Chicago, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The report "Wood Adhesives Market is projected to grow from USD 4.1 Billion in 2021 to USD 4.9 Billion by 2026, at a CAGR of 3.4% between 2021 and 2026, as per the recent study by MarketsandMarkets™. The applications of wood adhesives are increasing due to different requirements by manufacturers, such as bonding dissimilar materials, the substitution of traditional materials by synthetic substrates, and increasing focus on environmental concerns. From an engineering and design perspective, adhesives are valued because of their ability to bond dissimilar substrates and distribute stress over a wide area.
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Browse in-depth TOC on "Wood Adhesives Market”
211 - Market Data Tables
53 - Figures
218 - Pages
List of Key Players in Wood Adhesives Market:
- Henkel AG (Germany)
- The 3M Company (US)
- Sika AG (Switzerland)
- HB. Fuller (US)
- Arkema (France).
Drivers, Restraints, Opportunities and Challenges in Wood Adhesives Market:
- Driver: Growing use in major emerging economies.
- Restraint: Volatility in raw material prices.
- Opportunity: Demand for low-VOC adhesives economies.
- Challenge: Controlling prices to ensure affordability.
Key Findings of the Study:
1. Natural resin type segment likely to hold higher share of the wood adhesives market during the forecasted period.
2. Water-based technology segment likely to hold largest share of the wood adhesives market during the forecasted period.
3. Furniture segment hold the largest share in overall wood adhesives market during forecast period.
4. Asia Pacific region likely to account the largest share of the global wood adhesives market during forecasted period.
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Natural resin type segment likely to hold higher share of the wood adhesives market during the forecasted period.
Natural resin-based adhesives have high molecular weight and are biocompatible. The ingredients used in natural resins are biodegradable. They offer notable performances in bonding and have potential applications in industrial as well as commercial high-tech applications. The focus of R&D needs to be on advancements in biotechnology to utilize bio-based resources in a better way.
Natural resin-based adhesives are gaining popularity due to the global trend of sustainable development and the continuous advancements in the field of natural resin-based adhesives. However, the growth was halted due to the COVID-19 pandemic, which caused the market to shut down and disrupted the supply chain. The shutdown caused the sales to go lower than that in the pre-pandemic period.
Water-based technology segment likely to hold largest share of the wood adhesives market during the forecasted period.
The growing awareness toward environment-friendly and sustainable solutions is giving a boost to water-based adhesives. There is a strong movement to replace solvents and solvent-based adhesives in North America and Europe to minimize VOC emissions. This has led to demand growth for water-based adhesives. Water-based solvents have the upper hand on solvent-based adhesives as they are more eco-friendly and less costly. APAC is the largest market with the highest growth rate, and the trend will be followed during the forecast period. The new regulations around solvents used in the adhesive market will also support the growth of water-based adhesives.
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Furniture segments hold the largest share in overall wood adhesives market during forecast period.
The furniture market considered in this report includes wooden tables, chairs, sets, desks, beds, and other furnishing items made of wood. The furniture industry is a dynamic one. It is labor-intensive and dominated mostly by unorganized players; this is mainly due to the presence of many small and medium-sized companies operating in local markets. The manufacturing and supply chain were severely affected due to the pandemic all over the world. The market is showing steady and slow growth.
Asia Pacific region likely to account the largest share of the global wood adhesives market during forecasted period.
Asia Pacific is the largest and fastest-growing market for wood adhesives in terms of both value and volume. The growing demand from China and India is responsible for the rapid growth of the wood adhesives market in the region.
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