Overview
Wood Preservative Market is forecast to reach $2.04 billion by 2025, after growing at a CAGR of 5.2% during 2020-2025. Growing demand for wood in different applications and increasing awareness of wood preservative benefits has resulted in increased demand for wood preservative. Additionally, advances in technology and increasing adoption of environmentally friendly preservatives are some of the other factors that boost market growth.
Report Coverage
The report: “Wood Preservative Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Wood Preservative Market.
Key Takeaways
- Increased use of wood for interior decoration, rapid urbanization in emerging countries and higher levels of consumer spending are some of the major drivers propelling the market growth.
- In the residential sector, wood preservatives are highly used to enhance the life of wood structures and wood decorations. The residential sector is thus growing more rapidly.
- North America dominated the wood preservatives market owing to the extensive usage of wood in the residential sector.
By Formulation - Segment Analysis
The water-based segment held the largest share in the wood preservative market in 2019. Water-based wood preservatives have superior properties compared to other formulations, including high performance and long processing periods. During the forecast period, these properties are expected to drive this segment. In the forecast period, these properties are expected to drive this segment. Water based preservatives are mostly used in residential commercial applications. It's suitable for all applications. Compared to other formulations, this preservative provides better environmentally friendly properties. Increasing demand from emerging economies for water-based preservatives is high
Application Type - Segment Analysis
The residential application segment exhibited the largest share of the global wood preservative market in 2019 and is growing at a CAGR of 4.9%. This is due to the increasing demand for wood from the flooring and wooden furniture infrastructure market. In addition, the increasing popularity of wood as a renewable and sustainable construction material with the lowest carbon footprint has resulted in its widespread use in the construction industry. This is another factor that is driving the growth of the market.
Geography - Segment Analysis
In 2019, North America dominated the market for wood preservatives, representing a share of 35%. This is due to the extensive use of wood in the region's residential sector. In addition, factors such as technological developments and industry participants ' strategic initiatives support the growth of the market
Asia-Pacific is witnessing the highest growth rate over the forecast period. Growth in this region is attributed to rising living standards, increased commercial housing, and increased industrial construction in developing economies like China, India. For instance, according to the G-20 Global Infrastructure Outlook, infrastructural investment is about 6.45% of GDP in developing countries like China. Thus, due to countries ' increased focus on infrastructure development, the market is expected to grow at a steady rate. In addition, increasing investment in premium furniture backed by rising living standards, especially among the middle-class population, is expected to drive market growth in the region.
Drivers – Wood Preservative Market
- Increasing demand for wood preservatives due to a shift in consumer preference towards the use of eco-friendly wood preservatives
Demand for wood preservatives is growing due to a shift in consumer preference to the use of environmentally friendly wood preservatives. For instance, the new generation compound Ammonium Copper Quaternary (ACQ) is widely used as an alternative to the wood preservatives Chromated Copper Arsenate (CCA). ACQ is used in agricultural poles and structural timber for wood processing. It helps to improve the durability of the treated wood.
- Changing lifestyle and rising purchasing power lead to increased spending on home and office wood-based decoration.
Wood preservative demand benefits from an improved economy, changing lifestyles, and increasing construction spending. Residential and non-residential construction markets will see the fastest growth, boosting progressive demand in applications such as decking, landscaping, lumber framing, fire protection, and timber treatment. For applications such as decking, utility poles, and marine piling, the non-building construction industry will see healthy growth and lead to increased demand.
Challenges – Wood Preservative Market
- Increasing Restrictions on the use of synthetic wood preservatives and hazardous chemicals such as chromium and arsenic.
Environmental agencies ' bans on the use of some wood preservatives such as CCA, creosote, and pentachlorophenol in some applications which acts as a limitation on market growth. For instance, Directive 2003/EC in Europe prohibits the use and marketing of arsenic and CCA wood preservatives and the use of CCA treated wood in domestic and residential buildings. This further restricts growth of the global wood preservatives market.
- Availability of Substitutes
Growth in alternative materials such as wood-plastic composites, steel, iron, and plastics that are highly durable and require less maintenance is perceived to be a major limiting factor for this market. Such substitutes are intended to reduce the use of wood across end-use industries and have a negative impact on the market for wood preservatives.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Wood Preservative Market. In 2019, the market of wood preservative has been consolidated by the top five players accounting for xx% of the share. Major players in the Wood Preservative Market are BASF Wolman GmbH, U.S. Borax Inc., Cooper Care Wood Preservatives Inc., Dattashri Enterprises, Dolphin Bay, Janssen Pharmaceutica NV, Jubilant Agri and Consumer Products Limited, KMG Chemicals, Koppers Inc., Kurt Obermeier GmbH & Co. KG., Lada Organics Pvt. Ltd., Lanxess AG, Lonza Group and Quality Borate Company, among others.
Acquisitions/Technology Launches
- Tanalised launched "E Wood Treatment Plant" in January 2016, which helps to increase the demand for wood treatment in an environmentally friendly manner.
- In January 2016, Troy Corporation introduced a wet-state preservative Mergal GLT25 & GLT50 that provides protection in aqueous systems against bacteria and fungi. Mergal has a wide range of applications in applications for automotive and metalworking fluids.
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