Furniture Lacquer Global Market Report 2024

The global furniture lacquer market 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 global furniture lacquer market 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.

The surge in the construction of new homes and the increasing popularity of home renovation projects are poised to be key drivers for the growth of the furniture lacquer market. Newly constructed homes are those that have never been occupied, offering a blank canvas for interior design. Home renovation projects breathe new life into existing spaces while preserving their original layouts. Furniture lacquer plays a pivotal role in both scenarios, providing a lustrous, glossy finish to new furniture and revitalizing the sheen of older pieces. For example, in March 2022, data from the United States Census Bureau revealed that privately-owned housing starts in the United States reached 1,769,000 in February 2022, marking a 22.3% increase from the previous year. Additionally, US home remodeling revenue, as reported by RubyHome in June 2022, saw a 9% growth from $337.0 billion in 2020 to $369.0 billion in 2021, with remodeling activity surging by 55% in 2021. Consequently, the surge in new construction and home remodeling projects is a driving force behind the growth of the furniture lacquer market.

The rising utilization of wood is set to drive the expansion of the furniture lacquer market in the foreseeable future. Wood, a natural material sourced from trees and woody plants, is gaining increased popularity in various furniture applications. Its versatility makes it a preferred choice for crafting furniture of diverse designs. Lacquer finishes, with their customizable options in terms of color, sheen, and style, are being embraced by furniture manufacturers to create distinctive and tailored pieces that align with current design trends and consumer preferences. For example, data from the Natural Resources Institute in November 2022 indicated that the total use of round wood in Finland in 2021 reached 85.2 million cubic meters, reflecting a 9% increase from the previous year. Additionally, the utilization of by-products and various forms of wood waste amounted to 27.7 million cubic meters, marking a 17% growth over the preceding year. Hence, the growing prominence of wood is a driving force behind the expansion of the furniture lacquer market.

The sluggish sales of furniture in specific regions may pose a challenge to the market's growth during the forecast period. Subdued furniture sales can result in reduced furniture production, subsequently affecting the demand for furniture lacquer products. For example, in July 2023, Furniture Magazine, a US-based publication specializing in the furniture industry, reported that their most recent study involving residential furniture distributors and manufacturers showed a 19% decline in new orders for April when compared to April 2022. In addition, new orders in April 2022 were 20% lower than those in April 2021. A substantial 84% of the participants experienced a drop in orders in April 2023. Thus, the sluggish furniture sales may impact the furniture lacquers market negatively.

The prominent companies engaged in the furniture lacquer industry are committed to introducing innovative products, like Bona Traffic HD RAW, to fortify their market presence. Bona Traffic HD RAW is a waterborne two-component finish that meticulously preserves the natural appearance of wood. It boasts an ultra-matte finish, delivering a minimal sheen from any vantage point. For instance, in November 2021, Bona AB, a US-based enterprise specializing in floor care products, unveiled Bona Traffic HD Raw, an exceptionally resilient and protective lacquer with an ultra-matte finish. Bona Traffic HD Raw generates an incredibly sturdy topcoat with an ultra-matte appearance, which aligns perfectly with contemporary design trends. This novel finish holds certifications for indoor air quality such as EC1 PLUS and GREENGUARD Gold, and it offers rapid drying and curing times.

In May 2023, Gemini Coatings, a wood paint and coatings manufacturer based in the United States, made an undisclosed investment in Rudd Company Inc. This strategic acquisition significantly enhances Gemini's portfolio by adding to its range of solutions, with a strong emphasis on delivering an unparalleled customer experience and exceptional service. Rudd Company Inc., a US-based enterprise, specializes in producing high-quality wood stains and furniture lacquer.

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.

Asia-Pacific was the largest region in the furniture lacquer market in 2023. The regions covered in furniture lacquer report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the furniture lacquer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of furniture lacquer include solvent-based and water-based variants. Solvent-based lacquers are water-soluble and have solvents as their primary component. These lacquers offer various finishes like gloss, matte, and satin or semi-gloss, and they are commonly applied to both wood and metal furniture. Furniture lacquer products are available through online and offline distribution channels.

This report provides furniture lacquer market statistics, including furniture lacquer industry global market size, regional shares, competitors with a furniture lacquer market share, detailed furniture lacquer market segments, market trends and opportunities and any further data you may need to thrive in the furniture lacquer industry. This furniture lacquer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The furniture lacquer market consists of sales of acrylic lacquer, catalyzed lacquer, nitrocellulose lacquer and urushiol based lacquer. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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