Industry News

Wood Adhesives Market to Reach USD 5.24 Billion by 2026: M&M

Published on 2016-12-22. Author : SpecialChem

The report "Wood Adhesives Market by Resin Type (Natural & Synthetic), Technology (Solvent-Based, Water-Based, Solventless), Application (Flooring & Decks, Plywood, Furniture, Cabinet, Particle Board, Windows & Doors) - Global Forecast to 2026", The global wood adhesives market is expected to grow from USD 3.71 Billion in 2015 to USD 5.24 Billion by 2026, at a CAGR of 3.10% between 2016 and 2026. Growth in this market is driven by the increasing demand for wooden furniture and expansion of the housing sector.

Furniture is Largest Application Segment

In 2015, the furniture application segment accounted for the largest share of the global wood adhesives market, in terms of volume, followed by the plywood application segment that accounted for the second-largest market share, owing to the increasing usage of plywood in the woodworking industry. Wood adhesives are extensively used in the manufacturing of furniture as they provide excellent bonding to the furnishing item. Rapid urbanization and increase in remodeling & renovation activities are key factors propelling the growth of the global wood adhesives market.

Synthetic Resin Adhesive: Largest Resin Type

Based on resin type, the synthetic resin adhesives segment is estimated to lead the global wood adhesives market in 2016, in terms of volume. The resin component in the synthetic resin formulation enhances the end-use performance properties of wood adhesives. These adhesives are used in various woodworking applications such as furniture, flooring & decks, cabinet, plywood, particle board, and windows & doors, among others, thereby driving the demand for synthetic resin adhesives.

Asia-Pacific is The Largest Market

The Asia-Pacific region is expected to be the largest market for wood adhesives. In this region, China and India are considered to be the biggest consumers of wood adhesives.

Key driving factors of the wood adhesives market in the Asia-Pacific region include:
  • New construction activities, housing projects, and other woodworking activities in various countries of the Asia-Pacific region.
  • Growth in furniture manufacturing and rise in export activities are expected to drive the demand for wood adhesives in the ASEAN countries. 
Henkel AG & Co. KGaA (Germany), H.B. Fuller (U.S.), 3M Company (U.S.), Ashland Inc. (U.S.), Sika A.G. (Switzerland), The Dow Chemical Company (U.S.), AkzoNobel N.V. (Netherlands), Bostik SA (France), and Pidilite Industries (India) are key players in the global wood adhesives market.

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MarketsandMarkets is one of the largest market research firms worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. It specializes in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications.

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