Residential application segment is expected to continue to lead till 2022| Wood Preservative Market

The global wood preservatives market is projected to reach USD 2.09 billion by 2022, at a CAGR of 5.4% from 2017 to 2022. The applications of wood preservatives can be broadly segmented into residential, commercial, and industrial. Structural & decking, fencing, landscaping, and furniture are some of the sub applications under the residential and commercial segments.

The industrial applications include utility poles, railroad ties, and marine. The growing demand for wood preservatives in residential applications is expected to drive the global wood preservatives market in the coming years.

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New chemicals such as ammonium copper quaternary and other copper azoles are the substitutes for Chromated Copper Arsenate (CCA) in the market. Other new products, such as micronized copper azoles and micronized copper QUAT, are under development by various leading manufacturers in the market. The expectations from the market are the supply of less hazardous, more effective, and less costly products.

Light organic solvent preservatives contain volatile organic compounds, which can evaporate and are hazardous to the environment. Thus, there are some restrictions for VOCs in the European and North American countries. These restrictions are restraining the market for solvent-based wood preservatives.

United States Environmental Protection Agency has classified CCA, creosote, and pentachlorophenol as restricted use products. However, oil-based wood preservatives and CCA are still the preferred wood preservatives for industrial applications.

Water-based wood preservatives is the fastest-growing segment. These preservatives leave a paintable surface after their application and do not contain any VOC. The global wood preservatives market is dominated by very few chemicals such as CCA, creosote, IBPC, and borates.

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The wood preservatives market has evolved, witnessing the introduction and exit of various wood preservative chemicals. The acceptance of new chemical formulations is changing the market trends and accordingly impacting the business of the market players.

The industrial application segment is expected to grow at the highest CAGR through 2022. The rising demand for treated wood in industrial application is expected to boost the growth of this segment during the forecast period.

The growing demand for wood preservatives in Asia Pacific and expansion of the construction industry, especially in emerging economies, are the factors contributing to the growth of the global wood preservatives market.

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Innovation and new product development strategy accounted for a major share of all development strategies adopted by leading players during the above-mentioned period. Key players operating in the global wood preservatives market include BASF Wolman (Germany), Koopers (US), Lonza (US), LANXESS (US), KMG Chemicals (US), Troy Corporation (US), Viance (US), Dolphin Bay (US), Remmers (Germany), and Wykamol (UK).

Reference:

https://www.marketsandmarkets.com/Market-Reports/wood-preservative-market-26944487.html?utm_source=Blog%2FML

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