Asia-Pacific will continue to dominate lacquer market and remain the most targeted manufacturing hub throughout the forecast period, 2018-2028. APAC lacquer market will continue to showcase robust market attractiveness owing to rapidly increasing usage in cosmetic and automotive sector. Fact.MR is of the point of view that APAC lacquer market will expand at an approximately 5.7% CAGR over the course of period from 2018 to 2028. Rapid increase in population in the developing economies such as India and China has constantly fueled the demand for cosmetics products such as nail polish in which, lacquer is a vital ingredient for better effectiveness.
Surging manufacturing of the passenger cars in Asia-Pacific is further driving the demand for lacquer in after-coating of automobiles. Apart from the manufacturing of new passenger cars, aftermarkets are also contributing significantly towards the revenue growth of Asia-Pacific lacquer market. The former factor is lucrative owing to increasing usage of lacquer for coating purposes to worn-out automobile parts as well as to regain the lost shine and texture.
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China has taken the lead in Asia-Pacific lacquer market during the forecast period and most of all, the country engages in robust volume of trade compared to its domestic production. In addition, re-exports to Europe and North America is one amongst the most important attributes towards growth of APAC lacquer market. Shifting consumer preference towards solvent based lacquer is a trend that gained traction in APAC lacquer market since the recent past, although impact is witnessed as marginal by Fact.MR, owing to hazardous effects on environment and human health. Demand for coatings, varnished and lacquers continues to remain robust in Asia-Pacific.
Fact.MR is of the point of view that lacquer market will expand at an approximately 4.9% CAGR over the course of period from 2018 to 2028. The steady growth of lacquer market on a global basis is attributed towards increasing usage of lacquer as specialty coatings across construction and automotive industries. In addition usage of lacquer as facilitating agent for shine and gloss in cosmetic space has been further driving revenue growth of lacquer market across the globe.
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Deep-rooted outlook on the lacquer market continues to be bullish with new applications in the cosmetics industry expected to complement the demand, finds Fact.MR. Surging number of new applications pertaining to the nail polish and paper have been creating lucrative growth avenues for the manufacturers in lacquer market on a global basis. Apart from this, growing adoption in textiles and leather are also creating sustained growth of lacquer market during the forecast period. However, rising stringent regulations together with growing labor costs in the developing economies have resulted to steady decline in the exports of lacquer.
Rapidly increasing demand from the cosmetics industry has been providing lucrative opportunities for manufacturers that are increasingly focusing on leveraging. Increasing demand for lacquer from automotive industry will continue to support the growth of lacquer market on a global basis. Sales of automobiles are increasing at a healthy pace in India, China and the US with rising middle-class demographic uplifting the demand.
Mr. Rohit Bhisey
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