Wood Adhesives Market Size, Share & Trends Analysis Report By Product (Urea-formaldehyde, Soy-based), By Application (Flooring, Furniture), By Substrate, By Region, And Segment Forecasts, 2023 - 2030

Wood Adhesives Market Size, Share & Trends Analysis Report By Product (Urea-formaldehyde, Soy-based), By Application (Flooring, Furniture), By Substrate, By Region, And Segment Forecasts, 2023 - 2030

Wood Adhesives Market Growth & Trends

The global wood adhesives market size is expected to reach USD 8.01 billion by 2030, expanding at 5.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing demand from engineered wood-based panel manufacturers is a significant driver of the market.

Adhesives are a preferred choice for binding wood strips, chips, fibers, strands, and veneers for manufacturing engineered wood-based panels such as plywood, particle board, oriented strand board, medium-density fiberboard, and high-density fiberboards. Increasing population and rapid urbanization accompanied by government initiatives to boost residential construction are likely to propel the demand for wood-based panels. This is expected to remain a key driver of market growth.

Urea-formaldehyde (UF) dominated the market in 2022 owing to its beneficial attributes such as inflammability, low cost, light color, and a very rapid cure rate. However, the low-water resistance of the product is likely to restrain its utilization over the coming years. Melamine urea-formaldehyde (MUF) resins, which possess better water resistance properties, are increasingly being used in exterior applications that are more susceptible to moisture.

Soy-based adhesives have gained popularity owing to their low-cost production, low emissions, and bio-based origin. Stringent regulations pertaining to the formaldehyde emissions that are emitted during the production of UF resin-based wood products have led to a resurgence of demand for soy-based adhesives. The demand is likely to grow further as techniques such as adding hydrolyzed soy proteins phenol-formaldehyde resins provide reduced costs without degrading performance.

Furniture is also expected to remain a major application for the product. Growing investment in high-end, branded furniture by consumers is expected to positively affect the market. Major trends affecting the industry are sustainability, digitalization, and integration of home electronics into work & home furniture. These factors have facilitated innovation and new product development in the market.

Wood Adhesives Market Report Highlights

• The Urea-formaldehyde (UF) segment dominated the market with a volume share of 42.32% in 2022, due to its low-cost
• Soy-based adhesives are predicted to witness the fastest growth, with a CAGR of 7.9% from 2023 to 2030. The environmental advantages offered by the product are estimated to play a key role in its growing demand
• The flooring segment is expected to become the fastest-growing application, in terms of revenue, with a CAGR of 6.0% from 2023 to 2030. Increasing construction spending and the rise in demand for luxurious and comfortable flooring are expected to facilitate growth
• The plywood segment held the largest share in wood adhesive consumption, with a volume share of 29.90% in 2022. The high stability, impact resistance, and chemical resistance offered by plywood are crucial factors for its dominance in the market
• The Asia Pacific segment dominated the wood adhesives industry with a volume share of 58.55% in 2022, owing to the extensive engineered wood-based panel production in the region

Please note The report will be delivered in 3-8 business days upon order notification.