Lacquer Market: What are the Key Growth Factors?

The report offers actionable and valuable insights on the Lacquer market. The latest report by Fact.MR provides details on the present scenario of the Lacquer market across various regions along with the historic data and forecast of the Lacquer market. The report also includes information on the sales and demand of Lacquer across various industries and regions. Market dynamics including latest trends, challenges, growth opportunities, and drivers for is also provided in the Lacquer market report.

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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.

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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.

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.

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The Lacquer Market research answers important questions, including the following:

  1. Why Lacquer Market players are focusing on the business expansion in region?
  2. Which regulatory authorities have granted approval to the application of Lacquer Market
  3. What are the pros and cons of the Lacquer Market the environment?
  4. Why players are targeting the production of segment?
  5. What are the strategies implemented by emerging players in the global Lacquer Market?

The Lacquer Market report serves the readers with the following data:

  • In-depth analysis of supply-side and demand-side trends.
  • Direct and indirect impacts of the growth of relevant markets on the Lacquer
  • Importance of segment in various regions.
  • Accurate Y-o-Y growth of the global Lacquer
  • Consumption trends among individuals across the globe.

lacquer market

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