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Lacquer Market

Lacquer Market

Lacquer Market Analysis by Product Type (Nitrocellulose Lacquers, Pre-Catalyzed Lacquers, Acid Catalyzed Lacquer, Polyurethane Lacquers), by Formulation (Solvent Based, Water Based), by Application, by Distribution Channel, by End Use Industry, by Region - Global Forecast 2022-2032

Lacquer Market
FACT799MR

Global Lacquer Market Outlook

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.

Report Attributes

Details

Market size value in 2021A

USD 29,439 Million

Market value estimate in 2022E

USD 30,904 Million

Market value forecast in 2032F

USD 45,349 Million

Global Growth Rate (2022-2032)

CAGR 5.2%

Asia Pacific Market Share in 2021

~28%

Asia Pacific Growth Rate (2022-2032)

CAGR 6.1%

Top 5 Companies Market Share

~35%

Key Companies Profiled

  • 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.

Fact.MR estimates lacquer market value to reach USD 45,349 million valuation by 2032 end, and is projected to account for nearly ~15% of the overall paints and coating sales value during the same period.

While lacquer consumption is projected to increase with a CAGR of around 5.2% over next decade while being valued at USD 45,349 million by 2032 end, evaluates Fact.MR- a market research and competitive intelligence provider.

Moreover, production of lacquer stood at around 29 Kilo Tons in 2021, accounting for 17.8% of total paints and coatings production and volume consumption is poised to grow with a CAGR of around 5.5% with production projected to reach 50 Kilo Tons by 2032 end.

Attributed to properties of lacquer such as its ability to provide durable finish in automobiles is anticipated to drive the global lacquer market over next decade.

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Lacquer Market Historical Outlook (2017-2021) Vs. Forecast Outlook (2022-2032)

As per Fact.MR- a market research and competitive intelligence provider, global lacquer consumption in the past half-decade has grown with a CAGR of around 4.5%. Global volume consumption in 2021 end stood at around 29 Kilo Tons. Application which saw major consumption of lacquer was wood finish, accounting for around 33% of the revenue share in 2021. This can mainly attributed to superior properties of lacquer such as fast drying, transparency, and impervious to water substances.

Additionally, projections are that growing demand for hard and durable finish will provide major thrust to the consumption of lacquer over next decade especially in regions such as India and China. Also India and China are anticipated to consume more than world average owing to rapid urbanization taking place in the region.

Moreover, consumption of lacquer in cosmetic application, is poised to grow with higher single-digit CAGR over the projected forecast period. Further, solvent based lacquers have witnessed higher adoption owing to their non-toxicity as compared to solvent based lacquers, attributed to their relatively low shining quality and durability thus value is poised to grow 2.2X by 2032.

Growing Disposable Income to Augment Lacquer Sales Over the Forecast Period?

Over the past decade there has been a substantial rise in disposable income among population in Asia Pacific region. Projections are that Asia Pacific, with countries such as India and China will see substantial surge in their per capita expenditure over next decade hence consumers would be willing to pay more on home accessories such as furniture and home decors.

Hence, growing applications in the automotive, furniture and architectural industries, lacquers are expected to witness sustained growth opportunities during the forecast period. Growth of the lacquer market will greatly be influenced by their use in the woodworking finishes as they provide high shine, gloss and resistance against water and chemicals.

Attributed to these factors, lacquer application in wood finishes will provide absolute $ opportunity worth USD 3,000 Million during 2022-2032.

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Region-Wise Analysis

What makes Asia Pacific Growth Driver for lacquer Consumption?

Asia Pacific region continues to showcase high value for lacquer market, particularly with its rising use in the automotive and cosmetic sector. Growing population in emerging economies in this region, especially in China and India has fuelled the use cosmetic products such as nail paints in which lacquers are a vital ingredient. On the other hand, increasing production of passenger cars in this region has increased the demand for lacquers in after coating of automobiles.

Moreover, growing disposable income in the region has shoot up the sales of furniture thus creating massive opportunity for lacquer demand.

Further, increasing production of passenger cars in the region has increased the demand for lacquers in after coating of automobiles, especially in China.

Thus Asia Pacific is projected to account for fair share in global lacquer market thus poised to provide high absolute dollar opportunity during the period 2022-2032.

What Makes Europe Prominent Region for Driving Consumption of lacquer?

Europe is projected to provide high absolute $ opportunity for the sales of lacquer, this is mainly attributed to the increase in demand for lacquers in after coating of automobiles. Use of decorative coatings in Europe is expected to be a key influential factor for lacquer market growth during the period 2022-2032. With growing construction activities in the region a 3.5 percent increase in 2022 is expected to be witnessed.

Thus Europe market is poised to provide high growth opportunity for the sales of lacquers and projected to grow with a CAGR of around 6.0% over the next decade.

lacquer market by Fact.MR

Category-Wise Analysis

Which Application is projected to Find Major Consumption for lacquer?

Lacquer consumption for wood finish is projected to account for major share in the market. Factors which has influenced lacquer consumption for wood finish is its ability to last long without any chipping or flaking.

Additionally, lacquer is thin when compared to other varnishes which makes helps it to penetrate deeper thus providing durable seal to the wood structure and preserving it for a longer period of time.

Holding around 33% of the market share for lacquers in 2021, wood finish application is poised to dominate the global market thus growing with a CAGR of around 5.3% over the projected forecast period.

Moreover, wood finish application will provide absolute $ opportunity worth USD 6,000 Million in the coming decade.

What is the Consumption Scenario of lacquer in Automotive Industry?

Automotive industry is projected to provide second highest absolute $ opportunity for the consumption of lacquers. This is mainly attributed to the growth in coating industry which find its application for auto refinish.

Moreover, adoption of lacquers in the automotive sector worldwide, as they provide efficient waterproofing for firework fuses and are easy to apply and offer colour retention. With gentle spray of lacquers, a durable finish with a superior lacquer sheen can be obtained. With significant growth in car production, demand for lacquers is projected to expand at a high pace in the automotive industry, contributing to the overall growth of the lacquer market.

Hence, automotive as an end use is poised to provide absolute $ opportunity worth USD 5,000 Million by 2032 end while growing with a CAGR of around 5.8% through 2022-2032.

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Competition Landscape

BASF Coatings, Berger Paints India, Carpoly Chemical, Chugoku Marine Paints, Cloverdale Paint are some of the major players in the lacquer market.

  • In August 2021, Sherwin Williams announced that it would be acquiring Sika’s European industrial coatings business. With manufacturing facility at Vaihingen, Germany company aims at expanding its business capabilities for niche products in European market.
  • Akzo Nobel in June 2021 announced of acquiring Colombia based paints and coatings company Orbis. With this deal company aims at expanding its position across south and Central America. Company can be seen involved in major acquisitions attributed to it’s grow & deliver strategy.

Fact.MR has provided detailed information about price points of top manufacturers of lacquer positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion in the recently published report.

Key Segments

  • 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

- FAQs -

Currently, lacquer market is valued at USD 29,439 Million.
Lacquer consumption value is expected to grow at a CAGR of around 5.2% during the period 2022-2032.
In terms of consumption value, lacquer grew with a CAGR of around 4.5% during 2017-2021
Key players can been mainly seen involved in adopting in-organic growth strategies such as mergers and acquisitions.
Top companies in the manufacturing of lacquer are Akzo Nobel, Asian Paints, Axalta Coating, BASF Coatings, Berger Paints India, and Carpoly Chemical
China is estimated to hold around 33% of the global lacquer demand.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

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