Wood Adhesives And Binders Market Size, Share, Growth Report 2030

Market Overview

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.

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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.

Growth Factors

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.

Report Scope:

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.

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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.

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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

• Urea-formaldehyde (UF)
• Melamine-urea-formaldehyde (MUF)
• Phenol-formaldehyde (PF)
• Isocyanates
• Soy based
• Others

By Application

• Cabinets
• Flooring & plywood
• Furniture & subcomponents
• Windows & doors
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa