Lacquer Market is Forecasted to Cross USD 45,349 Million at a 5.2% CAGR by 2032

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Lacquer sales in Europe are expected to rise significantly over the next ten years, with a compound annual growth rate (CAGR) of about 6.0%. Europe is expected to present attractive revenue possibilities for lacquer sales, driven mainly by rising automotive post-coating demand for lacquers. The market for lacquer is predicted to grow significantly between 2022 and 2032 due to the extensive usage of ornamental coatings in Europe.

The lacquer market is expected to reach a total valuation of USD 45,349 million by 2032, from its estimated USD 30,904 million valuation in 2022. From 2022 to 2032, this translates into a Compound Annual Growth Rate (CAGR) of 5.2%.

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The need for lacquer has expanded significantly in the building, furniture, automotive, and decorative arts sectors, among other industries, in recent years, propelling the growth of this global market. But as the market grows, it will encounter several opportunities and difficulties that are worth investigating.

Problems:

  • Environmental Concerns: A key hurdle for the lacquer market revolves around the increasing awareness of environmental issues. Traditional lacquers, containing volatile organic compounds (VOCs), pose risks to human health and the environment. The demand for eco-friendly, low-VOC lacquer products is rising, pressuring manufacturers to innovate and reformulate their offerings.
  • Supply Chain Disruptions: Similar to many industries, the lacquer market grapples with the repercussions of supply chain disruptions due to the COVID-19 pandemic. Shortages of essential raw materials and elevated transportation costs impact the overall cost structure of lacquer production.
  • Competitive Market: The lacquer market is fiercely competitive, with numerous players vying for market share. Manufacturers face the challenge of differentiating their products through quality, innovation, and pricing, necessitating a proactive stance in research and development.

Prospects:

  • Growing Construction Industry: The expanding global construction industry, a major consumer of lacquer products, presents a significant opportunity. The demand for durable, weather-resistant coatings in construction applications provides an avenue for lacquer manufacturers to broaden their market presence.
  • Furniture and Decorative Arts: Lacquer finishes hold historical prominence in high-end furniture and decorative arts. With increasing consumer preferences for aesthetic and quality products, there is an ongoing opportunity for lacquer manufacturers to tap into this market.
  • Technological Advancements: Advances in lacquer formulations and application technologies create new possibilities. The demand for high-performance lacquers with improved durability, gloss, and color retention, especially in the automotive and electronics sectors, offers a promising opportunity.
  • Sustainability Focus: The growing emphasis on sustainability allows lacquer manufacturers to develop and market environmentally friendly products. Innovations in water-based lacquers and other sustainable formulations can attract environmentally conscious consumers and businesses.
  • Global Expansion: As emerging markets continue to thrive, lacquer manufacturers have the chance to expand their presence in regions with rising demand, such as Asia-Pacific. Establishing strategic partnerships and distribution networks in these areas can be a lucrative move.

Competitive Environment

Leading companies in the lacquer industry are Carpoly Chemical, Chugoku Marine Paints, Berger Paints India, BASF Coatings, and Cloverdale Paint. Sherwin Williams announced in August 2021 that it would buy Sika’s European industrial coatings division, which includes a factory in Vaihingen, Germany. The acquisition is intended to strengthen Sika’s position in the European market as a provider of specialist products. Akzo Nobel announced in June 2021 that it had acquired Orbis, a paint and coatings company with its headquarters in Colombia. This action demonstrates Akzo Nobel’s commitment to expansion through large acquisitions and is in line with the company’s plan to increase its presence in South and Central America.

Important Sections

  • By Product Type
    • Nitrocellulose
    • Pre-Catalyzed
    • Acid Catalyzed
    • Polyurethane
    • Radiation Curing
    • Unsaturated Polyester
    • Other Product Types
  • By Formulation Type
    • Solvent Based
    • Water Based
  • By Application
    • Wood
    • Metal
    • Plastics
    • Leather and Textiles
    • Others (paper, nail polish etc.)
  • By Distribution Channel
    • Modern Trade
    • Departmental Store
    • Online Retailers
    • Specialty Stores
    • Direct Sales
    • Other Sales Channel
  • By End Use Industry
    • Automotive
    • Architectural
    • Furniture
    • Cosmetics
    • Other End Users
  • By Region
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

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The lacquer market is a vibrant, changing sector of the economy that presents both opportunities and challenges in the near future. Among the obstacles that manufacturers face include supply chain disruptions, environmental concerns, and competitiveness. However, the demand for high-quality finishes in a variety of applications, the expanding construction industry, technological improvements, a focus on sustainability, and global expansion present bright opportunities for the lacquer industry.

Contact: (628) 251-1583, +353-1-4434-232; Fax: 11140 Rockville Pike, Suite 400, Rockville, MD 20852, United States; Email: [email protected]

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