Lacquer Market to Record a CAGR of 5.2% by 2032 - Latest Fact.MR Study

NEW YORK, Jan. 28, 2022 /PRNewswire/ -- The global lacquer market is expected to increase at a CAGR of 5.2% from 2022 to 2032, from USD 30,904 million in 2022 to USD 45,349 million in 2032.

Over the next decade, increasing demand for hard and durable finishes, particularly in India and China, will drive up lacquer consumption. In addition, due to the region's increasing urbanization, India and China are expected to consume more than the global average.

Lacquer production reached over 29 Kilo Tons in 2021, accounting for 17.8% of total paints and coatings production, and volume consumption is expected to expand at a CAGR of roughly 5.5 percent, with production reaching 50 Kilo Tons by the end of 2032.

The global lacquer market is expected to be driven by features of lacquer such as its ability to produce a durable finish in automobiles over the coming decade.

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Furthermore, lacquer consumption in cosmetic applications is expected to expand at a higher single-digit CAGR over the projection period. Furthermore, solvent-based lacquers have seen increasing adoption due to their non-toxicity as compared to solvent-based lacquers, owing to their lower shining quality and durability, and their value is expected to expand 2.2X by 2032.

The Asia Pacific area continues to be a high-value market for lacquer, owing to its growing application in the automobile and cosmetics industries. The use of cosmetic items such as nail paints, in which lacquers are a key element, has increased in growing countries in this region, particularly in China and India. On the other hand, as the number of passenger cars produced in this region rises, so does the demand for lacquers for after coating of automobiles.

Furthermore, rising disposable income in the region has boosted furniture sales, producing a tremendous need for lacquer.

Key Takeaways:

• Increasing sales of furniture and passenger cars in Asia Pacific region to generate high absolute dollar opportunity by 2032.
• The Europe Lacquer Market is to grow at a CAGR of nearly 6.0% over the next decade.
• By application, wood finish segment is expected to generate an absolute $ opportunity worth USD 6,000 Million.
• By end use, automotive industry is expected to grow at a CAGR of over 5.8%.

Growth Drivers:

• Use of lacquer in woodworking finishes is expected to drive the global demand for lacquer.
• Growing applications in in the automotive, furniture and architectural industries is projected to drive the lacquer market growth.

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Competitive Landscape

Fact.MR has provided in-depth insights about price points of leading manufacturers of lacquer positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion in the latest published report.

• In August 2021, Sherwin Williams declared that it will acquire Sika's European industrial coatings business. With manufacturing facility at Vaihingen, Germany company aims at expansion of business capabilities for niche products in European market.
• Akzo Nobel in June 2021 declared acquisition of Colombia based paints and coatings company Orbis. With this deal company aims at expansion of its position in south and Central America. Organization can be seen involved in major acquisitions associated to its growth & deliver strategy.

Key players in the Lacquer Market include:

• Akzo Nobel
• Asian Paints.
• Axalta Coating
• BASF Coatings
• Berger Paints India
• Carpoly Chemical
• Chugoku Marine Paints
• Cloverdale Paint
• Diamond-Vogel Paint Company
• Hempel A/S
• Nippon Paint Holdings Co.
• PPG Industries, Inc.
• RPM International Inc.
• The Sherwin-Williams Co.

More Valuable Insights on Lacquer Market

Fact.MR provides an unbiased analysis of the lacquer market, presenting forecast statistics for the period from (2022-2032). The study divulges compelling insights on the global lacquer market with a detailed segmentation on the basis of:

• By Product Type
• Nitrocellulose Lacquers
• Pre-Catalyzed Lacquers
• Acid Catalyzed Lacquer
• Polyurethane Lacquers
• Radiation Curing-Lacquers
• Unsaturated Polyester Lacquers
• 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

Key Questions Covered in Lacquer Market Report

• The report offers insight into the lacquer market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for lacquer market between 2022 and 2032.
• Lacquer market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Lacquer market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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