Lacquer Market, Ongoing Trends And Recent Developments by Fact MR

0
1K

The global lacquer market is estimated at USD 30,904 million in 2022 and is forecast to reach USD 45,349 million by 2032, growing with a CAGR of 5.2% during 2022-2032.

Lacquer Market Overview

This growth is driven by increasing demand across industries such as automotive, furniture, and architecture, particularly in the Asia Pacific region. Lacquers are popular for their durable, glossy finish, making them suitable for wood, metal, and plastic surfaces.

Key Players

Major players include Akzo Nobel, BASF Coatings, Asian Paints, Axalta Coating, Berger Paints India, and The Sherwin-Williams Company. These companies are expanding their product lines through acquisitions, such as Sherwin-Williams' purchase of Sika's European industrial coatings business, aimed at increasing market share in Europe. Akzo Nobel’s acquisition of Colombia’s Orbis shows their strategic focus on growing in South America.

Future Opportunities

The lacquer market has promising opportunities, especially in Asia-Pacific, which is experiencing a surge in construction, automotive production, and cosmetic applications. Lacquer consumption is expected to rise due to increasing disposable income in emerging economies like China and India, where demand for high-quality furniture and automobiles is growing. Wood finishes, in particular, present significant opportunities, with projections indicating a USD 6 billion increase by 2032.

In the automotive industry, the use of lacquer in aftermarket refinishing and for protective coatings is set to expand. The industry is expected to offer a USD 5 billion opportunity by 2032, as car production increases, particularly in China.

Market Analysis

The lacquer market is divided into various product types, including nitrocellulose, acid-catalyzed, and polyurethane lacquers. These are available in solvent-based and water-based formulations, catering to different applications such as wood, metal, plastic, and textiles. The wood finishes segment currently dominates, holding about 33% of the market, followed by the automotive sector, which is poised to grow significantly due to the rising demand for auto refinishing solutions.

The Asia Pacific region leads the market with a 28% share in 2021, driven by growing consumer demand in the automotive and cosmetic industries. The region is expected to continue leading, particularly as China and India see rapid urbanization and disposable income growth. Europe also plays a crucial role, especially with the rise in construction and the demand for decorative coatings.

The lacquer market's growth is further supported by trends such as the shift towards eco-friendly, water-based formulations due to increasing environmental regulations. As consumers become more aware of sustainability, manufacturers are innovating with greener alternatives to traditional solvent-based lacquers.

Latest Industry News

Recent developments in the lacquer market include increased merger and acquisition activities. For instance, Sherwin-Williams' acquisition of Sika's European industrial coatings business highlights the competitive landscape and the industry's focus on geographical expansion. Akzo Nobel's acquisition of Orbis in Colombia also reflects a strategy to strengthen its position in emerging markets.

Additionally, there is growing attention on innovations in lacquer formulations. Companies are focusing on creating more durable, environmentally friendly options to meet consumer demand for sustainable products, particularly in Europe and North America. The development of UV-curable lacquers and water-based formulations are some of the key innovations shaping the future of the market.

Read More –

The global compact excavator market is valued at US$ 8.3 billion in 2023 and is estimated to account for a revenue of US$ 12.1 billion by the end of 2033. Global demand for compact excavators is forecasted to increase at 3.8% CAGR over the next ten years.

global automotive windshield market enjoys a valuation of US$ 16.6 billion and is predicted to reach climb to US$ 22.8 billion by the end of 2027. Worldwide shipments of automotive windshields are expected to increase at a CAGR of 6.5% from 2022 to 2027.

The global palletizing robot market will reach a valuation of US$ 4,136 million in 2023 and expected to progress at a CAGR of 9.4% to reach US$ 10,156.7 million by the end of 2033.

The global active insulation market currently enjoys a valuation of US$ 298.4 million and is forecasted to exhibit expansion at 5.8% CAGR from 2023 to 2033. By the end of the forecast period, global demand for active insulation is predicted to reach a market value of US$ 528.9 million.

Grease Cartridges Market Share & Trends Analysis, By Capacity (3oz, 14oz, 14.1oz, and 14.5oz), By Material (Fiberboard, PP, HDPE, Plastic), By Closure Type (Spouted Cap, Flat Cap, Piston Cap, Pull-Off Cap), By Region Forecast 2018-2026

The global high temperature elastomers market was assessed at around US$ 12.3 billion in 2021, registering Y-o-Y growth of 5%.Sales of high temperature elastomers are projected to increase at a healthy CAGR of 7.1% and top a market valuation of US$ 25.5 billion by 2032.

 

 

 

Cerca
Categorie
Leggi di più
Giochi
Guía para Comprar Monedas FIFA 25 Instantáneas y Seguras para PS5
Guía para Comprar Monedas FIFA 25 Instantáneas y Seguras para PS5 El mundo de FIFA...
Di Casey 2024-11-04 01:37:18 0 235
Giochi
Los Mejores Precios de los Jugadores en FC 25: Guía Completa de Tarifas
Los Mejores Precios de los Jugadores en FC 25: Guía Completa de Tarifas En el emocionante...
Di Casey 2024-11-06 12:30:59 0 231
Food
Cosmetics and Capsicum Oleoresin: A Hot Trend
  Capsicum Oleoresin Market: An Overview The Capsicum Oleoresin market is a vibrant and...
Di mayurgunjal20 2024-05-23 17:13:30 0 2K
Altre informazioni
China Automotive Active Purge Pump Market Strategic Insights Technology Advancements and Forecast 2032
Malaysia Automotive Over-The-Air (OTA) Updates MarketMalaysia automotive over-the-air (OTA)...
Di aktyagi123 2024-11-15 11:54:45 0 173
Literature
Twin Screw Extruder Market, Ongoing Trends And Recent Developments by Fact MR
The global twin screw extruder market is expected to be worth US$ 1.25 billion in 2023. From 2023...
Di akshayg 2024-10-30 12:40:04 0 392