The global Wood Adhesives Market is estimated to be valued at US$ 11.02 Billion in 2022, according to the global wood adhesives market Report, by Product Type (Urea-formaldehyde (UF) & Melamine urea-formaldehyde (MUF), Phenol-formaldehyde, Epoxy, Polyurethane, Polyvinyl acetate (PVA), and Others (Soy Based, etc.)), by Technology (Solvent-based, Water-based, and Others (Solvent less, etc.)), by Substrate (Solid Wood, Oriented Strand Boards, Plywood, Fiberboards, and Others (Particle Board, etc.)), by End User (Furniture, Flooring, Housing Components, Doors & Windows, Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East & Africa), published by Coherent Market Insights.
The global wood adhesives market is expected to surpass US$ 20.84 Billion by 2030, exhibiting a CAGR of 8.3% during the forecast period (2023-2030). Growing global engineered wood-based panel production is a significant factor driving the market. During the manufacturing process, engineered wood-based panels such as plywood, oriented strand board, and particle board consume a substantial amount of adhesive. For instance, plywood is produced by binding veneers together with adhesive.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/wood-adhesives-market-5016
Key Trends and Analysis of the Global Wood Adhesives Market:
Among region, Asia Pacific accounted for the share of 35.10% in 2022 in the global wood adhesives market. Extensive Research&Development, particularly in bio-based chemistry and the development of novel products with reduced VOC emissions, is expected to drive market growth. In order to reduce energy output and enhance energy management, the European market has seen a shift in focus toward higher recovery of used wood and fiber-based products. Over the forecast period, these trends are likely to favor market growth.
Key Takeaways of the global Wood Adhesives Market:
- Among end user, furniture segment accounted for the market revenue share of 61.20% in 2022, in the global wood adhesives market. The market for flooring is expected to be fueled by rising per capita disposable income and rising demand for residential space. Customers can get improved aesthetics at a cheaper cost by using plywood floors. An increase in restoration and renovation projects in developed economies is expected to drive the demand for wooden flooring, propelling the wood adhesives market.
- Urea-formaldehyde is a non-transparent thermosetting resin that is widely used for wood coatings. It has excellent tensile strength and flexural modulus, among other qualities. Fillers and extenders are added to the resin to control flow, viscosity, and resin penetration in wood. They are widely used in the manufacturing of interior-grade plywood and particleboard. The melamine urea-formaldehyde (MUF) resins possess superior water-resistance properties as compared to other resins. A recent trend indicates the development of MUF resin adhesives for finger jointing of sawmill waste timbers and also for manufacturing flooring tiles from bamboo and bamboo laminates. These resins are the popular choice for exterior and semi-exterior panels.
- Major players operating in the global wood adhesives market include Henkel AG & Co. KGaA, Sika AG, The 3M Company, Arkema, HB Fuller, Bostik SA, Ashland Inc., Pidilite Industries Limited, Akzo Nobel NV, and Jubilant Industries Ltd.
- Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global wood adhesives market. For instance, in June 2020, Henkel, a chemical and consumer goods company, expanded its portfolio with the launch of a wood adhesive solution called ‘Loctite Liofol LA 2798’ for high-performance packaging applications. In March, H.B. Fuller introduced innovative wood adhesives in 2022. This product can be sold under the Swift Tak brand and can be used in a variety of end-use applications, such as foodservice, institutional, and residential industries.
Global Wood Adhesives Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 (the coronavirus) has adversely impacted the construction industry worldwide because of labor shortages, supply chain issues, and financing pressures. Construction material availability and price inflation were major issues during the first and second waves of COVID-19. The lack of timely execution due to lockdowns increased the overall cost of projects, caused significant delays, and even caused the cancellation of projects. The cancellation and stalling of projects directly impacted the wood furniture market, which in turn impacted the wood adhesives market. The outbreak of COVID-19 has acted as a massive restraint on the wood products manufacturing market in 2020, as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments across the globe.
