Global Wood Adhesives and Binders Market : Forecast and Analysis (2020-2027)
Global Wood Adhesives and Binders Market was valued at USD 16.55 Bn in 2019 and is expected to reach at USD 24.85 Bn by 2027 at CAGR of 5.21% over forecast period 2020-2027.
Global Wood Adhesives and Binders Market Segmentation by Region
Global Wood Adhesives and Binders Market Dynamics:
Today’s society relies heavily on glued wood products for constructions, furniture, and floorings, for example. Essentially, all adhesives on the market are based on fossil-based resources, and many also contain formaldehyde to yield sufficient reactivity and adhesive performance. Due to various beneficial properties of wood adhesives such as time efficiency, ease of use, lightness in weight and low price they are widely used in making plywood, furniture, cabinets, windows and doors. Moreover, an increasing demand for Wood adhesives and Binders from shipping and transportation industry is expected to crate lucrative opportunities wood adhesive and binders market.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Wood Adhesives and Binders Market is segmented by product, by application and by region. By application, furniture and subcomponents application segment held 34.56% of market share in 2019 and is expected to keep its dominance over forecast period. The use of wood adhesives and binders is widely seen in construction and furniture industries. The construction market is estimated to increase during the forecast period, hence boosting the demand for wood adhesives and binders. Increasing trend of using wooden furniture that adds class to the standard of living, wood adhesives and bindings are likely to grow rapidly. Where wood adhesives bond or adhere to surfaces made of wood, binders draws or holds the materials together forming a cohesive whole.
By product, Urea-formaldehyde wood adhesives product segment held 32.43% market share in 2019 and is expected to keep its dominance over forecast period. Urea-formaldehyde demand is growing owing to its high bond strength and comparatively low prices. These are widely utilized in structural and non-structural applications including flooring & plywood, furniture, windows & doors and cabinets. Urea-formaldehyde is followed by Phenol-formaldehyde and Melamine-urea-formaldehyde (MUF). Phenol-formaldehyde is expected to grow at a 4. 45% of CAGR over forecast period. Phenol-formaldehyde resins adhesives offer advantages that includes better performance at moist conditions, low surface energy and resistance from chemicals.
By geography, APAC led the Wood adhesives and Binders market with 41% of market share in 2019 and is expected to keep its dominance over forecast period. Robust growth in the construction industry in China, India, Japan and South Korea is propelling the wood adhesives and binders market over forecast period. Stringent regulations associated with volatile chemical compounds (VOCs) is a restraining factor for the Asia Pacific wood adhesives and binders market. Now manufacturers are producing bio-based and low VOC adhesives which will create potential opportunities to the Asia Pacific wood adhesives and binders market. APAC is followed by North America and Europe. North America is expected to hold 27% of market share over forecast period. An Increasing interior designing activities in the U.S. and Canada due to lavish consumer lifestyles will drive market growth in this region.
Europe is expected to hold 21% market share over forecast period. An elevating overall construction industry is expected to drive market growth over forecast period. However, strict government regulations in this region towards solvent-based products may hinder market growth.
Report covers key development and company profiles of market leaders, potential players and new entrants. Some of the key players operating in this market are 3M Company, Ashland Inc., H.B Fuller Company, Henkel AG & Co. KGaA, BASF SE, Huntsman Corporation, Avery Dennison Corporation and Dow Chemical Company. These key players accounting more than 55% of the global Wood Adhesives and Binders Market share in 2019. By using various organic and inorganic growth strategies such as merger & acquisition, joint ventures, expansion, strategic alliances, patent, collaboration and diversification these players are increasing their regional presence and business opeartions.
The objective of the report is to present a comprehensive analysis of the Global Wood Adhesives and Binders Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Wood Adhesives and Binders Market dynamics, structure by analyzing the market segments and project the Global Wood Adhesives and Binders Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Wood Adhesives and Binders Market make the report investor’s guide.
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Scope of Global Wood Adhesives and Binders Market
Global Wood Adhesives and Binders Market segmentation by Product
• Urea-formaldehyde (UF)
• Melamine-urea-formaldehyde (MUF)
• Phenol-formaldehyde (PF)
• Isocyanates (MDI, TDI, HDI)
• Soy based
Global Wood Adhesives and Binders Market segmentation by Application
• Flooring & plywood
• Furniture & subcomponents
• Windows & doors
Global Wood Adhesives and Binders Market Segmentation by Region
• North America
• MEA and Africa
• Latin America
Global Wood Adhesives and Binders Market major key players
• 3M Company
• Ashland Inc.
• H.B Fuller Company
• Henkel AG & Co
• BASF SE
• Huntsman Corporation
• Avery Dennison Corporation
• Dow Chemical Company
• Adhesives Research Inc.
• Bostik SA
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