The Wood Adhesives and Binders Market accounted for USD 4.8 Billion in 2020 and is expected to reach USD 6.7 Billion by 2028, growing at a CAGR of 4.5% from 2021 to 2028.
In terms of revenue, the Wood Adhesives and Binders Market accounted for USD 4.8 Billion in 2020 and is expected to reach USD 6.7 Billion by 2028, growing at a CAGR of 4.5% from 2021 to 2028.
Wood adhesives and binders are the substances which are used to bind two materials by applying the substances on the surface of material. Adhesives and binders are widely used due to their beneficial properties as time efficiency, lightness in weight, ease of use and low price. Adhesives are used in various applications such as making cabinets, furniture, plywood, windows and doors.
Due to globalization wood adhesives for shipping and transportation are in demand, which results into growth of wood adhesive and binders market. Also, the increasing investment across construction industries and infrastructural development are driving the wood adhesives and binders market.
COVID-19 Impact Analysis
The covid-19 have led us to serious implications for most suppliers of chemicals and materials, for all the sectors as it has deepen the growth to a significant level and Wood Adhesives and Binders Market wasn’t an exception. Owing to the lockdown and shutdown of various manufacturing plants in many countries have increased the supply gap which have led to hinder the growth of Wood Adhesives and Binders Market.
The end of the lockdown is expected to elevate the growth of market significantly higher consumer traffic. Many local companies are focusing on domestic market in order to grab the opportunities in the covid-19 situation.
The increase in demand of eco-friendly and green furniture with the changing business environment the global wooden furniture market is expected to grow over the forecast period. The increasing understanding and concern about the lessening if the trees and global warming have led to the tremendous upward movement in the use of engineered wood-based panels. Moreover, owing to increasing in the spending power of the people and rapid urbanization has contributed to a higher demand for engineered wood furniture. Also, it is anticipated that this can be a reason to be vital factor in influencing product demand.
The Demand from the shipping and transportation industry, growing demand from the building and construction sector is anticipated to increase growth of the global wood adhesives and binders market. Also, owing to the new trends in home furnishing and with a rise in demand for modern furniture and wooden flooring are likely to boost the market for the forecast period.
System Segment Analysis Preview:
Soy-based adhesives are expected to witness the fastest growth of the Wood Adhesives and Binders Market CAGR of 8.2% over the forecast period. These adhesives are friendly to the nature and increase the overall performance of the wood. As the soy based adhesives are the nature loving and with the increasing understanding and concern about the lessening if the trees and global warming in peoples, which can be the driver of the Wood Adhesives and Binders Market.
Application Segment Analysis Preview:
Flooring application is anticipated to observe the fastest growth over the forecast period. Owing to increasing in the spending power of the people and rapid urbanization has contributed to a higher demand for engineered wood furniture. Also, it is anticipated that this can be a reason to be vital factor in influencing product demand.
Regional Analysis Preview
Over the forecast period Asia Pacific held the largest market share of 59.2% in 2020 and is expected to grow at the fastest CAGR of 5.6%. In emerging economies such as China, India, Indonesia, and Vietnam the construction industry in this region is expected to grow at a rapid rate. This is anticipated to stimulate the demand for engineered panels, which in turn is expected to elevate the wood adhesives market.
Key Market Players & Competitive Landscape
Some of key players in Wood Adhesives and Binders Market are Akzo Nobel NV, The Sherwin-Williams Company, PPG Industries, Inc. , Kansai Nerolac Paints Limited, Jotun, DowDuPont, Inc., Arkema SA, RPM International Inc., Nippon Paint Holdings Co., Ltd, Asian Paints.
The Wood Adhesives and Binders Market is segmented as follows:
By Product Type
This report is based on in-depth qualitative and quantitative analyses of the global Wood Adhesives and Binders market. Zion Research has collected and analyzed key data belong to the global Wood Adhesives and Binders market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Wood Adhesives and Binders across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Wood Adhesives and Binders industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Wood Adhesives and Binders market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Wood adhesives and binders market are a rapidly growing industry on account of demand from several regions of the world. Wood adhesives and binders refer to a material used for holding two surfaces of wood or another component together. An adhesive must wet the surfaces, adhere to the surfaces, develop strength after it has been applied, and remain stable. In the case of wood, it needs to be dried and the surface contamination should be sanded, planed, or machined away and cleaned prior to application of the adhesive.
The rising construction activities across the globe have been the prime driver of the wood adhesives and binders market. The increased application of wood in construction has consequently driven the demand for wood adhesives and binders globally. The infrastructure development and remodeling activities are also expected to further fuel the growth of the market. Changing trends in home furnishings and high disposable incomes in various regions across the globe is also expected to propel the demand for wood adhesives and binders. However, the wood adhesives and binders involve the usage of various chemicals, which could be harmful or have adverse effects on the environment during production as well as in practice. This has led to several governments and authorities imposing stringent regulations on wood adhesives and binders. This is expected to restrain the growth of the market within the forecast period. The fluctuating price of raw materials is also expected to curb the market growth. Crude oil is one of the raw materials used in the manufacture of wood adhesives. The ever-fluctuating price of crude oil has curtailed the growth and is expected to restrict the entry of new players. Further innovation and usage of natural and bio-based products are expected to open avenues of opportunities for the wood adhesives and binders market within the forecast period. Attractive marketing strategies and tasteful packaging are also expected to draw more customers.
Wood adhesives and binders market constitute of various types of adhesives namely urea formaldehyde (UF), melamine urea formaldehyde (MUF), phenol formaldehyde (PF), isocyanates, soy based and others. The UF segment accounted for the largest volume across the globe owing to its high reactivity, performance, and relatively cheap pricing. This trend is expected to change owing to the increasing regulations on UF wood adhesives owing to its formaldehyde emissions. Soy-based adhesives are expected to be the fastest growing segment within the forecast period owing to the preferential change towards green and eco-friendly wood adhesives and the regulations on the synthetic wood adhesives.
The wood adhesives and binders market can also be segmented into categories by their applications namely cabinets, flooring & plywood, furniture & subcomponents, windows and doors and others. The flooring & plywood segment accounted for the majority of the global volume in 2016. This can be attributed to the increased remodeling activities and the requirement of adhesives in large quantity for the application as weighed against the others. Furniture & subcomponents are expected to be the fastest growing segment of the forecast period.
North America accounted for over a third of the global market share and is expected to grow in light of the redevelopment activities and changing trends in home furnishings. Asia pacific is expected to be the fastest growing market owing to rising construction and infrastructure development activities in the region, especially in countries like India and China. The enormous population in the region is also expected to be a major factor for the growth of the market.
The key players in this industry are 3M Company, Ashland Inc., Henkel AG & Co. KGaA, BASF SE, H.B. Fuller Company, Avery Dennison Corporation, Adhesives Research Inc., Huntsman Corporation, Dow Chemical Company and Bostik SA.
The global Wood Adhesives and Binders Market was valued at USD 4.8 Billion in 2020.
The global Wood Adhesives and Binders Market is expected to reach USD 6.7 Billion by 2028, growing at a CAGR of 4.5% between 2021 to 2028.
The increase in demand of eco-friendly and green furniture with the changing business environment the global wooden furniture market is expected to grow over the forecast period. Moreover, owing to increasing in the spending power of the people and rapid urbanization has contributed to a higher demand for engineered wood furniture. Also, it is anticipated that this can be a reason to be vital factor in influencing product demand.
Asia Pacific region held a substantial share of the Wood Adhesives and Binders Market in 2020.
Some of the major companies operating in the wood adhesives and binders market are Akzo Nobel NV, The Sherwin-Williams Company, PPG Industries, Inc. , Kansai Nerolac Paints Limited, Jotun, DowDuPont, Inc., Arkema SA, RPM International Inc., Nippon Paint Holdings Co., Ltd, Asian Paints.