Global Wood Adhesives Market - 2023-2030

Global Wood Adhesives Market - 2023-2030

Global Wood Adhesives market reached US$ 4.3 billion in 2022 and is expected to reach US$ 5.8 billion by 2030, growing with a CAGR of 3.6% during the forecast period 2023-2030.

Wood adhesives are widely used in the furniture industry. The manufacture of various furniture pieces, such as cabinets, tables, chairs and upholstered furniture, is what drives the demand for wood adhesives. The need for wood adhesives is impacted by the expansion of the furniture business, which is itself driven by shifting fashion and lifestyle trends.

The furniture segment holds more than 2/3rd share in the market and the demand for furniture has significantly increased owing to rising per capita disposable incomes of consumers throughout the world, which is what is driving the expansion of the wood adhesives and binders market.
The demand for furniture is also anticipated to be influenced by the growing number of non-residential developments since more workstations and other pieces of furniture will be needed. These panels may be utilized to make strong and long-lasting interior design items, unlike glass, which is predicted to have a beneficial effect on the segment's growth throughout the forecast period.

Market Dynamics
Increasing Focus has been Focused on the Utilization of Bio-Based Adhesives
Bio-based adhesives, which differ from conventional synthetic adhesives that are made from fossil fuels in that they are renewable resources such as plant-based materials or agricultural byproducts, offer benefits over such materials. Environmental concerns, difficulties and consumer desire for environmentally friendly and sustainable products are the main drivers of this movement.

Bio-based adhesive’s smaller environmental impact is one of its main advantages. The carbon footprints of bio-based adhesives can be decreased and they don't cause global warming. Additionally, it lessens the need for non-renewable resources and lowers greenhouse gas emissions during their manufacture. Additionally, the creation of various adhesive formulations that meet particular application requirements is made possible by the availability of a wide variety of bio-based feedstocks.

For instance, because they provide great bonding strength and water resistance, soy-based adhesives have grown in favor of producing hardwood panels. These bio-based adhesives perform well, on par with standard adhesives and may thus take their place without sacrificing quality or usefulness. During the projected period, these factors are anticipated to fuel the expansion of the worldwide wood adhesives market.

Growing Construction Industry
According to the rise in demand for wooden furniture, the global real estate industry contributes to an expansion in the number of office spaces, commercial complexes and residential structures. The growth of residential building operations has also been aided by the increase in the number of one- and two-person homes. Customized wooden furniture is in high demand as a result of the Baby Boomer generation's longevity, increasing urbanization and Millennials' evolving lifestyle trends.

Furthermore, the wooden furniture sector has seen substantial growth internationally over the past ten years due to expanding investments in the global real estate market. The real estate market will expand globally during the projected period, not only in wealthy nations like Europe and North America.

The real estate industry is growing in the Asia-Pacific area, which includes developing nations like China and India. The demand for wooden furniture will rise considerably as a result of the rising real estate sector and a corresponding rebound in the global construction industry, which will in turn drive the expansion of the world wood adhesives market for the duration of the projected period.

Government Regulations Related to the Production of Adhesives
U.S. Environmental Protection Agency (EPA) controls formaldehyde and volatile organic compound (VOC) emissions in the country through laws including the Clean Air Act and the Formaldehyde Emission Standards for Composite Wood Products. Having to engage in the research and development of low-VOC and formaldehyde-free adhesive formulations that adhere to the necessary regulatory standards without sacrificing performance presents problems for makers of wood adhesives as a result of these laws and regulations. Government laws about the production of wood adhesives may thus prove to be an important limitation to the expansion of the global wood adhesives market during the projected period.

Furthermore, Regulations are regularly put into place by governments to protect the environment and public health. These laws may limit the substances that may be used to make adhesive formulations or impose restrictions on the amount of volatile organic compound (VOC) emissions that adhesives can emit. Changes in adhesive compositions, production techniques and testing procedures may be necessary to comply with these rules, which might raise costs and limit the supply of specific types of wood adhesives.

COVID-19 Impact Analysis
The pandemic increased market uncertainty, which affected the demand for wood adhesives. Some industries, such as residential building and home remodeling, saw a spike in demand as individuals looked to better their living conditions. On the other side, the market for wood adhesives was impacted by decreased demand in the non-essential and commercial building sectors.

The pandemic impacted international supply networks, which affected the wood adhesives sector. The availability and timely delivery of raw materials and completed goods were impacted by movement restrictions, temporary closures of industrial facilities and reduced transportation capacity. As a result, there were difficulties with the supply chain and possible distribution and manufacturing delays.

Segment Analysis
The global wood adhesives market is segmented based on product, substrate, resin, technology, application and region.

Rising Demand For Engineered Wood-Based Products in Furniture Application
The furniture segment holds more than 67.6% share of the global wood adhesives market. The demand for furniture has significantly increased due to the rising per capita disposable incomes of consumers throughout the world, which is also driving the market expansion for wood adhesives and binders. Additionally, since more non-residential projects are anticipated, there will be a greater need for furniture, including workstations and other items.

Additionally, the market for wood adhesives is expected to increase quickly as a result of the rising demand for environmentally friendly and green furniture, rising public concern over the destruction of trees and the effects of global warming and the increasing demand for engineered wood-based products.

Furthermore, they are lighter, more polished and more durable than traditional wood, wood-based panels have a wide range of applications in furniture. Unlike glass, these panels may be utilized to make strong, long-lasting interior design items, which is anticipated to positively affect the segment's growth throughout the projected period.

Geographical Analysis
Europe Increasing Usage of Mass Timber in Wood Furniture
In Europe, there has been a shift in the market's focus in favor of more usage of wood-based products. The increased usage of mass timber in the area shows the need for wood's beauty from consumers. A rise in the consumption of wooden furniture in the EU was seen in 2019, per trade statistics. According to Eurostat statistics, the EU and UK used €40.4 billion (US$ 48.82) more wooden furniture in 2019 than they did in 2018. This represents a 0.6% increase over 2018. The imports of wood furniture by European nations also significantly increased which has resulted in boosting the wood adhesives market leading it to share nearly 1/3rd globally.

According to Eurostat data in 2019, non-European imports of wood furniture increased by almost 10% to €6.7 billion (US$8.10). The effective use of wood resources depends in large part on wood adhesive. To join wooden substrates to other wooden or non-wooden substrates, wood adhesives are utilized. The market for wood adhesives in Europe has significant prospects to expand as a result of the rising popularity of wooden furniture and other wood-based goods.

Competitive Landscape
The major global players include Henkel AG & Co. KGaA, H.B. Fuller Company, 3M Company, Ashland Global Holdings Inc., DOW, Sika AG, Jowat SE, BASF SE, Huntsman Corporation and Pidilite Industries Ltd.

Why Purchase the Report?
• To visualize the global wood adhesives market segmentation based on product, Substrate, resin, technology, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of wood adhesives market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key technologies of all the major players.
The global wood adhesives market report would provide approximately 76 tables, 86 figures and 181 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies