Overview and Scope
Furniture lacquer refers to a durable, glossy furniture finish manufactured by combining natural resins or cellulose derivatives with a volatile solvent. It is used to give the furniture a glossy finish and protects the wood from damage and improves the appearance of the furniture.
Sizing and Forecast
The furniture lacquer market size has grown strongly in recent years. It will grow from $9.57 billion in 2023 to $10.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rising demand for furniture, growing preference for wooden furniture, growing popularity of diy furniture, expansion of the furniture industry, growing popularity of online furniture sales.
The furniture lacquer market size is expected to see strong growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to continued growth of the global furniture, awareness of environmental sustainability, e-commerce growth, customization and personalization. Major trends in the forecast period include water-based lacquers, digital printing on lacquer, hybrid finishes.
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Segmentation & Regional Insights
The furniture lacquer market covered in this report is segmented –
1) By Type: Solvent Based; Water Based
2) By Finish: Gloss; Matte; Satin Or Semi-Gloss
3) By Application: Wood Furniture; Metal Furniture
4) By Distribution Channel: Online; Offline
Asia-Pacific was the largest region in the furniture lacquer market in 2023. The regions covered in furniture lacquer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rise in the construction of new homes and home renovations is expected to propel the growth of the furniture lacquer market. New homes are buildings that are entirely new and have never been occupied. Home renovation brings a fresh look to a space while maintaining its original layout. Furniture lacquer is used in new homes and home renovations to provide an intense gloss finish to the new furniture and restore the glossiness of the old furniture. For instance, in March 2022, according to recent residential construction statistics released by the United States Census Bureau, a US-based principal agency, the privately-owned housing starts in the United States reached 1,769,000 in February 2022, up from 1,447,000 in February 2021, showing an increase of 22.3%. Further, in June 2022, RubyHome, a US-based luxury real estate brokerage, the US home remodeling revenue increased by 9% from $337.0 billion in 2020 to $369.0 billion in 2021 and in 2021 remodeling activity increased by 55%. Therefore, the rise in the construction of new homes and home renovations drive the growth of the furniture lacquer market.
Key Industry Players
Major players in the furniture lacquer market are BASF SE, The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Nippon Paint Holdings Co Ltd., RPM International Inc., Axalta Coating Systems Ltd., The Valspar Corporation, Kansai Paint Co Ltd., Hempel A/S, Jotun Paints Inc., Comex Group, Berger Paints Ltd., Rust-Oleum Corporation, Chugoku Marine Paint Ltd., Minwax Company, Carpoly Chemical Group Co Ltd., Cloverdale Paint Inc., Chugoku Marine Paints Ltd., Adler Lack AG, Maydos Chemicals Co Ltd., Pacific Paint (Boysen) Philippines Inc., Tamiya Incorporated, Morrells Woodfinishes Ltd., Intercoat Paints Ltd., Pure & Original Paint.
The furniture lacquer market report table of contents includes:
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