(MENAFN- GlobeNewsWire - Nasdaq) Wood Adhesives market was valued at US$ 4.57 billion in 2023 and is expected to reach US$ 6.79 billion by 2031; it is estimated to register a CAGR of 5.1% from 2023 to 2031.
US & Canada, Oct. 08, 2024 (GLOBE NEWSWIRE) -- According to The Insight Partners, According to a new comprehensive report from The Insight Partners, The wood adhesives market has been experiencing significant growth driven by the growing global furniture industry and the increasing application of wood adhesives in the home renovation and construction industries. Technological advancements have led to the development of high-performance and efficient wood adhesive formulations, as well as biobased solutions. In addition, the global transition toward sustainability initiatives has influenced the wood adhesives market, with manufacturers increasingly focused on eco-friendly and low-volatile organic compound formulations. Regulatory authorities are implementing stringent environmental standards to encourage the production and utilization of green alternatives worldwide. Furniture, plywood, flooring, doors, and windows are a few major applications of wood adhesives.
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Europe held the largest share of the global wood adhesives market in 2023. The woodwork, furniture, and building & construction industry is fostering in the region due to increased investments in residential and commercial construction, government policies supporting sustainability, and urbanization. The growth in residential and commercial construction positively influences the demand for building materials such as plywood, veneer, fiberboard, particleboard, doors, window panels, flooring, and furniture, among others. Germany is one of the growing economies with a high-skilled manufacturing hub. The growth of construction, woodworking and furniture industry is driving the market growth in the region. The development of sustainable and eco-friendly wood adhesives in the region is expected to bring new trends in the market during the forecast period.
Growth of Global Furniture Industry Drives Wood Adhesives Market Growth
Rapid urbanization and significant growth in the construction industry have created a demand for furniture materials, such as plywood, laminates, and other wooden materials. According to the Government of Dubai, in 2022, the country recorded real estate transactions of US$ 143.8 billion (AED 528 billion), indicating a 73% increment from 2021. A total of 122,658 real estate units (including residential and commercial) were sold in 2022, reporting an upsurge of 47% compared to 2021. Plywood, particleboards, chipboards, veneers, medium-density fiberboards, and hardboards, among others, are used in furniture, cabinets, and flat panels. Adhesives are used in the furniture industry for bonding between fabrics, foams, and wood. In furniture production, these adhesives are used in bonding soft furniture and upholstery used in offices, schools, hospitals, and airports.
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Wood Adhesives Market : Competitive Landscape and Key Developments
Henkel AG & Co KGaA, 3M Co, Sika AG, Arkema SA, Dow Inc, H.B. Fuller Company, Akzo Nobel NV, Aica Kogyo Co. Ltd, Pidilite Industries Ltd, Mapei SpA, Jubilant Industries Ltd, Franklin International, Jowat SE, STAUF Klebstoffwerk GmbH, RPM International Inc, Huntsman Corp, Follmann GmbH and Co KG, Bolton Group S.r.l, Wacker Chemie AG, and IFS Industries Inc, are a few players profiled in the wood adhesives market report. Players operating in the market focus on providing high-quality products to fulfill customer demand.
Wood adhesives, such as waterborne adhesives, are eco-friendly and solvent-free, while hot melt adhesives are applied using heat. Key market players adhere to several international and domestic sustainability and safety standards for the production of wood adhesives. According to the United States Federal Reserve, in February 2022, retail sales from furniture and home furnishing stores were US$ 11,141 million. Further, online sales of household furniture have increased over the past few years. For instance, in 2022, Home Depot reported that 14% of its total sales were made through e-commerce. Thus, the growth of the furniture industry propels the wood adhesives market growth.
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The wood adhesives market in the Asia Pacific region is experiencing robust growth, driven by several key factors such as improving economic conditions, rising disposable incomes, and an increasing demand for furniture and home décor items. As consumers' living standards improve, there is a noticeable shift toward purchasing high-quality, durable furniture, which often incorporates engineered wood products that require adhesives. This trend has significantly boosted the demand for wood adhesives, particularly in the furniture manufacturing sector, which is a major consumer of these products.
In addition to the growing demand for wood adhesives in furniture manufacturing, there is also a shift towards more sustainable and environmentally friendly products across the region. This aligns with global trends favoring eco-conscious materials, which is positively influencing the market for natural wood adhesives.
The market is segmented by resin type into natural and synthetic adhesives. In 2023, the synthetic segment held the largest share due to its customizable nature, which allows manufacturers to tailor adhesives to specific applications. Synthetic adhesives have also benefited from advances in chemical engineering and production technologies, making them more affordable without compromising quality. However, there has been a rising demand for natural adhesives, derived from organic sources such as resins and dextrin, in recent years. This is driven by increasing environmental concerns and heightened consumer awareness of health and safety issues.
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Wood Adhesives Market: Segmental Overview
The wood adhesives market analysis has been carried out by considering the following segments: resin type, technology and application. Based on resin type, the market is bifurcated into natural and synthetic. In 2023, the synthetic segment held a larger wood adhesives market share, and the natural segment is expected to register a higher CAGR from 2023 to 2031. Natural wood adhesives are derived from organic sources such as natural resins and dextrin. In recent years, the demand for natural wood adhesives has increased due to rising environmental concerns and increasing awareness of health and safety among consumers. Synthetic adhesives contain volatile organic compounds (VOCs), which might hamper indoor quality. These emissions pose health risks to both workers in manufacturing settings and end users.
Based on technology, the market is segmented into solvent-based, water-based, and others. The water-based segment held the largest wood adhesives market share in 2023. Water-based adhesives emit lower levels of volatile organic compounds (VOCs), reducing air pollution and enhancing workplace safety by minimizing exposure to harmful chemicals. They are also nonflammable and more accessible to maintain, further simplifying manufacturing.
Key Developments
Wacker Chemie AG announced the launch of two additional adhesives, including VINNAPAS 4419 E and VINNAPAS 8819 E, that can be used as a binder to increase the stain and water resistance of interior paints and wood coatings. (Source: Wacker Chemie AG, Press Release, February 2024) Henkel AG & Co KGaA announced the launch of two new wood adhesives that are developed with bio-based materials, the new Loctite engineered wood adhesives, HB S ECO and CR 821 ECO, reduce CO2eq emissions by more than 60% compared to fossil-based alternatives. (Source: Henkel AG & Co KGaA, Press Release, November 2023) Franklin International, through its subsidiary company Franklin Adhesives & Polymers, launched the Laminating 50, a vinyl acetate copolymer adhesive designed to bond HPL to particleboard and fiberboard. (Source: Franklin International, Press Release, September 2022)
Conclusion:
The wood adhesives market is benefiting from significant growth driven by increasing demand in renovations, furniture manufacturing, and government-backed housing projects, particularly in regions like North America, Asia Pacific, and Europe. Technological advancements in adhesive formulations, along with a rising focus on sustainability, are also contributing to the evolution of the market, making it more eco-friendly and versatile in its applications.
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