The global oil colors market is expected to register a staggering double-digit CAGR of 4.5% by garnering a market value of US$ 751 Million. The market’s growth can be attributed to:
Consumers becoming more conscious of their health and the environment. This, in turn, is creating demand for natural and organic oil colors.
The growing popularity of DIY home décor and art projects is driving the growth of the oil color market.
Advances in technology have led to the development of new oil color formulations that are more vibrant and have better lightfastness.
Oil colors are widely used in the furniture industry for painting and finishing wooden furniture. The oil colors used for furniture are typically oil-based pigments that are mixed with a medium, such as linseed oil, to create a finish.
The furniture industry is constantly evolving, and new trends are emerging. One of the current trends is to use oil colors that are free of harmful chemicals, as consumers are becoming more conscious of their health and the environment. Oil colors are more eco-friendly than other finishes such as synthetic, as they are derived from natural resources.
Overall, oil colors are widely used in the furniture industry for painting and finishing wooden furniture due to their durability, easy application, versatility, slow drying, mixability, easy to repair, cost-effectiveness and environmental friendliness. Oil colors are relatively inexpensive compared to other finishes and can be purchased in large quantities, making them a cost-effective option for furniture makers.
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Asia Pacific Oil Color Market
The Asia Pacific oil color market is expected to experience significant growth in the coming years, driven by factors such as increasing demand for sustainable and eco-friendly products, rising popularity of DIY home décor and furniture projects, and advancements in technology.
In Asia Pacific, countries like China, India, and Indonesia are expected to be major contributors to the growth of the furniture oil color market due to the expanding population, increasing disposable income, and growing urbanization. The Asia Pacific furniture industry is one of the most dynamic and rapidly growing in the world, due to the growing population and increasing urbanization.
The increasing popularity of DIY home décor and furniture projects in the region is also driving the growth of the market. As more and more people are becoming interested in creating their own furniture and home décor, the demand for oil colors is expected to increase.
Furthermore, the growing awareness about the environmental impact of products is leading to an increasing demand for sustainable and eco-friendly products. Oil colors that are free of harmful chemicals are becoming more popular in the region, as consumers are becoming more conscious of their health and the environment.
Future of Oil Colors Market
Advances in technology are expected to lead to the development of new oil color formulations that are more vibrant, have better lightfastness and are more sustainable. The growing trend of e-commerce has made it easier for consumers to access a wide variety of oil colors, which has also contributed to the growth of the market.
With the increase in online shopping, the demand for online furniture purchase is on the rise, which can drive the demand for furniture oil color. Overall, the growing demand for sustainable and eco-friendly products, rising popularity of DIY home décor and furniture projects, advancements in technology, increasing awareness about the benefits of oil colors, the growing trend of e-commerce, increase in disposable income, and increase in demand for online purchase are the key factors driving the growth of the oil color market in the future.
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Oil Colors Market Overview
According to the latest research, sales of oil colors is set to witness steady growth with a CAGR of over 4.5% during 2021 to 2031. Demand for oil colors might witness substantial growth post suffering a drop in demand and sales throughout the COVID-19 pandemic period. Post-pandemic the anticipated growth in the residential sector is expected to see a rise in demand for Oil Colors.
What is Driving Demand for Oil Colors?
Manufacturers are increasingly adopting to the various natural as well as synthetic oil pigments that are used in the oil paints. The boom in furniture industry has been a major contributing factor towards the growth of the market. Use of such oil colors in new automobiles is also on the growth curve and thus, impacting the market growth positively. The characteristics of the oil paints to avoid the corrosion on the metallic surfaces has been one of the greatest achievement in the field of innovation.
One of the key factors driving the worldwide oil paint market's growth is rising consumer base in the art enthusiast category. The rise of panel painting purely in oils, or oil painting has been a driving factor in this category. Moreover, the market for oil colors is predicted to grow in response to rising customer demand for home decor and stylish wooden and metallic furniture that can be attributed to the color paints on such furniture, correspondingly, acting as a major factor in the market growth.
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Trend of Natural and Organic Colors Likely to Augment Sales
Various governments around the world have regulated the use of chemical colors that are more harmful to the eyes and skin. Moreover, increased cases of harms from such colors to the infants has been a major topic of discussion and in turn, increased awareness and benefits regarding natural and organic colors.
Furthermore, increased demand from parents with infants in their family has been a major contributing factor in the growth of the industry. The growing awareness about the use of natural colors to the people as well as environment is appealing to the customers and a high number of customers are opting for such natural and chemical-free oil colors that also on the other hand provide sense of responsibility towards the environment and ourselves and is a leading to augmented sales of natural oil paints.
USA and Canada Oil Colors Market Outlook
The rapidly growing residential sector in regions like North America, as well as customer demand for natural colors in the region, are two major factors driving the use of oil paints. Furthermore, due to environmental concerns, there has been a reasonable demand for organic colors in recent years, and this, together with the rising number of household remodeling projects in the region, has generated a potential market for the competitors.
One of the major trends in the USA and Canada region that is attracting customer attention is the shift from classic to contemporary furniture and its finishes. Moreover, the growing need of metallic products has also generated a high volume of sales for the manufacturers in the region. Nippon, for example, offers a wide range of antique oil paints, and its vast line of product portfolio complements the minimalism aesthetic with its finishes.
Europe Demand Outlook for Oil Colors
In the coming years, the European commercial market is expected to be the largest and fastest-growing segment. Many companies are now high and premium quality colors that are specifically built for luxury looks. The growing popularity of home remodeling and, as a result, the use of stylish and smart oil paint combinations is predicted to drive up demand in the market.
The expansion of the metal work category for various everyday utility products has had a positive impact on the regional market. The desire of regional customers for a choice of better quality colors with long-agility has given top brands the opportunity to supply and meet customer demand.
Furthermore, due to the growth of the real estate industry, which has resulted in an increase in the construction of residential and commercial structures, as well as the use of oil colors for various such reasons, the region has gained a lot of traction.
Who are the Key Manufacturers and Suppliers of Oil Colors?
Some of the leading manufacturers and suppliers of oil colors include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
