The key players that are at the forefront of competition in the global wood preservative chemicals marketare BASF SE, Koppers Inc., Lonza Group, Lanxess, Troy Corporation, Safeguard Europe Ltd., Rütgers Organics GmbH, Rio Tinto Borates, and Kurt Obermeier GmbH.
As per estimates of Transparency Market Research, 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 attain a value of US$2,284.2 mn by 2025.
Fewer Detrimental Impact on Environment Favors Use of Waterborne Wood Preservative Chemicals
aThe product type segments of the global wood preservative chemicals market considered in this study are chromated arsenicals, creosote, copper based, zinc based, and others. Copper based is one of the key segments in the market as they are less toxic and display high efficiency.
Waterborne chemicals amongst other segments based on technology currently leads the wood preservative chemicals market as they have lower VOC emissions.
The major application segments of the wood preservative chemicals market that are in the scope of this report are construction, furniture and decking, marine, and others. The others application segment led amongst other end-use segments in the wood preservative chemicals market in 2016 amounting to a total consumption of 215.1 kilo tons in the same year.
Need to Extend Life of Wood Products Drives Market
Amongst few, the vital factor driving the global wood preservative chemicals market is the use of wood preservative chemicals to prevent degradation of wood and wood products. Wood products tend to spoil over a period of time in terms of quality due to the infestation of wood by termites, ants, fungi, and other microbes. Thus, wood needs to be protected to prevent major damage. Therefore wood preservative chemicals are used to protect wood and wood products from such organisms and microbes.
The booming construction industry globally has been instrumental in driving the wood preservative chemicals market to new heights. Developed countries that upgrade infrastructure frequently display substantial demand for wood, which needs to be coated with wood preservative chemicals to prevent degradation. This is benefitting the wood preservative chemicals market.
Economic growth in emerging economies is also stimulating the wood preservative chemicals market. Industrialization and rapid urbanization in these economies have been key factors for the development of infrastructure which includes roadways, bridges, rail networks, and shipping yards. These developmental projects require wood in large volume that needs to be protected using wood preservative chemicals to prevent major damage.
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Another key factor stoking growth of the wood preservative chemicals market is rising economic prosperity in many parts of the world. Changing lifestyle and increasing purchasing power especially in emerging economies is leading to substantial spending on expensive wooden furniture, artifacts, and decoratives to match their social status. Individuals are also spending hefty amounts on doing the interior decoration of their homes and workplaces, which requires a large volume of wood. This wood-based decoration needs to be protected using wood preservative chemicals that have a high risk of being infested with termites, fungus, and other microbes.