Markets and Markets (M&M) anticipates that the timber laminating adhesives market which was valued at USD 650 million in 2020 is projected to reach USD 1,047 million by 2026, at a CAGR of 8.1%. The use of timber laminating adhesives is expected to grow in floor beams, roof beams, window and door headers, trusses and supporting columns and others, is expected to increase in the next five years.
Largest Share: Melamine (Urea) Formaldehyde Resin Segment
Melamine (urea) formaldehyde (MF & MUF) resin is produced by the polymerization and condensation of melamine, a trimer of dicyandiamide and formaldehyde with or without the presence of an acid catalyst.
MF resins are more water- and heat-resistant than urea formaldehyde (UF) resins; therefore they are used in exterior applications. MF resins are stain-resistant and remain unaffected by various strong solvents. MF resins are costlier than UF resins; hence their applications are limited in low-cost particle boards and plywood. They are used as timber laminating adhesives in plywood, medium-density fiberboard (MDF), and particle boards to provide them with mechanical and chemical resistance when required for exterior applications.
Fastest Growth in Floor beams
The use of wooden floor beams has increased due to the rise in new construction and renovation activities across the world. In addition to this, the rising trend in eco-friendly homes is driving the market.
Floor beams have a high demand in modern houses as they provide higher load carrying capacity, safety, and strength to the design while reducing the weight of the structure compared to concrete and steel. The use of timber laminating adhesives instead of fasteners during construction not only provides strength but also reduces the cost, time consumed, and weight of the structure significantly.
Highest Growth in Europe
Europe is projected to be the largest market for timber laminating adhesives. The European market for timber laminating adhesives is driven by countries such as Germany, France, Turkey, Italy, and the UK.
Headquarters of major timber laminating adhesive manufacturing companies such as Akzo Nobel N.V. (Netherlands), Henkel AG (Germany), and Arkema (France) are based in Europe. Despite the prolonged pandemic and economic slowdown in some European countries such as Greece and Spain, the region is recovering from the crisis.
Source: Markets and Markets