The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Furniture Lacquer Global Market Report 2023, the furniture lacquer market is expected to show significant growth in the forecast period.

The furniture lacquer market has witnessed a robust expansion in recent years, demonstrating its strength in the market. Starting at $9.57 billion in 2023, the market is poised to reach $10.25 billion in 2024, exhibiting a compelling Compound Annual Growth Rate (CAGR) of 7.2%. The surge in the historic period owes its thanks to various factors like an upswing in furniture demand, a preference shift towards wooden furniture, the rising popularity of DIY furniture projects, the booming furniture industry, and an increasing inclination towards online furniture sales.

Looking Ahead: A Bright Future

Fast forward to the forecast period, and the furniture lacquer market is expected to continue its upward trajectory. Anticipated to reach $13.12 billion by 2028, the market will sustain a CAGR of 6.4%. This growth can be attributed to the continued global growth of the furniture sector, a heightened awareness of environmental sustainability, the booming e-commerce industry, and an increasing demand for customization and personalization. Key trends in this period include the rise of water-based lacquers, digital printing on lacquer, and the adoption of hybrid finishes.

Wood’s Growing Popularity Fuels Expansion Of The Furniture Lacquer Market

The Natural Elegance of Wood

The growing use of wood is a significant driver for the expansion of the furniture lacquer market. Wood, a versatile material derived from trees and woody plants, is finding increased favor in crafting various furniture designs. Lacquer finishes add an extra layer of customization, allowing manufacturers to create unique pieces that align with current design trends and consumer preferences.

Finnish Example: A Timber Surge

For instance, in November 2022, Finland experienced a 9% rise in total round wood usage compared to the previous year. The Natural Resources Institute reported that the total round wood use in Finland in 2021 was 85.2 million cubic meters. Additionally, the use of by-products and other types of wood waste increased by 17% over the previous year, reaching 27.7 million cubic meters. This surge in wood usage contributes significantly to the growth of the furniture lacquer market.

View More On The Furniture Lacquer Market Report 2023 – https://www.thebusinessresearchcompany.com/report/furniture-lacquer-global-market-report

Enhancing Aesthetic Appeal With Ultra-Matte Finishes In Furniture Lacquer

Innovation in Focus

Major players in the furniture lacquer sector are prioritizing innovation to strengthen their market positions. Products like Bona Traffic HD Raw are designed to cater to the modern aesthetic demands. Bona Traffic HD Raw, an ultra-matte, highly durable, and protective lacquer, preserves the natural look and feel of wood. Launched in November 2021, this finish is EC1 PLUS and GREENGUARD Gold certified for indoor air quality, ensuring it meets the highest standards.

Gemini Coatings Expands its Horizon

In a notable move in May 2023, Gemini Coatings, a US-based wood paint and coatings manufacturing company, acquired Rudd Company Inc., a manufacturer of quality wood stains and furniture lacquer. This strategic acquisition aims to strengthen Gemini’s portfolio, providing customers with an enhanced and unparalleled experience through exceptional service.

Market Segmentation: Understanding the Landscape

Dividing the Space

The furniture lacquer market is intricately segmented based on various factors:

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

Geographical Snapshot

Asia-Pacific took the lead in the furniture lacquer market in 2023, emerging as the largest region, underlining the global nature of the industry.

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The Furniture Lacquer Global Market Report 2023  provides an in-depth analysis on the furniture lacquer market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the furniture lacquer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Contract Furniture Global Market Report 2023

Furniture Global Market Report 2023

Wooden Furniture Global Market Report 2023

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