Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Wood Preservatives Market Highlights 2020 – 2029
The global wood preservatives market is expected to grow at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to rapid urbanisation, increasing construction and infrastructure activities, and growing demand for timber for interior designing purposes in the coming years. As per our analysis, more than USD 11 trillion were spent on construction activities globally in 2018. This amount is estimated to rise up to USD 17 trillion by the end of 2030. Another aspect expected to contribute to market growth is the rising need to protect wood decay from harmful microbial organisms and marine borers. Preservative treatments enhance effectiveness and operational life of wooden products, along with reducing maintenance costs associated with furniture, which in turn is projected to fuel the demand for wood preservatives in the near future. However, the manufacture of wood preservatives declined during the COVID-19 crisis owing to the suspension of production by several companies. According to a report by the United Nations Industrial Development Organization (UNIDO), industrialized economies registered a decrease in manufacturing output by 2.5% during the first quarter of 2020.
With respect to type, the market is segmented into oil-based, water-based and fumigants segments. Out of these, the section for water-based wood preservatives grabs the largest market share and is anticipated to expand at the highest growth rate during the forecast period. This can be accounted to their properties such as ease of handling, leach-resistance and safety from fire or explosion. Furthermore, based on application, the industrial segment is assessed to witness significant growth accounting to the increasing rate of industrialisation in developing nations and growing use of wood in industrial sector for a wide range of indoor and outdoor applications.CLICK TO DOWNLOAD SAMPLE REPORT
Global Wood Preservatives Market Regional Synopsis
On the basis of regional analysis, the global wood preservatives market is segmented into five regions, namely North America, Latin America, Asia Pacific, Europe and the Middle East & Africa. The market in North America is anticipated to hold a leading share during the forecast period on the back of growing government investments in the infrastructure sector and rising demand for eco-friendly wood preservatives. According to the USA Facts Institute, in 2018, the federal government in U.S.A spent around $169 billion on infrastructure activities. The market in this region is expected to garner a revenue of more than $2 trillion before the start of 2026. Furthermore, Asia Pacific region is evaluated to be the most futuristic market for wood preservatives during the forecast period as a result of growing construction sector of this region, especially in countries like China, Japan and India, and the demand for improved products for wood conservation.
The global wood preservatives market is further classified on the basis of regions is as follows:
Market Segmentation
Our in-depth analysis of the global wood preservatives market is divided into the following segments:
By Type
By Application
Growth Drivers
Restraints
Leading Players in the Global Wood Preservatives Market
FREQUENTLY ASKED QUESTIONS
Rapid urbanisation and rising demand for timber are the main factors driving the market growth.
The market is anticipated to achieve a significant CAGR over the forecast period, i.e., 2021-2029.
Lack of awareness regarding the benefits of wood preservatives and restrictions on usage of synthetic wood preservatives are estimated to hamper the market growth.
The market in Asia Pacific is estimated to provide notable business opportunities owing to the growing demand for improved wood preservatives.
The major players of the market are Koppers, Inc., LANXESS AG, Lonza Group Ltd., Troy Corporation, CMC Materials Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
With respect to application, the residential segment is projected to hold the largest market size owing to the increasing application of wood in construction sector.
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