TUNG OIL MARKET ANALYSIS (2020-2027)
Tung oil or China wood oil is extracted from the seeds of tung trees that are commonly found in China and other Asian countries. Tung oil is used as drying oil and mattifying agent for wood and metal surfaces such as wood floors, furniture, and musical instruments. It creates waterproof and protective finish layer on wood and other porous surfaces.
Market Dynamics:
The demand for tung oil is expected to increase during the forecast period, owing to increasing consumption of wooden furniture across the globe. For instance, according to the Indian Brand Equity Foundation (IBFE), the over US$ 150 million of wooden furniture in imported in India. Moreover, tung oil offers deep penetration into timber and provides matte finish that offers resistance against water and other liquids, thereby increasing the life of a furniture. Moreover, rising infrastructural activities in emerging economies such as India and China among others also supports growth of the market. For instance, China increased its infrastructure spending to 4.5% in 2019. Moreover, The National Development and Reform Commission (NDRC) in China has approved 21 projects, amounting to US$107.8 billion. In addition, growing real estate investments across the globe has resulted in an increase in the number of residential buildings, commercial complexes, and office spaces, thereby fueling the market growth.
Market Outlook:
Among application, wood finishing segment is expected to account for a significant market share during the forecast period, owing to rising sales of wooden furniture across the globe. For instance, according to the Forest Industries Intelligence (FII), the imported wooden furniture in Europe accounted for over US$ 8.3 billion in the year 2019. Moreover, in 2019, internal Europe trade in wood furniture was valued at US$ 25.3 billion, 3% additional from 2018. The foresaid factors are the key factors that are expected to boost growth of the tung oil market.On the basis of region, North America is expected to grow at a significant rate during the forecast period, owing to presence of huge consumer base in the region. It is estimated that out the total furniture sold in the U.S. 85% furniture were wooden based thereby expected to increase the market growth. On the other hand, Asia Pacific is expected to exhibit the highest CAGR, owing to increasing infrastructure activities in the region. Moreover, the Food and Agriculture Organization of the United States suggests that China is the major producer of tung oil across the globe. The aforesaid reasons are some of the key factors contributing to growth of the market.
Key players:
Key players operating in the global tung oil market include Oleaginosa RAATZ, Qiubei Country Shuanglong Oil, Jinxing Tung Oil, Wuzhou Oasis Chemicals, Xunyang Mingwen Oil, and ConnOils LLC, among others.
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