Wood Adhesives and Binders Market: Global Industry Analysis, Trends, Growth and Forecast 2024

Wood Adhesives and Binders Market: Global Industry Analysis, Trends, Growth and Forecast 2024

Reportedly, global wood adhesives and binders industry size is estimated to reach USD 21 billion in revenues by 2024.

Global expansion of the construction sector will prominently drive the demand for wood adhesives and binders. Wood adhesives and binders are used in making cabinets, flooring, doors, windows, and various other structural components. The construction industry collected remunerations of up to USD 7 trillion in 2013 and is estimated to record over USD 13 trillion in the coming years. The growing need to enhance the aesthetic appearances of the structures will augment the adoption of the wood adhesives and binders.

Leading providers of the products accounted for 40% of the industry’s total revenue share in 2016. Dow Chemical, H.B. Fuller, 3M Company, Huntsman Corporation, Bostik SA, Ashland Inc., Avery Dennison, BASF SE, and Henkel AG are some of the major manufacturers.

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Increased demand for bio-based products

The industry prospects will be driven by the increasing popularity and consumption of bio-based wood adhesives and binders as they render cost and ecological benefits. Polyol obtained from soybean is an instance of a bio-based product used in the manufacturing of polyurethane adhesives.

The expansion of the market is additionally impacting the demand and supply of the bio-based components. For instance, the KRAHN Chemie Group entered into a distribution agreement with Ecoat SAS, a French company that manufactures bio-based and water-based binders. The partnership helped in the supply of bio-based alkyd emulsions across Germany, Austria, and the Netherland region.

Consistent use of phenol-formaldehyde

Based on products, the revenues from the urea-formaldehyde segment were estimated at close to USD 3 billion in 2016 owing to their cost-efficiency and superior bond strength. However, demand for phenol-formaldehyde in the global wood adhesives and binders market is likely to reach a CAGR of 4% up to 2024.

This can be attributed to advantages like minimum surface energy, chemical attack resistance as well as superior performance in moist conditions yielded from the product. Furthermore, medium-density fiberboard and particleboard production are some of the prominent phenol-formaldehyde applications.

Higher adoption in furniture and plywood

Product consumption from the flooring and plywood applications are projected to strike a CAGR of 5% through 2024 due to surging activities in the construction and flooring sector. The application can be further bifurcated into softwood and hardwood plywood segments.

The furniture and subcomponents application brought business share of close to USD 4 billion in 2016, due to the increasing consumer per capita incomes leading to a globally augmented furniture demand. There is also a consistent rise in the number of commercial projects along with the procurement of desks, chairs, and various other components in mass quantities.

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Markets in North America and Asia Pacific

North America wood adhesives & binders industry is likely to register considerable gains, considering the increasing demand for the product due to rising activities in the interior renovation, as a result of lavish consumer lifestyles across the United States.

Revenues from the Asia Pacific, constituting of India, Japan, and China, was valued at more than USD 3 billion in 2016. The growth can be largely attributed to the rapidly surging demand for the product in the construction sector. There is also a higher consumer spending capacity, facilitating the increased adoption of wood furniture in the countries.

VOC emissions to impact consumption

Consistent fluctuations in the prices of petrochemicals that help in the generation of wood adhesives and binders may negatively impede with the growth in the coming time. VOC emissions are discharged from industrial products and commercial applications, leading to health and environmental hazards.

Also, several governments have regulated severe norms considering the use of chemicals and compounds that emit VOCs to provide environmental protection. Also, the rapidly spreading COVID-19 has impacted the industry and the product demand by a considerable extent.

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