USD 4.37 Billion
Wood Adhesives and Binders Market Size, Share, Growth Analysis, By Product(Urea-formaldehyde (UF), Melamine-urea-formaldehyde (MUF), Phenol-formaldehyde (PF), Isocyanates (MDI), By Application(Cabinets, Flooring & plywood, Furniture & subcomponents, Windows & doors), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2356 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
70
|Figures:
80
Wood Adhesives and Binders Market Insights
Global Wood Adhesives and Binders Market size was valued at USD 4.37 Billion in 2022 and is poised to grow from USD 4.69 Billion in 2023 to USD 8.24 Billion by 2031, growing at a CAGR of 7.3% during the forecast period (2024-2031).
The global market for wood adhesives and binders is essential in the woodworking and building industries due to the necessity for wood components that can be used to connect and bond structures. Many applications like cabinets, flooring installation, furniture production, and structural woodworking use these adhesives, thus resulting in their growing demand.
As a result of rapid urbanization, increased construction projects, and an increase in the demand for furniture, the wood adhesives and binders market has witnessed tremendous growth. Seeing the climbing demand, manufacturers have developed novel adhesives with improved bonding capacity and longevity, making sure they aren’t harming the environment. As they have a minimal rate of negative environmental impact since they are composed of less volatile organic chemicals, wood adhesives have risen up the popularity ladder.
PF adhesives have long dominated the global market for wood adhesives and binders though water-based adhesives are quickly developing to become the fastest growing market segment. Regionally speaking, the APAC region has held dominance over the market, although North America, especially the US and Canada, are quickly raking in large revenue.
The global market for wood adhesives and binders is also influenced by environmental regulations and growing knowledge of eco-friendly, and formaldehyde-free adhesives gained a foothold in the market. Thus, new adhesive formulations that keep environmental and health considerations as their number one priority while maintaining optimal performance have been developed.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
phenol-formaldehyde (PF)
Fastest Growth
soy-based
Growth Rate
7.3% CAGR
Global Wood Adhesives and Binders Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Wood Adhesives and Binders Market Segmental Analysis
The market is divided by product into categories such as soy-based, urea-formaldehyde (UF), phenol-formaldehyde (PF), urea-urea-formaldehyde (MUF), and phenol-formaldehyde (PF). The market segments broken down by application are Cabinets, Flooring & plywood, Furniture & subcomponents, Windows & doors, and Others. The market is divided into five regions: Latin America, Middle East and Africa, Asia Pacific, Europe, and North America.
Analysis By Product
Based on product classification, the Phenol-formaldehyde (PF) adhesives sector has been the leading category in 2022. Since PF adhesives have a reputation for having exceptional bonding strength and longevity, they can be used in a variety of woodworking applications. Particleboard, plywood, and other items made of engineered wood are frequently made with them. Because of their excellent resistance to heat and water, PF adhesives are frequently used in situations where structural integrity is essential.
Conversely, the soy-based adhesives category is expanding at the quickest rate in the wood adhesives and binders market. Comparing these adhesives to conventional adhesives based on petroleum, the former are thought to be more sustainable and kinder to the environment. Because they are made from renewable resources—specifically, soybean oil—soy-based adhesives are a desirable option for producers and customers looking for environmentally friendly substitutes. Better indoor air quality is facilitated by the low volatile organic compound (VOC) content of these adhesives.
Analysis By Application
In the global wood adhesives and binders market, Furniture & Subcomponents may be the biggest segment. The large and varied furniture manufacturing sector needs a variety of wood adhesives and binders to assemble various parts, including joints, panels, and frames. As a result of the continuous need for a variety of furniture goods around the world, the demand for wood adhesives in the furniture production industry is often constant.
However, the market segment with the quickest growth is the flooring and plywood category. The demand for wood-based products such as plywood and engineered wood has significantly risen as many regions are witnessing expansive growth in their real estate and construction sectors. For the production of plywood sheets and flooring products of superior quality it is essential to have wood adhesives handy. As the demand for wood adhesives grows due to a surge in building and construction projects, the plywood and flooring industries will also see market growth.
Global Wood Adhesives and Binders Market By Product
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Wood Adhesives and Binders Market Regional Insights
The Asia-Pacific (APAC) region has held the top position in the global wood adhesives and binders market. Countries like China, Japan, South Korea, and India are expanding their furniture and woodworking industries, thus driving the need for wood adhesives and binders. The region’s economic expansion, industrialization, and rising urbanization has fueled the need for products like flooring, furniture, and building supplies, which require wood adhesives and binders when it comes to the assembly process.
However, when it comes to the fastest-growing segment of the global wood adhesives and binders market, we turn to North America. Countries like the United States of America and Canada have witnessed booming growth, thus contributing to the region's contribution to market growth. The region’s emphasis on the development of the housing, construction, woodwork, and furniture sectors plays a part in the rising demand for wood adhesives and binders. Market expansion is also boosted by the use of cutting-edge and eco-friendly solutions, with the use of wood adhesives and binders with less environmental impact becoming crucial as sustainability trends gain popularity.
Global Wood Adhesives and Binders Market By Region
- Largest
- Fastest
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Wood Adhesives and Binders Market Dynamics
Drivers
Rising Construction and Furniture Industries:
- The furniture and construction sectors have upholstered demand for wood adhesives and binders. As economies around the world accept urbanization, the need for new construction and interior furnishings arises, giving birth to the demand for wood materials and in turns adhesives and binders.
Advancements in Adhesive Technologies:
- Continuous research and development in the adhesive technology department have fed the possibility of the production of wood adhesives that are more efficient, have a longer lifespan, and are adaptable. Producers and end users lean towards using wood adhesives as a result of these developments that assure bonding strength, resilience, and sustainable performance.
Restraints
Environmental Concerns:
- Traditional wood adhesives generally comprise volatile organic compounds (VOCs), which have a negative impact on the environment, potentially leading to indoor air pollution. As environmental awareness increases, there is a trend to use greener and low-VOC adhesives but as environmental laws tighten, the sector may face challenges regarding compliance.
Raw Material Availability and Prices:
- The accessibility and affordability of raw ingredients like resins and chemicals can affect a wood adhesive's overall production cost and profitability. Price fluctuations in raw materials can lead to uncertainties in the minds of producers, leading to further supply chain disruptions which directly affect the market.
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Wood Adhesives and Binders Market Competitive Landscape
The competitive landscape of the global wood adhesives and binders market comprises an array of major companies vying for a piece of the expanding market. Though there are a big number of companies on the competitive scene, the market is led by industry giants like Henkel AG & Co. KGaA, 3M Company, and H.B. Fuller who retain their leadership with their widespread distribution infrastructure and wide range of product offerings. These companies owe their supremacy to their conviction for innovation and R&D to create high-performance and eco-friendly adhesive solutions that fall in line with environmental regulations. Additionally, by serving particular market niches and applications, regional competitors like Ashland Inc. and Bostik SA add to the competitive mix. Continuous R&D efforts to enhance bonding efficiency, sustainability, and durability are what define the market. A key factor in determining the competitive environment is cooperation with producers of wood products and strategic alliances for the exchange of technologies. It is anticipated that competition will drive improvements in product offers and manufacturing processes as the need for long-lasting, adaptable, and sustainable wood bonding solutions grows.
Top Player’s Company Profile
- Henkel AG & Co. KGaA (Germany)
- H.B. Fuller Company (United States)
- Ashland Global Holdings Inc. (United States)
- 3M Company (United States)
- BASF SE (Germany)
- Dow Inc. (United States)
- Sika AG (Switzerland)
- Avery Dennison Corporation (United States)
- Bostik SA (France)
- Huntsman Corporation (United States)
- Jowat SE (Germany)
- LORD Corporation (United States)
- Akzo Nobel N.V. (Netherlands)
- RPM International Inc. (United States)
- DAP Products Inc. (United States)
- Mapei S.p.A. (Italy)
- Permabond LLC (United Kingdom)
- Hexion Inc. (United States)
- Beardow Adams Group (United Kingdom)
- Helmitin Adhesives (Germany)
- Royal Adhesives & Sealants LLC (United States)
- Palmetto Adhesives Company Inc. (United States)
- Pidilite Industries Ltd. (India)
- Adhesive Technologies Inc. (United States)
- Franklin International (United States)
Recent Developments
- In February 2022, A new fast-setting wood adhesive was introduced by Arkema, a multinational manufacturer of specialty materials, for the building sector. The glue suffices to the need for high performance requirements and guarantees to be convenient for use.
- In March 2022, a top producer of wood adhesives called Hexion Inc., was purchased by an American multinational manufacturer and marketer of assorted polyurethanes, performance products, and adhesives called Huntsman Corporation with the aim of collaboratively generating revenues for the market.
- In April 2022, A new line of water-based adhesives for furniture and flooring applications was introduced by HB Fuller, a major American adhesives manufacturing company supplying industrial adhesives worldwide. The new adhesives are made in compliance with environmental rules and have a low volatile organic compound content.
- In September 2022, Bostik and Nitta Gelatin Inc., in Nara, Japan, started the construction of a new adhesives plant. By 2023, the factory is expected to start operating and provide services to the Japanese market.
Wood Adhesives and Binders Key Market Trends
- Growing Demand for Sustainable and Eco-Friendly Products: Sustainable and ecologically sound products are now gaining popularity among both manufacturers and consumers, and the wood adhesives and binders market is no stranger to it. Keeping up with the trend, binders and adhesives are also produced without the use of harmful chemicals and reduced VOC. Manufacturers are working towards creating adhesive solutions that are efficient as well as environment friendly. This development is influenced by factors like distress over indoor air quality, changes in regulations, and increasing awareness of environmental concerns.
- Advancements in Technology and Product Innovation: Multiple breakthroughs in technology and product development have been a landmark in the wood adhesives and binders market. Manufacturers heavily focus on resource allocation and R&D to manufacture adhesives that have great bonding power, durability, and versatility. This development includes the creation of adhesives that are compatible with a wide variety of wood, have shorter drying periods, and are more resistant to water and temperature changes. This trend may also include advancements in adhesive application techniques, such as automated dispensing systems, which improve the accuracy and efficiency of adhesive application procedures.
Wood Adhesives and Binders Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global wood adhesives and binders market analysis, this is a dynamic market that includes a range of adhesive industry products used to join wood components. The world's expanding furniture, packaging, and construction industries are the main drivers of market growth. For wood-based goods to be more durable, structurally sound, and aesthetically pleasing, wood adhesives and binders are essential. The market is largely influenced by technological developments that result in the creation of high-performance, environmentally friendly adhesive solutions. For example, water-based adhesives are becoming more popular because of their better bonding qualities and lower environmental effect. Furthermore, producers are being compelled by stricter laws pertaining to volatile organic compounds (VOCs) to develop adhesive formulations that are more environmentally friendly and emit less emissions. The market is dominated by the Asia-Pacific area because of the region's fast urbanization, infrastructure development, and rising demand for wood-based products and furniture. The market's growth is also significantly fueled by remodeling projects and the growing demand for engineered wood products in North America and Europe. The industry is highly competitive, and major competitors are concentrating on strategic alliances, product innovation, and market expansion in order to obtain a competitive advantage. The market is expected to grow further with a focus on performance, sustainability, and regulatory compliance as customer preferences shift towards greener and more efficient solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.37 Billion |
| Market size value in 2031 | USD 8.24 Billion |
| Growth Rate | 7.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wood Adhesives and Binders Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wood Adhesives and Binders Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wood Adhesives and Binders Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wood Adhesives and Binders Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wood Adhesives and Binders Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wood Adhesives and Binders Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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