Wood Adhesives And Binders Market Size And Forecast
Wood Adhesives And Binders Market size was valued at USD 15.8 Billion in 2020 and is projected to reach USD 21.9 Billion by 2028, growing at a CAGR of 4.0% from 2021 to 2028.
The increasing demand from the shipping and transportation industry and growing building and construction sectors are expected to fuel the Global Wood Adhesives And Binders Market. The Global Wood Adhesives And Binders Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Wood Adhesives And Binders Market Definition
Wood adhesives and binders are polymeric fossil-based materials that firmly bind together two or more wooden surfaces or planks. These materials mainly contain formaldehyde to develop sufficient reactivity as well as adhesive performance. They exist in two forms natural and synthetic. These are categorized into five types – urea-formaldehyde, melamine urea-formaldehyde, phenol-formaldehyde, isocyanates, and soy-based. These adhesives and binders are primarily prepared from fossil-derived polymers.
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They offer many advantages, such as high bond strength, temperature, durability, and chemical resistance. They are easy to use, efficient, and affordable. These are majorly used in several end-user applications such as furniture, doors, cabinets, and others. Moreover, this material also finds extensive commercial and residential construction applications coupled with flooring products and home electronics.
Global Wood Adhesives And Binders Market Overview
Rapid urbanization and industrialization have led to the rise in construction activities for residential & commercial structures. Raw materials for these Wood Adhesives And Binders include melamine, formaldehyde, urea, soy-meal, phenol, benzene, and others. The developing construction sector and the widespread infrastructure activities are likely to boost the growth of the Wood Adhesives And Binders Market. Moreover, altering trends in lifestyle and home furnishings is also expected to power the development of the Wood Adhesives And Binders Market. The rise in demand for modern furniture and wooden floorings further augments the development of this market.
The durability and cost-effectiveness of wood adhesives and binders are imperative features empowering the growth of this market. The Global Wood Adhesives And Binders Market increase in demand for eco-friendly and green furniture with the changing business environment is expected to grow over the forecast period further. The demand from the shipping and transportation industry is also likely to increase the Global Wood Adhesives And Binders Market. Governments in many countries are implementing stringent laws against the usage of harmful chemicals in the development of different products, which, in turn, stimulates the market’s growth. In line with this, market players focus on creating new varieties with low volatile organic compounds content.
However, fluctuating crude oil prices and the civil unrest in the Middle East have resulted in a bottleneck in crude oil supply, affecting the petrochemical’s price. This may hamper Global Wood Adhesives And Binders Market price trends over the forecast timeframe. Volatile organic compound emissions have associated environmental and health hazards during commercial and industrial product applications. The prevalence of stringent ecological legislation for VOC emissions may obstruct industry growth, especially for solvent-based products. These environmental regulations restrict the growth of global wood adhesives and binders, as violating such government-defined rules can lead to heavy penalties and losses.
Bio-based adhesives development & commercialization and Nanocrystalline Cellulose introduction as an additive used in these binders are likely to open new opportunities for the industry participants. The shift in the trend toward bio-based and green adhesives is expected to offer new avenues for the major players in the sector to drive the Wood Adhesives And Binders Market. Also, Significant trends such as digitalization and home electronics integration into work & home furniture offer favorable growth opportunities.
Global Wood Adhesives And Binders Market: Segmentation Analysis
The Global Wood Adhesives And Binders Market is Segmented on the basis of Product, Application, And Geography.
Wood Adhesives And Binders Market, By Product
- Urea-Formaldehyde
- Phenol-Formaldehyde
- Soy-Based
- Others
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Based on Product, the market is classified into Urea-Formaldehyde, Phenol-Formaldehyde, Soy-Based, and others. Soy-based adhesives are anticipated to witness the fastest growth over the forecast period. These adhesives increase the overall performance of the wood as the soy-based adhesives are nature-loving. Urea-formaldehyde demand is growing at a healthy rate due to its high bond strength and comparatively low prices. The phenol-formaldehyde wood segment is expected to grow at a steady pace over the projected timeframe. Phenol-formaldehyde resins adhesives offer advantages, including better performance in moist conditions, low surface energy, and resistance to chemicals.
Wood Adhesives And Binders Market, By Application
- Flooring & Plywood
- Furniture & Subcomponents
- Windows & Doors
- Others
Based on Application, the market is classified into Flooring & Plywood, Furniture & Subcomponents, Windows & Doors, and Others. The flooring application is anticipated to observe the fastest growth over the forecast period. The increase in people’s spending power and rapid urbanization have contributed to a higher demand for engineered wood furniture. Also, it is anticipated that this can be a vital factor in influencing product demand. The increasing per capita disposable income of customers across the globe has substantially elevated furniture demand. Furthermore, a growing number of non-residential projects is expected to influence the furniture demand, as many desks and other furniture would be required.
Wood Adhesives And Binders Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Based on Geography, The market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific is expected to be the fastest-growing market and accounts for significant market share in the Global Wood Adhesives And Binders Market during the forecast period. This is owing to increasing infrastructure and construction activities in emerging economies such as India and China. The rising population in these countries increases the demand for residential projects, subsequently supporting the market growth. North America is also expected to witness significant growth during the forecast period.
Key Players
The “Global Wood Adhesives And Binders Market” study report will provide valuable insight emphasizing the global market. The major players in the market are Ashland, 3M, BASF SE, Henkel AG & Co. KgaA, Avery Dennison Corporation, H.B Fuller Company, Huntsman Corporation, Adhesives Research, Bostik SA, and Dow Chemical Company. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.
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