Increasing Income Levels and Awareness on Conserving Wood will Push Wood Sealer Demand Growth at 8.1%
The global wood sealer market is projected to reach a value of $2.68 billion by 2024 owing to the increasing consumption from application sectors such as furniture, building & construction, and sports equipment among others. The wood sealer market is highly fragmented with numerous players operating within each segment across geographies. Major changes in the industry are happening with increasing consumer acceptance of premium products than prevailing low-efficiency products.
Although the US leads the market at country level, Asia Pacific holds the largest regional share. The construction and furniture application segments with Do It Yourself (DIY) have been gaining grounds to drive the market for premium products such as acrylic urethanes. The favorable characteristic of ease of application has been vital in facilitating the growth of DIY in developed regions, including the European markets. Asia Pacific is expected to maintain the market leadership with further evolution and growth of emerging markets. High demand growth is expected from the markets of India and Indonesia with increasing purchasing power and growing awareness.
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Furniture accounts for the largest segmental demand within the wood sealer market, covering little less than half of the global demand. The increasing per capita income in the developing countries is enabling the replacement of traditional oils and varnishes from wood furnishes creating a path for wood sealers, while the absence of extensive woodwork in construction in the developing world has resulted in relatively smaller share for construction. The sports equipment market, wherein Asia Pacific is leading with large exports market, is growing fast with increasing acceptance of premium environment-friendly products.
From the competitive scenario, the manufacturers in the US and China are expected to gain the most with large manufacturing bases and large domestic markets, while the European players would continue to tussle between the imported products and low margins to increase the viability of their sustenance.
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The study conducted by Infoholic Research provides drivers, restraints, and opportunities with current and emerging market trends. Further, it covers an in-depth analysis of each application along with forecasting and trends analysis in the global wood sealer market. Major companies covered in the study include BASF SE, Evonik Industries, Sika AG, Sherwin-Williams Company, and Arkema S.A.
- Ankur Kalra
Research Manger - Chemicals & Materials