WOOD ADHESIVES AND BINDERS MARKET ANALYSIS

Adhesives are bonding materials that find applications in various industries such as packaging, construction, furniture, footwear, and automotive. Wood binders and adhesives are specialized chemicals that efficiently bind wooden surfaces. They are developed in such a way that they can bind wood-based non-structural and structural surfaces effectively. Construction, packaging, and furniture are the major end user of wood adhesives and binders. Adhesives today used in various industries produced from various fossil-derived resources including formaldehyde, melamine, urea, vinyl acetate, and isocyanate. Furthermore, soy-based adhesives and binders have gained popularity among various industries, due to increasing price of crude oil. Moreover, wood adhesives and binders are predominantly used to manufacture doors, windows, wooden cabinet, and wooden furniture.

Market Outlook

Global Wood Adhesives And Binders Market size is estimated to reach US$ 21.12 billion by 2021, exhibiting a CAGR of 4.54% during the forecast period (2019-2027). Growing demand for wood adhesives and binders for the production of windows, doors, wooden cabinets, floorings, and other furniture is expected to accelerate the market growth during the forecast period. Increasing expenditure on luxury furniture and other household equipment is expected to increase the demand for wood adhesives and binders and hence support growth of the market in the near future. Furthermore, wooden flooring has become popular in the construction industry, owing to its aesthetic appearance and durability. All these factors are expected to propel the demand for wood and binders adhesive and thereby support growth of the market. Growing conduction industry in various regions around the world is expected to increase the demand for wood adhesives and binder and thereby accelerate the market growth. Moreover, shift of focus towards bio-based adhesives and binders is also expected to support growth of the market in the near future.

However, fluctuating prices of raw materials and growing restraints on the use of fossil-based materials are expected to hamper growth of the global Wood Adhesives And Binders Market during the forecast period.

Market Regional Analysis

Asia Pacific is expected to be the fastest growing market and is expected to account for significant market share in 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. Rising population in these countries is increasing the demand for residential projects, which is subsequently supporting the market growth. North America is also expected to witness significant growth during the forecast period.

Market Players

Key players operating in the global Wood Adhesives And Binders Market include Huntsman Corporation, Henkel AG & Co. KGaA, BASF SE, Franklin Adhesives and Polymers, 3M Company, and Ashland Inc.

Key Developments:

• In September 2019, Bostik and Nitta Geletin Inc. started the construction of the new Adhesives plant in Nara, Japan. The adhesives plant will mainly serve industrial applications and non-woven market. The facility is set to come on-stream by year 2020 and mainly serve the domestic market.
• In April 2019, HB Fuller launched a new series of Adhesives – Rakoll 4933 – a formaldehyde free water adhesive and Rakoll 5010 – a low monomer hot melt adhesive for flooring and furniture applications. The new series of adhesives developed by the company will expand its current adhesives portfolio.
• In November 2017, an Arkema group company – Bostik opened a new adhesives plant in Gujarat, India.  The new adhesives facility will serve the growing demand from the industrial sectors such as flexible lamination, footwear production and transportation.
• Arkema launched a new rapid setting wood adhesive – Evo-stick in the first half of 2017, which provides 40% faster adhesion than the conventional wood adhesives. New innovations in the research and development of wood adhesives will drive the growth of wood adhesives and binders market globally.