Lacquer Market is Expected to Grow at a CAGR Value of 4.9% During Forecast Period 2021-2031

Latest industry survey by Fact MR, predicts Lacquer sales to swell at propelled CAGR through 2031, as chemical and materials sales gradually recover post disruptions caused by COVID-19. The report is aimed at furnishing insights into hidden growth opportunities and challenges. It also provides recommendations to aid businesses prep for unforeseen challenges.

The report offers actionable and valuable market insights of Lacquer. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Lacquer Market across various industries and regions.

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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Lacquer market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Lacquer

This newly published and insightful report sheds light on Market Insights of Lacquer, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Lacquer Market.

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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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.

Market Segmentation

The report on lacquer market has been segmented in depth to gain intelligence on the entire market scenario.

Present situation and forecasts on every segment is covered in the successive chapters in the report.

The lacquer market has been segmented on the basis of product type, formulation type, application, distribution channel, end use industry and region.

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Key Question answered in the survey of Lacquer market report:

• Sales and Demand of Lacquer
• Growth of Lacquer Market
• Market Analysis of Lacquer
• Market Insights of Lacquer
• Key Drivers Impacting the Lacquer market
• Which are the Key drivers impacted by Lacquer market
• Restraints Shaping Market Growth
• Market Survey of Lacquer

More Valuable Insights on Lacquer Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Lacquer, Sales and Demand of Lacquer, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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