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.
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