The market for wood preservatives is expected to grow at a CAGR of more than 4% globally during the forecast period. Major factors driving the market studied are increasing demand for wood in different applications and growing awareness among consumers about wood preservatives. Stringent environmental regulations is expected to hinder the market growth.
- Wood Preservatives market is expected to grow during the forecast period owing to the increasing demand from the Construction sector across the globe.
- Asia-Pacific region dominated the market across the globe with the largest consumption from the countries such as China, India and Japan.
Key Market Trends
Increasing Demand from Growing Construction Activity
- Wood preservatives products are those that claim to control wood degradation problems due to fungal rot or decay, sap stain, molds, or wood-destroying insects.
- Wood preservatives include various chemicals such as copper based chemicals, borates, creosote oils, and other chemicals.
- Growing construction activity is increasing the application of wood creating scope for wood preservatives.
- In Japan on an average more than 58.9% of houses are built using wood, making it world's largest country in the construction of wooden houses and hence, this increases the application of wood preservatives in the country.
- Glue laminated beams (Glulam) which are used as straight beams, columns which include lintels, purlins, ridge beams, and floor beams, tied rafters, trusses in construction of buildings where the application of wood preservatives are in prominent use.
- Growing construction activity in countries such as China, Japan, United Kingdom, United States, and India are driving the market for wood preservatives during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for wood preservatives during the forecast period. With growing construction sector in countries such as China, India and Japan the utilization of wood preservatives is increasing in the region.
- The largest producers of wood preservatives are located in Asia-Pacific. Some of the leading companies in the production of wood preservatives are Lonza, Koppers Inc, Troy Corporation, KMG Chemicals, Jubilant.
- Nearly, 9% of India's GDP is spent on construction & infrastructural segment. The government of India has given an enormous momentum to the construction & infrastructural sector, by allocating INR 5.97 lakh crore (~USD 92.22 billion), under the Union Budget 2018-2019.
- Apart from furniture, wood preservatives are also used in flooring & decks, plywood, cabinet, particle board, windows & doors and others.
- The Chinese government has rolled out massive construction plans, including making provisions for 250 million people in its new megacities, over the next ten years, creating scope for application of wood preservatives in its construction activity over the coming years.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for wood preservatives over the forecast period.
The global wood preservatives market is partially fragmented with players having a marginal portion of the market. Some of the major companies are Lonza, Koppers Inc, Troy Corporation, KMG Chemicals, Jubilant.
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