Global Wood Preservatives market is estimated to be valued at US$ 1,377.8 Million in 2021, according to the Global Wood Preservatives Market Report, by Formulation (Water Based Solvent Based, Oil Based), By Application (Residential & Commercial, Industrial), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global Wood Preservatives market was valued at US$ 1,377.8 Million in 2021. The wood preservatives market is expected to register a CAGR of 5.6% over the forecast period (2022–2030) to reach US$ 3,910.5 Mn by 2030. Major factors propelling growth of this market include rise in the use of wood in the interior decoration in developed and developing countries. However, government restrictions on the use of hazardous chemicals such as arsenic and chromium and increasing initiatives to reduce deforestation has hindered growth of the wood preservatives market.
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Browse 50 market data tables* and 40 figures* on "Global Wood Preservatives Market” - Forecast to 2030.
Key Trends and Analysis of the Global Wood Preservatives Market:
- Based on formulation, the water based segment held dominant position in the global wood preservatives market in 2021 and is expected to retain its dominance throughout the forecast period. This is attributed to advantages of water-based formulation such as adhesiveness to wood that has been painted with an oil-based formulation, maintenance of quality of color for a longer duration, rapid drying, no harmful fumes or odor, and low tendency to being flammable.
- Among applications, residential and commercial segment accounted for the largest share in the wood preservatives market in 2021. This is due to use of wood preservatives in structural roof decking and landscaping in the residential and commercial buildings. Furthermore, preference of the populace towards wooden houses and increasing use of wooden decoration is a major factor that contributes to growth of this segment .
Key Takeaways of the Global Wood Preservatives Market:
- North America is the dominant region in the global wood preservatives market in 2021. The U.S. market accounted for major revenue share in the North America wood preservatives market. The market in the U.S. is projected to witness significant growth over the forecast period. This is owing to large amount of wood preservatives used on railway tie. According to Railway Tie Association, the inherent properties of wood such as it can be easily drilled, holds up in tons of traffic and longer lasting property when treated, makes up for 93% of the track applications in North America.
- Asia Pacific is projected to be the fastest growing market over the forecast period, mainly attributed to growing wooden furniture and flooring and other wooden decorative in the construction industry.
- Major players operating in the global Wood Preservatives market include LANXESS AG, Cabot Microelectronics, BASF Wolman GmbH, Borax Inc., KMG Chemicals Inc., Kop-Coat Inc. Koppers Inc., Kurt Obermeier GmbH & Co. KG, and Arxada, Remmers AG
- Technology launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global wood preservatives market. For instance, in November 2021, Arxada, a global specialty chemicals business, and Troy Corporation had entered into an agreement to combine two companies. This agreement represents the first strategic deal by Arxada, formerly known as Lonza Specialty Ingredients or LSI and owned by private equity funds Bain Capital and Cinven, since the purchase from Lonza Group AG in July 2021. As part of the deal structure, Troy’s owners will invest in the combined company.