The global wood adhesives market is expected to reach USD 19.31 billion by 2021, according to a new report by Grand View Research, Inc. Flooring & plywood and furniture applications are expected to be the key demand generating segments for the industry over the forecast period.
Extensive R&D activities to develop unique applications have led to the innovations such as cross-laminated timber (CLT). They are not only expected to transform building construction techniques but also offer ways in which wood can be used for structures where it was not previously considered as a suitable building material.
Urea formaldehyde was the most dominant product segment accounting for over 40% of the global volume in 2015. It is widely used in the production of wood-based panels and is gaining wide popularity owing to good performance and high reactivity.
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Further key findings from the report suggest:
The global wood adhesives market demand was 5,857.6 kilo tons in 2015 and is expected to exceed 7,000 kilo tons by 2021, growing at a CAGR of 3.3% from 2016 to 2021
Flooring & plywood emerged as the leading application segment and accounted for over one-third of the overall volume in 2015. Product innovation in flooring is expected to remain a key driving factor for the segment’s growth.
Consumer preference for customized furniture along with the rising adaption of contemporary designs is expected to positively impact the furniture industry, thereby driving growth
Benefits such as easy usage, time efficiency, lightweight, aesthetics, and low prices are the major factors responsible for inclination towards wood adhesives as opposed to fastening & jointing techniques
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North America was the leading regional market accounting for 28.2% of global demand in 2015. The region is characterized by the increasing house sales in recent past along with increase in consumer spending for furnishing homes
China is expected to grow at a CAGR of 4.3% from 2016 to 2021. Increasing furniture production is expected to drive both exports and domestic consumption which further is expected to have a positive impact on wood adhesives demand.
Key players operating in the global wood adhesives market include Henkel AG & Co., Wanhua Chemical Group, Dana Lim A/S, Lubrizol Corporation, Bostik, DSM and AkzoNobel
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