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Engineered Wood Adhesives Market
Rising awareness about using environmentally friendly materials fuels the engineered wood adhesives market growth.
An increasing shift towards soy-based products and other bio-based adhesives as a sustainable solution is majorly contributing to the engineered wood adhesives market expansion.” - Polaris Market Research NEW YORK CITY, NEW YORK, UNITED STATES, September 3, 2024 /EINPresswire / -- According to a recent report published by Polaris Market Research, the engineered wood adhesives market size was valued at USD 8.25 billion in 2023 and is projected to reach USD 11.28 billion by 2032 from USD 8.49 billion in 2024, registering a CAGR of 3.6% from 2024 to 2032.
In 2023, the Asia Pacific region emerged as the dominant force in the engineered wood adhesives market, boasting the largest revenue share. The European market is expected to follow suit with a significant CAGR, while North America is also set to make substantial strides during the forecast period.
Engineered wood adhesives, also known as manufactured board adhesives, are versatile formulations of wood strands, particles, fibers, or veneers with adhesives. They are designed for the production of high-quality, sustainable wood-based materials such as plywood, particleboard, medium-density fiberboard, and laminated veneer lumber (LVL). Their diverse applications and unique properties have made them a popular choice in the construction, furniture, and manufacturing industries. Engineered wood, with its superior durability, consistency, size flexibility, ease of installation, and low maintenance, outperforms natural wood in many aspects.
Prominent companies in the market are investing heavily in research and development and constantly launching various products. For instance, in November 2023, Henkel launched bio-based Loctite PUR adhesives, which can reduce CO2 emissions by over 60%.
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Key Findings of report:
.The market is projected to upsurge from USD 8.49 billion in 2024 to USD 11.28 billion by 2032, with a CAGR of 3.6% during the forecast period.
.The engineered wood adhesives market segmentation includes resin, product, technology, application, and region. By resin, the phenol-resorcinol-formaldehyde segment is projected to hold the largest market share during the forecast period.
.By region, In 2023, the Asia Pacific region generated the largest share 2023, followed by Europe and North America. Rapid urbanization and infrastructure development in nations such as China, India, and Southeast Asian nations are the primary drivers of the market growth in Asia Pacific. Additionally, growing demand for high-quality adhesives such as plywood, particle board, and MDF (Medium Density Fiberboard) accelerates the engineered wood adhesives market sales.
Key Contributing Factors:
Shift Towards Sustainable Materials: The increasing awareness about using environmentally friendly materials and the introduction of environmental regulations have empowered the industry to shift towards sustainable options. With the increased adoption of soy-based products and other bio-based adhesives, the market for engineered wood adhesives is likely to grow.
Advancements in Adhesive Technology: Rising innovations in adhesive compositions and application methods are expanding potential applications of engineered wood in various industries. Advanced engineered wood products aimed at reducing VOC emissions, improving resistance to heat and moisture, and improving flexibility are being developed, which augments the engineered wood adhesives market growth.
Adoption in Furniture Manufacturing: Compared to traditional solid wood, furniture makers increasingly prefer engineered wood, such as plywood, particleboard, and medium-density fiberboard (MDF), fueling overall demand in the furniture industry.
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Engineered Wood Adhesives Market Key Players and Competitive Insights:
Market players are expanding their product portfolio with a number of activities conducted, such as new product launches, collaboration, agreements, mergers and acquisitions, and higher investments. To survive in a competitive environment, manufacturers are aiming to minimize operational costs in the global engineered wood adhesives industry.
Major players in the engineered wood adhesives market are:
.AICA Kogyo Co., Ltd
.AkzoNobel N.V.
.Arkema SA
.Astral Limited
.BASF SE
.Dow
.H.B. Fuller Company
.Henkel AG & Co., KGaA
.Hexion
.Huntsman Corporation
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Segmentation Overview:
Engineered Wood Adhesives By Resin Outlook:
.Melamine Formaldehyde
.Phenol Resorcinol Formaldehyde
.Polyurethane
.Others
Engineered Wood Adhesives By Product Outlook:
.Cross-laminated timber (CLT)
.Glulam
.Plywood
.Oriented Strand Board (OSB)
.Medium Density Fiberboard (MDF)
.Laminated Veneer Lumber (LVL)
.Others
Engineered Wood Adhesives By Technology Outlook:
.Solvent-Based
.Water-Based
.Solvent-Less
.Reactive
Engineered Wood Adhesives By Application Outlook:
.Structural
.Non-Structural
Engineered Wood Adhesives By Regional Outlook:
.North America
oUS
oCanada
.Europe
oGermany
oFrance
oUK
oItaly
oSpain
oNetherlands
oRussia
oRest of Europe
.Asia-Pacific
oChina
oJapan
oIndia
oMalaysia
oSouth Korea
oIndonesia
oAustralia
oVietnam
oRest of Asia-Pacific
.Middle East & Africa
oSaudi Arabia
oUAE
oIsrael
oSouth Africa
oRest of Middle East & Africa
.Latin America
oMexico
oBrazil
oArgentina
oRest of Latin America
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
Likhil G
Polaris Market Research and Consulting
+1 929-297-9727
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