Environmental Awareness & Higher Penetration Shaping The Wood Sealer Market
The global wood sealer market is expected to witness a CAGR of 8.1% during the forecast period to reach a value of $2.68 billion by 2024
Bangalore, India, June 18, 2019: With its recently published study “Wood Sealer Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for wood sealer will continue to grow due to increasing consumption from application areas (construction, furniture, and sports equipment among others) amid changing global geopolitical scenarios and feedstock market challenges. The global wood sealer market is projected to grow at a CAGR of 8.1% during the forecast period to reach a value of $2.68 billion by 2024.
The range of products and curing agents offer utilization under different scenarios, sufficing the requirement of various industries. Furniture accounts for the largest consumption volume for wood sealer, owing to the vast amount of wood utilized for furniture across regions with the high demand for aesthetics and durability. The segment is still expected to remain the highest owing to the high scratch resistance and durability provided by polymeric wood sealers and increasing market penetration replacing the varnishes and oils.
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The development of industrial application of epoxy sealer has brought new horizon to the construction and furniture market with its glossy finish and long durability. However, the precision needed kept it limited in the fast-growing DIY segment in developed regions. On the other hand, polyurethanes and acrylic polyurethanes, not only improvised on the ease of applications but also presented the water-based composition that has no or very limited volatile content, thus beneficial for the environment. The acrylic urethane sealer is gaining rapid acceptance and is expected to be the fastest growing segment within the wood sealer market.
From the manufacturer's side, crude oil fluctuations with changing geopolitical scenarios and the US sanctions on Venezuela & Iran have been a key deterrent in the stability of the market, wherein almost each market segment is highly fragmented with many players competing for the market share. The raw material fluctuations are expected to be stabilized in the next 2–3 years, which would provide a platform for manufacturers to focus on market growth opportunities. The developing countries of India and Indonesia are expected to witness high growth rates during the forecast period, however the smaller base would limit the impact on regional growth number.
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“Wood furnish has been in use since the very early days. Earlier, there were oil furnishes, then came the varnishes, and now the market has moved to polymeric sealers. The high income levels and extensive wood utilization in the economies of the US and Japan enabled them to be at the forefront of the transition. However, the developing countries are catching up fast, and they would be the ones who will consume 5–10 years down the line. In Europe, the environment-friendly water-based premium products are taking it to the next level, while the US is being moved by the growth in DIY.” – Ankur Kalra, Research Manager, Infoholic Research
Key Insights of the Report
- The global wood sealer market has been analyzed based on types
- Acrylic Urethanes
- The global wood sealer market has also been analyzed based on application areas
- Sports Equipment
- Others (wooden tools and decorative items among others)
- Industry outlook: Market trends, drivers, restraints, and opportunities