The global lacquer market is projected to grow at a CAGR of 5.2% from 2022 to 2032, increasing from USD 30,904 million in 2022 to USD 45,349 million by 2032.

Rising demand for hard and durable finishes, particularly in India and China, is expected to drive lacquer consumption over the next decade. Rapid urbanization in these regions will further push lacquer demand beyond the global average.

In 2021, lacquer production surpassed 29 kilotons, accounting for 17.8% of total paints and coatings production. Volume consumption is anticipated to grow at a CAGR of approximately 5.5%, with production expected to reach 50 kilotons by 2032.

The market's growth is largely attributed to lacquer's unique properties, including its ability to provide a durable finish, particularly in automotive applications. These features are set to position lacquer as a critical component in various industrial and consumer markets over the coming decade.

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Lacquer consumption in cosmetic applications is projected to grow at a robust single-digit CAGR over the forecast period. The increasing adoption of solvent-based lacquers—valued for their lower toxicity compared to solvent-based alternatives—has been notable despite their slightly lower shine and durability. By 2032, the value of solvent-based lacquers is expected to expand 2.2x.

The Asia-Pacific region remains a high-value market for lacquer, driven by its growing use in the automotive and cosmetics industries. The rising popularity of cosmetic products such as nail paints, in which lacquers play a key role, is particularly pronounced in China and India. Additionally, the increasing production of passenger cars in the region has boosted demand for lacquers used in automotive coatings.

Rising disposable incomes in the region have also spurred furniture sales, creating a substantial demand for lacquer in the furniture industry. These factors collectively position Asia-Pacific as a significant driver of global lacquer market growth.

Key Takeaways:

  • The growing sales of furniture and passenger cars in the Asia-Pacific region are expected to create a significant absolute dollar opportunity by 2032.
  • The Europe lacquer market is forecast to expand at a CAGR of nearly 6.0% over the next decade.
  • In terms of application, the wood finish segment is projected to generate an absolute dollar opportunity of USD 6,000 million.
  • By end use, the automotive industry is anticipated to grow at a CAGR of over 5.8%, driven by increasing demand for durable finishes in automotive coatings.

Growth Drivers:

  • The increasing use of lacquer in woodworking finishes is expected to significantly boost global demand for lacquer.
  • Additionally, the growing applications of lacquer in the automotive, furniture, and architectural industries are projected to drive the overall growth of the lacquer market.

Competitive Landscape

Fact.MR has provided comprehensive insights into the price points of leading lacquer manufacturers across various regions, along with detailed information on sales growth, production capacity, and potential production expansions in its latest published report.

  • In August 2021, Sherwin Williams announced its acquisition of Sika's European industrial coatings business. With a manufacturing facility in Vaihingen, Germany, this acquisition aims to expand Sherwin Williams' capabilities in producing niche products for the European market.
  • In June 2021, Akzo Nobel declared the acquisition of Orbis, a Colombia-based paints and coatings company. This strategic move is aimed at strengthening Akzo Nobel's position in the South and Central American markets. The company has been actively pursuing major acquisitions as part of its growth and delivery strategy.

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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.

Read More: https://www.factmr.com/report/799/lacquer-market 

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

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