TUNG OIL MARKET ANALYSIS

Tung Oil MarketSize and Trends

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.