USD 4.1 billion
Report ID: SQMIG15A2230 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 70 | Figures: 66
Wood Adhesives Market size was valued at USD 4.1 billion in 2021 and is poised to grow from USD 4.24 billion in 2022 to USD 5.54 billion by 2030, growing at a CAGR of 10% in the forecast period (2023-2030).
The expansion of global engineered wood-based panel production serves as a major driving force for the market. Engineered wood-based panels like plywood, oriented strand board, and particle board require substantial amounts of adhesives in their manufacturing process. For instance, plywood is created by bonding veneers with adhesive. Many wood panel manufacturers, particularly in the Asia Pacific region, rely on in-house adhesive production for their products. However, smaller to medium-sized panel manufacturers often lack sufficient adhesive production and quality control capabilities. Adhesive formulation and quality oversight often hinge solely on the expertise and experience of operators.
The market is characterized by stringent regulations pertaining to formaldehyde emissions during the production of wood-based panels. This situation is expected to create opportunities for the growth of soy-based, polyurethane, and polyvinyl acetate adhesives over the coming years. The increasing frequency of refurbishment and renovation projects, coupled with rising construction endeavors, is set to propel market growth. Furthermore, government initiatives that prioritize sustainable construction have boosted the demand for both engineered and natural wood products, such as furniture, for use in residential and commercial applications. This trend is expected to drive the demand for wood adhesives throughout the forecast period.
US Wood Adhesives Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.1 billion
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The Wood Adhesives Market Is segmented on the basis of Product Outlook, Application, Substrate, and Region. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future. Based on Product Outlook, the market is segmented as, Urea-formaldehyde (UF), Melamine urea-formaldehyde (MUF), Phenol-formaldehyde (PF), Isocyanates, Polyurethane, Polyvinyl acetate (PVA), Soy-based, Others. Based on Application the market is segmented as, Flooring, Furniture, Doors & windows, Housing components, others. Based on Substrate the market is segmented as Solid wood, Oriented strand board (OSB), Plywood, Particleboard (PB), Medium-density fiberboard (MDF), High-density fiberboard (HDF), Others. Based on Regional the market is segmented as, North America, Asia Pacific, and Latin America.
Wood Adhesives Market Analysis By Product
The Urea-formaldehyde (UF) segment held a dominant position in the market, contributing to over 37% of the revenue share in 2022. This can be attributed to its widespread use as a non-transparent thermosetting resin for wood applications. UF resins exhibit excellent properties such as high tensile strength and flexural modulus. To control flow, viscosity, and resin penetration in wood, fillers and extenders are incorporated into the resin. UF adhesives find extensive application in the production of interior-grade plywood and particleboard. However, a notable drawback of UF adhesives lies in their limited water resistance.
Melamine urea-formaldehyde (MUF) resins stand out for their superior water-resistant characteristics compared to other resin types. A recent trend indicates the growing adoption of MUF resin adhesives for activities like finger jointing of sawmill waste timbers and the production of flooring tiles from bamboo and bamboo laminates. These resins have gained popularity for their suitability in exterior and semi-exterior panel applications.
The soy-based adhesive segment is projected to experience the fastest Compound Annual Growth Rate (CAGR) of 7.9% in terms of revenue from 2023 to 2030. These adhesives are progressively replacing petrochemical-based counterparts in the woodworking industry. Renowned for their environmental friendliness, soy-based adhesives enhance overall wood panel performance.
Isocyanates exhibit impressive moisture resistance and are employed in bonding agricultural cellulosic wastes like bagasse and straw. Commonly used isocyanates include methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI). However, it's important to note that isocyanates can cause skin, eye, and respiratory irritation when used in high concentrations.
Wood Adhesives Market Analysis By Application
The furniture application segment took the lead in the market, accounting for a revenue share exceeding 46% in 2022. This can be attributed to the increasing adoption of wood-based panels, known for their lightweight nature, superior finishing, and durability compared to traditional wood. Unlike glass, these panels find utility in crafting robust and durable interior decor items, which is expected to positively influence the growth of this segment in the coming seven years.
Anticipated to exhibit the most rapid growth, the flooring application segment is projected to achieve a CAGR of 6.0% in terms of revenue from 2023 to 2030. The upsurge in per capita disposable income along with a heightened demand for residential space is set to drive the demand for flooring solutions. Plywood floors offer an attractive balance between aesthetics and cost-efficiency, catering to customer preferences. Additionally, the increasing frequency of restoration and refurbishment projects in developed economies is likely to further elevate the need for wooden flooring, thereby contributing to the growth of the adhesive industry.
Wood adhesives are finding increased application in residential and commercial doors and windows to enhance waterproofing properties and overall texture and appeal. The product also plays a role in the manufacturing of window films by enhancing their UV filtration capabilities.
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Asia Pacific emerged as the dominant force in the market, capturing a revenue share surpassing 47% in 2022. This ascendancy can be attributed to the rapid surge in population across Asia Pacific countries, coupled with a robust demand for cost-effective housing solutions. Government initiatives promoting fundamental amenities like food and shelter have further catalyzed the expansion of the construction sector in this region. Notably, China holds significant economic importance due to its position as one of the world's largest wood-based panel producers. The well-established wood panel industry in the region, complemented by a consistent supply of wood products, is poised to provide an impetus to the growth of the wood adhesives market. Moreover, the pace of urbanization and industrialization is expected to fuel market growth throughout the forecast period.
Within Europe, Germany stands out as a prominent player in wood adhesives production. The sector has experienced rapid growth in recent years, driven by robust demand from the furniture and construction industries. Germany's robust economic development has greatly benefited the furniture sector, leading to increased private consumption. However, it's important to note that the macroeconomic instability arising from the European debt crisis could potentially hinder growth across various industrial domains in Germany, including furniture and housing construction. Consequently, this economic uncertainty may have an adverse effect on the wood adhesives industry over the forecast period.
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Wood Adhesives Market Drivers
Growing Construction Industry:
Increasing Furniture Production:
Wood Adhesives Market Restraints
Price Volatility of Raw Materials:
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The global wood adhesives market exhibits a competitive landscape with the presence of several key players striving to gain a strong market foothold. These companies focus on innovation, product differentiation, strategic collaborations, and expansions to maintain their competitiveness and capture market share. The market's dynamics are shaped by factors like technological advancements, environmental regulations, and consumer preferences for sustainable solutions.
Companies are engaged in research and development activities to formulate adhesives with enhanced bonding performance, reduced environmental impact, and compliance with stringent regulations. Innovation is geared towards developing adhesives that offer improved durability, faster curing times, and compatibility with various wood types.
Wood Adhesives Market Top Player’s Company Profile
Wood Adhesives Market Recent Developments
Growing Demand due to Increasing Construction Activities:
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global wood adhesives market analysis, the expanding construction and furniture industries are a prime growth driver. As wood is a widely used material in these sectors, the demand for effective adhesives is increasing. The market is segmented based on product type, application, and region. Product types include urea-formaldehyde, melamine-formaldehyde, phenol-formaldehyde, and others. Applications encompass furniture, flooring, cabinets, structural panels, and more. North America and Europe dominate the market due to well-established construction sectors, while the Asia-Pacific region is rapidly growing due to urbanization and infrastructure development. The market's growth is attributed to the rising trend of using eco-friendly and sustainable adhesives, advancements in adhesive technology, and increasing consumer awareness about environmentally friendly products. Additionally, the need for stronger and durable wood bonding solutions is further driving market expansion.
|Market size value in 2021
|USD 4.1 billion
|Market size value in 2030
|USD 5.54 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Wood Adhesives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wood Adhesives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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