Wood Preservatives Market, by Formulation (Water Based Solvent Based, Oil Based), By Application (Residential & Commercial, Industrial), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Wood preservatives are the chemicals that aid in extending the life of wood, engineered wood, and wood structures by protecting them from fungal rot or decay, molds, insects, and sapstain. Wood preservatives are used in residential as well as industrial applications. For instance, due to easy maintenance benefits of wood preservatives, it is extensively used in hardwood floorings.
Growing demand for thermal power coatings from automotive industry is expected to boost the market growth of thermal barrier coatings. In automotive application, thermal barrier coatings are used to reduce heat loss from engine exhaust system components, including exhaust manifolds, turbocharger casings, exhaust headers, downpipes, and tailpipes. A gradual increase in Electric Vehicles (EVs) on roads is expected to positively propel the growth of the automotive industry. This, in turn, is further expected to create demand for TBCs during the forecast period.
Market Dynamics
Increasing use of wood and wood products due to high demand for wooden architecture and furniture and rising concerns regarding use of toxic preservatives, in turn is driving demand for eco-friendly wood preservatives. Moreover, increase in the standard of living of people backed by use of premium wood decoratives is further anticipated to drive the global wood preservatives market.
North America held a dominant position in the global wood preservatives market in 2021, owing to rise in industrial application of wood preservatives for utility poles, railway ties and various other applications. Moreover, growth in construction and industrial sectors has further augmented growth of the wood preservatives market in North America.
Asia Pacific is projected to be the fastest growing region in the global wood preservatives market over the forecast period, owing to rise in construction activities in region. For instance, in 2021, the government of China had planned to invest US$ 2.3 Trillion on infrastructure projects. This further fuelled residential application of wood preservatives thereby, propelling growth of the wood preservatives market in the region. Moreover, rise in disposable income of the middle class people, allowed them to purchase luxury products such as wooden furniture and wooden artifacts, which had a positive impact on the wood preservatives market in the region.
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