Wood Adhesives Market Size, Share, Growth Analysis, By Product(Urea-formaldehyde (UF), Melamine urea-formaldehyde (MUF), Phenol-formaldehyde (PF), Isocyanates), By Application(Flooring, Furniture, Doors & windows, Housing components), By Region - Industry Forecast 2024-2031

Wood Adhesives Market size was valued at USD 4.1 billion in 2021 and is poised to grow from USD 4.24 billion in 2022 to USD 5.54 billion by 2030, growing at a CAGR of 10% in the forecast period (2023-2030).

The expansion of global engineered wood-based panel production serves as a major driving force for the market. Engineered wood-based panels like plywood, oriented strand board, and particle board require substantial amounts of adhesives in their manufacturing process. For instance, plywood is created by bonding veneers with adhesive. Many wood panel manufacturers, particularly in the Asia Pacific region, rely on in-house adhesive production for their products. However, smaller to medium-sized panel manufacturers often lack sufficient adhesive production and quality control capabilities. Adhesive formulation and quality oversight often hinge solely on the expertise and experience of operators.

The market is characterized by stringent regulations pertaining to formaldehyde emissions during the production of wood-based panels. This situation is expected to create opportunities for the growth of soy-based, polyurethane, and polyvinyl acetate adhesives over the coming years. The increasing frequency of refurbishment and renovation projects, coupled with rising construction endeavors, is set to propel market growth. Furthermore, government initiatives that prioritize sustainable construction have boosted the demand for both engineered and natural wood products, such as furniture, for use in residential and commercial applications. This trend is expected to drive the demand for wood adhesives throughout the forecast period.

US Wood Adhesives Market is poised to grow at a sustainable CAGR for the next forecast year.