The global wood preservative chemicals market is rising steadily over the years. Economic development in many parts of the world leading to industrialization and urbanization is having a positive bearing on the wood industry and its ancillary industries.
Among the key growth drivers of the global wood preservative chemicals market is the need to prevent the degradation of wood and wood products. These chemicals prevent wood from being infested by termites, fungus, molds, or other microbes, which if not prevented can cause major damage.
Changing lifestyle and increasing purchasing power is leading to increased spending on wood-based decoration in homes and workplaces. This requires wood to be coated with wood preservative chemicals to extend the life of these decorations.
A report by Transparency Market Research says that the global wood preservative chemicals market was worth US$1,663.2 mn in 2016. Expanding at a CAGR of 3.7% between 2017 and 2025, the market is expected to become worth US$2,284.2 mn by 2025.
Waterborne Chemicals to Witness High Demand
The segments of the global wood preservative chemicals market based upon product type are chromated arsenicals, creosote, copper based, zinc based, and others. Copper based segment is further divided into ACQ, ACA, copper azole, copper naphthenate, and others. Amongst all, copper azole held the leading share of the market in 2016. The share of copper azole is expected to further rise in the future.
On the other hand, chromated arsenicals and creosote hold average share in the market. Going forward, the share of these segments is expected to decline due to their side effects and availability of substitutes. While zinc based currently holds average share in the market, the share of the segment is expected to be on the rise in the forthcoming years.
In terms of technology, the segments into which the global wood preservative chemicals market is segregated are waterborne, oil borne, organic solvent borne, and others. Other segment comprise powder based and UV based preservative chemicals. Of these, waterborne chemicals hold the leading share as they have fewer VOC emissions. Copper based preservative chemicals are mostly waterborne, which adds to their potential of garnering greater market share.
Oil borne chemicals such as creosote have been restricted in some regions such as North America and Europe. Hence, the share of oil borne chemicals is less compared to other segments of technology. Organic solvent borne segment is predicted to rise at a steady pace in the upcoming years.
The application segments of the wood preservative chemicals market that are considered in this report are construction, marine, furniture and decking, and others. Of them, furniture and decking accounts for the leading share in the market. Others segment held the leading share of the market amounting to a total consumption of 215.1 kilo tons in 2016. This was followed by furniture and decking segments. Construction segment held a relatively lesser share in the global wood preservative chemicals market in the same year. Regions such as North America and Europe make substantial use of wood in construction of houses and other structures, however, in Asia Pacific and the Middle East and Africa, the use of wood for construction purposes is quite less.
Rising Economic Prosperity Makes Asia Pacific Leader
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are segments of the market based upon geography. In 2016, Asia Pacific stood as the leading regional segment backed by the rising standard of living and expanding furniture and deking industry in the region. The region was trailed by North America and Europe that held the next major share in the global market.
Some key players operating in the global wood preservative chemicals market are BASF SE, Koppers Inc., Lonza Group, Lanxess, Troy Corporation, Safeguard Europe Ltd., Rütgers Organics GmbH, Rio Tinto Borates, and Kurt Obermeier GmbH.
Source: Transparency Market Research