

The business intelligence study for the Lacquer Market provides an extensive synopsis of essential aspects involving the product classification, important definitions, and other industry-specific parameters. The report also covers the key factors associated with the current events such as alliances, mergers & acquisitions, and new product launches.

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Global demand for lacquers is likely to reach roughly 7 million tons in 2018, 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.

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.

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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.

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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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