Research and Markets anticipates that the global wood adhesives and binders market which was valued at 16.38 billion USD in 2019 is expected to reach 26.10 billion USD by 2027, at a CAGR of 6.0 percent during the forecast period.
Some of the key factors propelling the growth of the market are growing construction sector and the widespread infrastructure activities. However, fluctuation in the prices of raw material is the restraining factor for the growth of the market.
North America to Hold Considerable Market Share
Wood adhesives and binders are the substances which are employed for holding together two wood surfaces or another element. They are available in both synthetic and natural varieties. The excellent and long-lasting bond with temperature resistance and chemical durability are offered by both binders and wood adhesives.
By type, the urea-formaldehyde (UF) segment is expected to grow at a significant market share during the forecast period owing to its high-bond strength and comparatively low prices.
Based on geography, North America is anticipated to hold considerable market share during the forecast period which is attributed to the increasing interior remodelling activities due to the rising disposable income of consumers in the region.
Source: Research and Markets