Furniture Lacquer Market Expected to Reach $17.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Furniture Lacquer Market," The furniture lacquer market was valued at $10.1 billion in 2022, and is estimated to reach $17.4 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.

Lacquer for wood furniture is a popular finish that provides a glossy and smooth surface, enhancing the aesthetic appeal of the wood while offering protection against wear and tear. Lacquer is a clear or pigmented coating that dries quickly to a hard and durable finish. It is commonly used in furniture manufacturing and refinishing due to its versatility and ability to achieve a high-quality, polished look. Traditional and fast-drying, nitrocellulose lacquer has been widely used for many years. It is known for its clarity and depth of finish. However, it may be less durable compared to some other lacquer types.

Water-based and more environment-friendly, acrylic lacquer has become increasingly popular. It has low VOC (volatile organic compound) content and is known for its durability and resistance to yellowing over time. Furthermore, the Catalyzed Lacquer type of lacquer contains a catalyst that promotes faster curing and results in a harder and more durable finish. Catalyzed lacquers are often used in high-end furniture manufacturing.

Increased Demand For Water-based Furniture lacquer

The increased demand for water-based furniture lacquer can be attributed to several factors, reflecting changes in consumer preferences, environmental considerations, and industry trends. Water-based lacquers typically have lower levels of volatile organic compounds (VOCs) compared to solvent-based alternatives. VOCs can contribute to indoor air pollution and have environmental impacts. Consumers and manufacturers are often inclined to choose eco-friendly options as environmental awareness grows. Stringent environmental regulations and standards regarding VOC emissions have been implemented in many regions.

Water-based lacquers often comply with these regulations, making them a preferred choice for manufacturers who want to meet or exceed environmental requirements. Water-based lacquers generally have a milder odor and emit fewer harmful fumes during application compared to solvent-based counterparts. This makes them a safer option for both manufacturers and end-users, improving the overall indoor air quality. Furthermore, the use of water-based lacquers can contribute to a healthier working environment for those involved in the furniture manufacturing process. Reduced exposure to toxic fumes and chemicals benefits the health and safety of workers.

Moreover, water-based lacquers are known for their ease of application. They can be applied using brushes, rollers, or sprayers, and cleanup typically involves water instead of harsh solvents. This ease of use can be advantageous for both professional and DIY users. The combination of these factors has led to a significant increase in the demand for water-based furniture lacquer, making it a preferred choice for both manufacturers and consumers in the furniture industry.

The furniture lacquer market is segmented into type, application, and region. On the basis of type, the market is segregated into solvent-based and water-based. On the basis of application, the market is fragmented into wood furniture and metal furniture. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type, the market is bifurcated into water-based and solvent-based. In 2022, the water-based type was the largest revenue generator of the furniture lacquer market. Water-based lacquers are generally considered more environment-friendly compared to solvent-based alternatives. They often have lower volatile organic compound (VOC) emissions, contributing to a healthier indoor environment and aligning with the increasing focus on sustainable and eco-friendly products.

On the basis of application, the global furniture lacquer market is fragmented into wood furniture and metal furniture. Wood furniture was the largest revenue generator, in 2022 and is anticipated to expand at a CAGR of 6% during the forecast period as wood is a popular material for furniture due to its natural beauty and warm aesthetics. Furniture lacquer enhances the visual appeal of wood by providing a glossy and smooth finish, showcasing the natural grain and color variations.

On the basis of, the furniture lacquer market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The furniture lacquer market size is projected to expand at the highest CAGR of 6.1% during the forecast period as the rising disposable income in many Asia-Pacific countries has resulted in changing lifestyles and an increased focus on home aesthetics. Consumers are willing to invest in high-quality furniture with attractive finishes, including lacquer.

The major players operating in the industry include Akzo Nobel N.V., PPG Industries, Inc., Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, Diamond Paints, Minwax, Rust-Oleum, Morrells Woodfinishes Ltd, M.L. Campbell, and Axalta Coating Systems. These players have adopted product launches as their key strategy to increase their market shares. 

Key Findings Of The Study:

• On the basis of type, the solvent-based furniture lacquer segment has a dominant market share in the global furniture lacquer market in terms of revenue in 2022 and it is anticipated to grow at the highest CAGR of 5.9% during the forecast period.
• On the basis of application, the wood furniture segment has a dominant market share in the global furniture lacquer market in revenue in 2022.
• On the basis of region, the Asia-Pacific country has a dominant market share in the global furniture lacquer market in terms of revenue and it is anticipated to grow at the highest CAGR of 6.1% during the forecast period.