Wood Adhesives Market, By Product Type (Mechanical, Urea-formaldehyde (UF) & Melamine urea-formaldehyde (MUF), Phenol-formaldehyde, Epoxy, Polyurethane, Polyvinyl acetate (PVA), Others (Soy Based, etc.)), By Technology (Solvent-based, Water-based, Others (solvent less, etc.)), By End User (Furniture, Flooring, Housing Components, Doors & Windows, Others), By Geography (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : Sep 2023

Code : CMI5016

Pages :160

Formats :

Excel and PDF

Industry : Polymers and Resins

Market Challenges And Opportunities

Drivers

Rapidly expanding construction industry: One of the major factors driving the demand for the global wood adhesives market is the rapid growth of the construction industry in the developing countries of the Asia Pacific region. Over the forecast period, the rapid rebound in the housing sector, combined with commercial and infrastructure development, is expected to drive significant demand for wood adhesives.
Consumer spending on home décor and luxury furnishings: Consumer expenditure on home décor and luxury furniture has increased significantly as disposable income has increased, which is expected to drive the global wood adhesives market. When compared to screws, bolts, and other means of bonding, the use of wood adhesives for bonding timber, plywood, and other products provides a superior aesthetic appeal. As a result, wood adhesives are in high demand. The growing popularity of lightweight materials is expected to drive up demand for wood adhesives. More than 58.9% of houses in Japan are made of wood, making it the world's largest country for the construction of wooden houses, resulting There has been a rise in the use of wood adhesives In glue-laminated beams (Glulam), the beams are structurally engineered and bonded together with moisture resistant adhesives. These are used as straight beams, columns, which include lintels, purlins, ridge beams, floor beams, tied rafters, and trusses, in the construction of buildings where the application of wood adhesives is very high. Growing construction activity in countries such as China, Japan, the U.K., the U.S., Russia, and India is expected to drive the market for global wood adhesives over the forecast period.

Market Restraints

High production cost of wood adhesives: Price and availability of raw materials are the key factors for adhesive manufacturers in determining the cost structure of their products. The high raw material prices of plastic resins, synthetic rubber, inorganic chemicals, industrial inorganic chemicals, and refined petroleum products might limit the target market’s growth to a certain extent. Moreover, complexity in production processes of wood adhesive may hamper the global wood adhesives market’s growth over the forecast period. Raw materials used by the adhesive industry include plastic resins, synthetic rubber, inorganic chemicals, industrial inorganic chemicals, and refined petroleum products. The major challenge market player’s face throughout the world is controlling the prices of raw materials and equipment required for wood adhesives because of the volatility in crude oil prices.

Opportunity

Growing demand for low-VOC (Volatile Organic Compound) adhesives: Because the top players in the wood adhesives market are seeking sustainability, switching to low VOC content products is one of the key trends in the market Low-VOC wood adhesives are more environmentally friendly than solvent-based adhesives. Aside from being environmentally beneficial, water-based low-VOC solutions feature quick dry periods, little odor, and are simple to clean with soap and water.