The global Wood Preservatives Market size is estimated to grow from USD 1.3 billion in 2020 to USD 1.7 billion by 2025, at a CAGR of 5.1 % during the forecast period. The market is witnessing moderate growth, owing to increasing application, infrastructural development, and growing demand for these wood preservatives in the Asia Pacific, North America and Europe. Wood preservatives are largely used in the residential & commercial application. The increasing use of wood preservatives in residential, commercial and the rising construction activities is driving the wood preservatives market.
The water-based wood preservatives formulation segment is expected to register the highest CAGR in the global wood preservatives market during the forecast period.
The water-based will continue to lead the wood preservatives market, accounting for a share of 75% of the overall market in 2019 terms of value. This was due to the increasing demand for water-based wood preservatives in the decking, fencing, and landscaping sub-applications are expected to witness high growth in the next five years. The effectiveness of the copper-based wood preservatives has increased their demand in the wood preservatives market. Most of the copper-based wood preservatives are water-based formulations. Therefore, the water-based wood preservatives market is expected to dominate, globally, during the forecast period.
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North America is expected to hold the largest market share in the global wood preservatives market during the forecast period.
North America accounted for the largest share of the wood preservatives market in 2020. The demand for wood preservatives is increasing in North America due to the increased usage of wood in the residential and industrial sectors. The rising construction industry, supported by heavy investments for infrastructural developments, is providing new opportunities for the wood preservatives manufacturers operating in this region.
Koppers (US) is one of the major players operating in the wood preservatives market. In 2020, Koppers plans to expand the copper naphthenate wood preservative market. The company offers range of wood preservatives which has distinctive product and termite resistance. A strong regional presence is its major strength. The company also has a strong R&D team that helps it introduce new and improved products. According to the company’s strategy, its focus is on customer service excellence and reliability, which has been a keystone of its rapid and successful growth in the North American, European, and APAC regions.
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COVID-19 Impact on the Wood Preservatives Market
The global wood preservatives market includes major Tier I and II manufacturers like as Koppers (US), Lonza (Switzerland), Lanxess (Germany), Cabot Microelectronics (US) and BASF Wolman (Germany). These players have their facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Middle East & Africa. COVID-19 has impacted their businesses as well.
These players have announced the suspension of production due to the lowered demand, supply chain bottlenecks, and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for wood preservatives is expected to decline in 2020. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from tier 1 manufacturers.
Lonza (US) is the second-largest player of the wood preservatives market, globally. Lonza (US) sells wood preservatives under the brand name, Antiblu, Tetratek, Tenamix, Vacsol, Tenalith, Canopy, Antichecking, Enseal, Tenacare and Tenacoat. The company has geographical presence in North America, Latin America, Europe, Asia Pacific, and Africa. The company focuses on research and development to enhance product portfolio. This preservative is used to treat fencing, cladding, and landscaping timbers. The company offers wide product portfolio with Lonza’s global network to strengthen its geographical presence.
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