The wood adhesives market size is projected to reach US$ 6.79 billion by 2031 from US$ 4.57 billion in 2023. The market is expected to register a CAGR of 5.1% during 2023–2031. Development and adoption of eco-friendly wood adhesives are likely to bring new trends into the market during the forecast period.
Formaldehyde, phenol-formaldehyde, melamine-formaldehyde, and polymeric methylene diisocyanate are used for the adhesion of wood-based panels, such as particleboard, medium/high-density fiberboard, oriented strand board, and plywood. The major aspect of consideration for the adhesive chemistry and raw materials market is the strict domestic and international regulations regarding the chemicals industry. These regulations are set to limit the VOC (volatile organic compound) values of chemicals. Therefore, the utilization, export, and import of high-VOC adhesives and polymers have been restricted in a few countries. The growing furniture industry, coupled with rising innovations in the wood adhesives market, is expected to favor the market growth.
Advancements in chemical engineering and production technologies have made synthetic adhesives more affordable, enabling manufacturers to save costs without compromising quality. Moreover, developing low-emission and environment-friendly synthetic adhesives addresses a few of the sustainability concerns traditionally associated with synthetic products. The demand for solvent-based wood adhesives is increasing owing to their exceptional performance characteristics and versatility in challenging applications. Solvent-based adhesives provide strong, durable bonds that can withstand extremely severe conditions such as high humidity, temperature fluctuations, and exposure to harsh chemicals, making them ideal for demanding industrial and structural applications.
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Wood Adhesives Market: Strategic Insights
Wood adhesives have a wide range of applications that include plywood, furniture, doors, windows, and flooring. The key market players offer water-based, solvent-based, EVA, SBC, acrylic, vinyl, epoxy, and polyurethane, among other types of wood adhesives, for various applications in the woodwork industry. The rising application of wood adhesives in home renovations and other construction activities fuels the market growth.
Formaldehyde, phenol-formaldehyde, melamine-formaldehyde, and polymeric methylene diisocyanate are used for the production of wood-based panels, such as particleboard, medium/high-density fiberboard, oriented strand board, and plywood. Polyurethane, phenol-formaldehyde, phenol-resorcinol-formaldehyde, emulsion polymer isocyanate, polyvinyl acetate, and other formulation chemistries are used for solid wood lamination and construction beams and coating of boards with veneers or finish foils, among other applications. Key manufacturers operating in the wood adhesives market invest significantly in strategic development initiatives such as product innovation and research and development to enhance their market position and attract a wide customer base.
Key segments that contributed to the derivation of the wood adhesives market analysis are resin type, technology, and application.
The geographic scope of the wood adhesives market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Europe dominated the market in 2023. In Europe, the demand for wood adhesives is increasing primarily due to the resurgence of the construction and real estate sectors. As urbanization continues and the need for residential, commercial, and infrastructure projects grows, there is a heightened demand for wood products. Wood adhesives are essential in producing engineered wood products such as plywood, particleboard, and laminated veneer lumber, which are extensively used in modern construction for their strength and versatility. The presence of key market players, including Henkel, Arkema Group, and H.B. Fuller Company, among others, contributes to the wood adhesives market growth.
The regional trends and factors influencing the Wood Adhesives Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wood Adhesives Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4.57 Billion |
| Market Size by 2031 | US$ 6.79 Billion |
| Global CAGR (2023 - 2031) | 5.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Resin Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wood Adhesives Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wood Adhesives Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The wood adhesives market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wood adhesives market are listed below:
The “Wood Adhesives Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The wood adhesives market is expected to register a CAGR of 5.1% during 2023–2031.
The wood adhesives market value is estimated to be US$ 6.79 billion by 2031.
Covestro AG, Mitsui Chemicals Inc, Huntsman Corporation, Lubrizol Corporation, and Tosoh Corporation are the leading players operating in the wood adhesives market.
The development of sustainable and eco-friendly wood adhesives is likely to set trends in the upcoming years.
Rapid growth in the furniture industry and a surge in the application of wood adhesives in home renovation and construction activities are among the factors fueling the wood adhesives market growth.
Europe dominated the wood adhesives market in 2023.