TAGS: Sustainability / Natural Adhesives
Markets and Markets (M&M) anticipates that the wood adhesives market exhibits high-growth potential and is projected to reach a market size of USD 4.9 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 3.4 percent. The market growth is being led by the increasing demand for adhesives in place of traditional fasteners.
Wood adhesives provide strong bonds, clean finishes, and are lightweight. They do not rust and have sealant properties. The growing demand in the packaging industry especially in furniture and cabinet. APAC region is the largest market for wood adhesives. The major concern is regarding the environmental and health impact of synthetic resin adhesives.
Natural Resin is the Faster-growing Segment of the Market
Natural resin adhesives are gaining popularity due to the global trend of sustainable development and the continuous advancements in the field. The growth was halted due to the global pandemic, which caused the market to shut down and disrupted the supply chain. The shutdown caused the sales to go lower than in the pre-pandemic period.
Furniture is one of the two market segments with the highest CAGR. The use of wood adhesives on wooden products increases their durability and gives good adhesion to the wooden substrate. Wood adhesives are extensively used in the manufacturing of furniture as they provide a strong bond and aesthetic appeal to the furnishing item. The growth of the wooden furniture industry will drive the wood adhesives market as they are directly related to each other.
APAC is the largest market for wood adhesives, accounting for a share of 39.3 percent, in terms of value, in 2020. Less stringent regulations and industry-friendly laws are one of the major drivers of the growth in the market.
Source: Markets and Markets