Wood adhesives are substances that are used to bind two wooden surfaces. Various chemicals, such as formaldehyde, urea, melamine, isocyanate, and others, are used to make wood adhesives. Adhesives used in industry might be water-based, solvent-based, or produced using other technologies. Wood adhesives have a wide range of applications in the construction sector for making furniture, cabinets, doors, and windows. It is also used in the packaging industries as well.
The global wood adhesives market is expected to surpass US$ 12,375.6 million by the end of 2030 in terms of revenue, exhibiting a CAGR of 6.57% during the forecast period (2022 to 2030).
One of the major factor driving the demand for global wood adhesives market is the rapid growth of the construction industry in the developing countries of Asia Pacific region. Over the forecast period, the rapid rebound in the housing sector, combined with commercial and infrastructure development, is expected to drive significant demand for wood adhesives.
Consumer expenditure on home décor and luxury furniture has increased significantly as disposable income has increased, which is expected to drive the global wood adhesives market. When opposed to screws, bolts, and other means of bonding, the use of wood adhesives for bonding timber, plywood, and other products provides a superior aesthetic appeal. As a result, wood adhesives are in high demand. The growing popularity of lightweight materials is expected to drive up demand for wood adhesives.
More than 58.9% of houses in Japan are made of wood, making it the world's largest country for the construction of wooden houses, resulting in an increase in the usage of wood adhesives. In glue-laminated beams (Glulam), the beams are structurally engineered and bonded together with moisture resistant adhesives. These are used as straight beams, columns which include lintels, purlins, ridge beams, and floor beams, tied rafters, trusses in construction of buildings where the application of wood adhesives in very high. Growing construction activity in countries such as China, Japan, the U.K, the U.S., Russia and India are expected to drive the market for global wood adhesives over the forecast period.
Among region, Asia Pacific held dominant position in the global wood adhesives market in 2021, accounting for 35.10% market share, in terms of revenue, followed by Europe, and North America. Construction is expected to grow rapidly in this region, particularly in growing economies such as China, India, Indonesia, and Vietnam. This is likely to boost demand for engineered panels, which would support the growth of the wood adhesives market. According to the International Monetary Fund (IMF), World Economic Outlook, China and Japan are the world’s second-and third-largest economies in 2021, in the Asia Pacific region, respectively. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other APAC countries had a combined population of more than 4.3 billion people (as of 2020), and are expected to become a more important driver of global consumption over the next two decades, thanks to rapidly rising household incomes and a rapidly growing middle-class population.
Figure 1. Global Wood Adhesives Market Revenue Share (%), By Region, 2021
Price and availability of raw materials are the key factors for adhesive manufacturers in determining the cost structure of their products. The high raw materials prices of plastic resins, synthetic rubber, inorganic chemicals, industrial inorganic chemicals, and refined petroleum products might limit the target market growth to a certain extent. Moreover, complexity in production processes of wood adhesive may hamper the global wood adhesives market growth over the forecast period.
|Base Year:||2021||Market Size in 2021:||US$ 6,930.0 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||6.57%||2030 Value Projection:||US$ 12,375.6 Mn|
Henkel AG & Co. KGaA, Sika AG, The 3M Company, Arkema, HB Fuller, Bostik SA, Ashland Inc., Pidilite Industries Limited, Akzo Nobel NV, and Jubilant Industries Ltd.
|Restraints & Challenges:||
Raw materials used by the adhesive industry include plastic resins, synthetic rubber, inorganic chemicals, industrial inorganic chemicals, and refined petroleum products. The major challenge market player’s face throughout the world is controlling the prices of raw materials and equipment required for wood adhesives because of the volatility in crude oil prices.
Natural resin adhesives are becoming more popular as a result of the global trend of sustainable development and technological advancements. High molecular weight, biocompatible, biodegradable polymers with natural content are used in natural resin-based adhesives. They have significant bonding capabilities and could be used in both industrial and commercial high-tech applications. R&D activities will be focused on biotechnology developments to increase the usage of bio-based goods, natural resource-based materials, and authenticated to various demonstration levels. This will increase the demand for natural products in different end-use industries. The potential use of animal- and plant-based resources in the manufacturing of adhesives is creating value in various industries by facilitating biodegradable products.
Figure 2. Global Wood Adhesives Market Revenue Share (%), By End User, 2021
On the basis of end user, in 2021, furniture segment held largest revenue share of 61.2% in global wood adhesives market. Increasing per capita disposable income of customers across the globe has elevated furniture demand substantially, owing to drive the wood adhesives and binders market growth. Furthermore, increasing number of non-residential projects is expected to influence the furniture demand, as large number of desks and other furniture would be required. Wood-based panels find wide application scope in furniture as they are lightweight, well finished, and durable as compared to traditional wood. Unlike glass, these panels can be used to manufacture sturdy and durable interior decoration items which are expected to have a positive impact on the segment growth over the forecast period.
Global Wood Adhesives Market - Impact of Coronavirus (Covid-19) Pandemic
The global COVID-19 pandemic has contributed to a sudden pause in the manufacturing activities worldwide, impacting the adhesives demand as well as their development & processing which will lead towards a hindrance in the wood adhesives market in 2020-2021. The pandemic's global economic slowdown has resulted in a drop in disposable income among consumers all across the world. This has resulted in a significant drop in demand for wooden furniture and other high-end items, as well as a drop in demand for wood adhesives.
Key players operating in the global wood adhesives market include Henkel AG & Co. KGaA, Sika AG, The 3M Company, Arkema, HB Fuller, Bostik SA, Ashland Inc., Pidilite Industries Limited, Akzo Nobel NV, and Jubilant Industries Ltd.
Wood adhesive refers to adhesive that assists in bonding pieces of wood together. They are commonly used in furniture, shipbuilding, and arts and crafts. Hide glue, epoxy, PVA glue, and polyurethane are some of the most used wood adhesives. These adhesives are water resistant and designed to ensure that there are no gaps between wooden parts. Adhesives are becoming more popular as a substitute for traditional fasteners, which is driving the market growth. They are lightweight and give strong bonding and clean finishes. They are non-corrosive and contain anti-sealing qualities. The Asia-Pacific region has the largest market for wood adhesives.
A solvent-based adhesive is a glue or adhesion agent that comes in the form of a liquid. Because they include an adhesive inside a more flexible or spreadable material, solvent-based adhesives are easier to apply. It helps users to apply the adhesive with greater care, covering areas where hard glue would be impossible to cover. When solvent-based adhesives are introduced, the solvent evaporates, allowing the polymer solution to dry quickly. The glue becomes stronger as the solvent evaporates, until there is no more solvent in the solution and the adhesive reaches its maximum strength. As a result of these factors, the wood adhesives market is predicted to advance in the future.
Wood adhesive consumption in particleboard (PB) is estimated to grow at a significant rate during the forecast period. Particleboard is made by combining flakes and wood particles with glue and making thin sheets out of the sticky mixture. In Europe, particleboards are extremely popular. Because of its reduced cost, particleboard can be used to replace other materials such as plywood. When compared to plywood, it is denser, less expensive, and more consistent. Over the forecast period, this is expected to have a favorable impact on product demand.
In the woodworking industry, soy-based adhesives have essentially replaced petrochemical-based adhesives. These adhesives are safe for the environment and increase the wood panel's overall performance.
The raw material or feedstock obtained from petroleum or crude oil for the manufacture of these adhesives is one of the primary challenges facing the global market for wood adhesives. As a result, price fluctuation has an impact on the cost of producing wood adhesives, which is a significant concern for the producers.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.