Wood Adhesives Market Size Forecast to Reach $5169.9 Billion by 2025
Wood Adhesives Market size is forecast to reach $5169.9 billion by 2025, after growing at a CAGR of 3.8% during 2020-2025. Rising people’s concerns about trees decline and global warming have increased the use of engineered wood-based panels. Growing global engineered wood-based panels such as plywood, oriented strand board, and particle board which consumes a significant volume of adhesives during their manufacturing process production is a significant factor driving the market. Also, owing to the growing demand for environmentally friendly and green furnishings the market for wood adhesives industry is expected to drive in the forecast period.
Wood Adhesives Market Segment Analysis - By Type
Synthetic resin adhesives are extensively used in the wood adhesives market. Synthetic resin adhesives provide strong, durable adhesion at normal temperatures, and they can be softened by heating without degradation for application. In the formulation of synthetic resin, the resin component improves the performance properties of wood adhesives upon end-use. In various woodworking applications such as furniture, flooring & decks, cabinets, plywood, particleboard, and windows & doors, synthetic adhesives are the most commonly used adhesives. Owing to the superior mechanical, physical and chemical properties of synthetic adhesives than natural adhesives the demand of synthetic resin adhesives is anticipated to rise in the forecast period.
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Wood Adhesives Market Segment Analysis - By Technology
Solvent-based adhesive is used widely in the wood adhesives market. Solvent-based adhesive is a glue or adhesion product normally available in liquid form. Solvent-based adhesives make it easier to apply, because they contain an adhesive inside a more malleable or spreadable substance. It allows users to be more careful when applying the adhesive, covering places where rigid glue would be difficult to cover. A more thorough adhesive coating will ensure effective performance. The polymer solution is effectively able to dry rapidly as the solvent evaporates when the solvent-based adhesives are added. After the solvent evaporates, the glue becomes stronger until there is no solvent left in the solution, and the adhesive reaches its maximum effectiveness. Hence, due to these factors the technology is estimated to rise in the projected era.
Wood Adhesives Market Segment Analysis - By Application
Plywood held the largest share in the wood adhesives market in 2019 and is projected to grow at a CAGR of 4.7% during the forecast period 2020-2025. Wood adhesives are extensively used in the plywood’s as they provide excellent bonding to the furnishing item. With the development of the industry, the use of plywood materials has greatly improved, and consequently the demand for wood adhesives has also increased accordingly. Recent regulations on VOCs and market awareness have led to increased demand for new goods with low volatile emissions. Phenol formaldehyde resins, since they form chemical bonds with the phenol-like lignin portion of wood, make excellent wood adhesives for plywood and particleboard. Due to their strong moisture resistance, they are especially suitable for exterior plywood. For interior and intermediate grade bonding, which covers the majority of manufactured hardwood plywood, urea-formaldehyde glues are used extensively. Also, owing to the increasing usage of plywood in the woodworking industry the market for wood adhesives is anticipated to increase in the forecast period.
Wood Adhesives Market Segment Analysis - By Geography
Asia Pacific held the largest share with 40% in the wood adhesives market in 2019. The market for wood adhesives in the APAC region is mainly driven by the ongoing developments in the construction industry. Wood adhesives materials are synthetic and natural adhesives which are found in liquid, as well as water forms and, are used primarily in building applications. China and India are considered to be the biggest consumers of wood adhesives in the APAC region. According to the International Trade Administration, the construction industry in China is expected to expand at an annual average of 5% in real terms between 2019 and 2023.Also, new construction activities and housing projects are projected to drive the market in this region. Due to COVID-19 pandemic, Australian government has announced the home builder initiative, to generate ongoing work for the residential construction market. According to this initiative, home builder provides a $25,000 grant to eligible owner-occupants to build a new home or substantially renovate an existing one. Home builder will help the housing construction market by encouraging new home buildings and renovations to begin. Hence, leading construction activities in this region will further drive the market in the forecast period.
Wood Adhesives Market Drivers
Increasing construction activities
Growing construction activities in various regions are increasing the application of wood creating scope for wood adhesives. Currently, plain wood, particleboards and medium density fiberboards are used in the construction of buildings, furniture, partitions, and many more. In Japan, more than 58.9 percent of houses are constructed in wood making it the largest country in the world in the construction of wooden houses, increasing the use of wood adhesives. The beams in glue-laminated beams are structurally constructed and sealed together with moisture-resistant adhesives. These are used as straight beams, columns that include lintels, purlins, ridge beams, and floor beams, bound rafters, trusses in building construction where wood adhesives are placed in very high amounts. Hence, growing construction activities in countries such as China, Japan, UK, USA, Russia and India are expected to drive the market demand for wood adhesive over the forecast period.
Rising urban population
People are gradually making a shift to urban areas for a better standard living. With the growing focus on improving living standards, consumer spending on home decoration and luxury furniture products has increased. As a result, demand for wood products such as timber, plywood and others with greater esthetic appeal have increased significantly. Wood adhesive is a required necessity for a number of wood assembly applications such as edge gluing, dowel attachment, miter gluing, tongue and groove joints, and finger joining. Manufacturers are concentrating on creating wood adhesives that have greater resistance to wood and moisture content. The use of wood adhesives has also contributed to a decrease in total product and labor costs due to the relative ease of implementation and the sourcing of raw materials.
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Wood Adhesives Market Challenges
Volatility in petroleum or crude oil prices affect the demand for wood adhesives
One of the major challenges facing the global market for wood adhesives is the raw material or feedstock derived from petroleum or crude oil for the manufacture of these adhesives. Thus, price volatility impacts the cost of manufacturing wood adhesives which is a major challenge for manufacturers. The stability of oil prices indicates the degree to which oil prices rise or fall over time. Crude oil prices are strongly affected by supply – demand gap fluctuations and global macroeconomic and geopolitical factors. The Petroleum Exporting Countries Organization (OPEC) plays a significant part in supplying and seeking global oil. The stability of the oil price is dependent upon the combined effects of invariant and variable factors.
Wood Adhesives Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in wood adhesives market. In 2019, the market of wood adhesives market has been consolidated by the top five players accounting for xx% of the share. Major players in the wood adhesives market are Henkel AG &Co. KGaA, H.B. Fuller, 3M Company, Ashland Inc., Sika A.G., The Dow Chemical Company, AkzoNobel N.V., Bostik SA, and Pidilite Industries among others.
Key Takeaways
APAC dominates the Wood Adhesives Market due to increasing investments in the renovation and construction activities in the region.
With the increasing environmental concern about the harmful emissions of volatile organic compounds, the use of bio-based wood adhesives has increased. Manufacturers focus on developing high-performance, fast-paced, heat-resistant wood adhesives that can be used across a variety of applications and will anticipate boosting the market in the forecast era.
Increasing trend for the use of lightweight materials, rising disposable income, and a significant increase in consumer spending on the home decor and luxury furniture products are projected to fuel the demand for wood adhesives market.
The global COVID-19 pandemic has contributed to a sudden pause in the manufacturing activities worldwide, impacting the adhesives demand as well as their development & processing which will lead towards a hindrance in the wood adhesives market in 2020-2021.
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