Wood Adhesives & Binders Market Analysis
Wood Adhesives & Binders Market - Size, Share, Trends, and Forecast 2019 - 2027
Adhesives are bonding materials that find applications in various industries such as packaging, construction, furniture, footwear, and automotive. Wood binders and adhesives are specialized chemicals that efficiently bind wooden surfaces. They are developed in such a way that they can bind wood-based non-structural and structural surfaces effectively. Construction, packaging, and furniture are the major end user of wood adhesives and binders. Adhesives today used in various industries produced from various fossil-derived resources including formaldehyde, melamine, urea, vinyl acetate, and isocyanate. Furthermore, soy-based adhesives and binders have gained popularity among various industries, due to increasing price of crude oil. Moreover, wood adhesives and binders are predominantly used to manufacture doors, windows, wooden cabinet, and wooden furniture.
Global wood adhesives & binders market size is estimated to reach US$ 21.12 billion by 2021, exhibiting a CAGR of 4.54% during the forecast period (2019-2027). Growing demand for wood adhesives and binders for the production of windows, doors, wooden cabinets, floorings, and other furniture is expected to accelerate the market growth during the forecast period. Increasing expenditure on luxury furniture and other household equipment is expected to increase the demand for wood adhesives and binders and hence support growth of the market in the near future. Furthermore, wooden flooring has become popular in the construction industry, owing to its aesthetic appearance and durability. All these factors are expected to propel the demand for wood and binders adhesive and thereby support growth of the market. Growing conduction industry in various regions around the world is expected to increase the demand for wood adhesives and binder and thereby accelerate the market growth. Moreover, shift of focus towards bio-based adhesives and binders is also expected to support growth of the market in the near future.
However, fluctuating prices of raw materials and growing restraints on the use of fossil-based materials are expected to hamper growth of the global wood adhesives & binders market during the forecast period.
Market Regional Analysis
Asia Pacific is expected to be the fastest growing market and is expected to account for significant market share in global wood adhesives & binders market during the forecast period. This is owing to increasing infrastructure and construction activities in emerging economies such as India and China. Rising population in these countries is increasing the demand for residential projects, which is subsequently supporting the market growth. North America is also expected to witness significant growth during the forecast period.
Key players operating in the global wood adhesives & binders market include Huntsman Corporation, Henkel AG & Co. KGaA, BASF SE, Franklin Adhesives and Polymers, 3M Company, and Ashland Inc.