Global Furniture Lacquer Market Size study, by Type (Solvent Based, Water Based), by Application (Wood Furniture, Metal Furniture) and Regional Forecasts 2022-2032

Global Furniture Lacquer Market Size study, by Type (Solvent Based, Water Based), by Application (Wood Furniture, Metal Furniture) and Regional Forecasts 2022-2032

The Global Furniture Lacquer Market was valued at approximately USD 10.68 billion in 2023 and is expected to grow at a robust CAGR of 5.7% from 2024 to 2032. Furniture lacquer is a vital finish applied to wooden and metal furniture to enhance its appearance and protect the surface. This clear or colored coating dries to a hard and durable finish, providing a smooth and glossy surface that guards against scratches, moisture, and general wear and tear. The demand for furniture lacquer is driven by its ability to offer a high-gloss, durable finish that enhances the natural beauty of wood while providing essential protection. Various types of lacquer, including nitrocellulose, acrylic, and catalyzed lacquer, cater to different needs. Nitrocellulose lacquer is known for its quick-drying properties and traditional use in vintage furniture, while acrylic lacquer is water-based and more environmentally friendly. Catalyzed lacquer, containing a catalyst for accelerated curing, results in a harder, more durable finish.

Globalization and the rise of e-commerce have made it easier for consumers to access a variety of furniture options. The visual appeal of lacquer-finished furniture attracts buyers, contributing to market growth. Additionally, the demand for building renovation and remodeling activities further propels the furniture lacquer market. Renovation projects focus on improving aesthetics, and furniture lacquer offers a fresh and polished finish, making it an attractive choice for enhancing existing furniture or incorporating new pieces into renovated spaces. The increasing focus on sustainable and eco-friendly products is also driving the market towards water-based lacquers, which are considered more environmentally friendly compared to solvent-based alternatives. Advancements in material technologies and manufacturing processes play a crucial role in expanding the application areas of furniture lacquer, contributing to market growth. However, the cost associated with manufacturing and implementing these materials can be a significant restraint, limiting widespread adoption in cost-sensitive industries.

Key regions considered in the Global Furniture Lacquer Market study include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is the leading region in the furniture lacquer market. This dominance is primarily due to the region's robust furniture manufacturing industry, particularly in countries such as China, India, and Vietnam. These countries are major exporters of furniture to global markets, benefiting from their cost-effective production capabilities and abundant raw materials. Additionally, the rising disposable income and urbanization in the region have spurred domestic demand for high-quality furniture, further driving the need for furniture lacquers. The presence of a large number of manufacturers and the increasing focus on innovative and eco-friendly lacquer products also contribute to Asia-Pacific's leading position in the furniture lacquer market. On the other hand, North America is projected to grow at a fastest rate during the projected period 2024-2032.

Major market players included in this report are:

Minwax

The Sherwin-Williams Company

Morrells Woodfinishes Ltd

M.L. Campbell

Axalta Coating Systems

Akzo Nobel N.V.

Rust-Oleum

Nippon Paint Holdings Co., Ltd.

Diamond Paints

PPG Industries, Inc.

Tikkurila Oyj

Berger Paints India Limited

Asian Paints Limited

RPM International Inc.

DAIKIN Industries, Ltd.

The detailed segments and sub-segment of the market are explained below:

By Type:

Solvent Based

Water Based

By Application:

Wood Furniture

Metal Furniture

By Region:

North America

U.S.

Canada

Europe

Germany

France

Italy

Spain

UK

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Australia

Rest of Asia-Pacific

Latin America

Brazil

Mexico

Rest of Latin America

Middle East and Africa:

South Africa

Saudi Arabia

Rest of Middle East and Africa

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.