Wilmington, Delaware , April 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Wood Adhesive Market by Type (Urea-formaldehyde, Melamine Urea-formaldehyde, Phenol-formaldehyde, Isocyanates, Polyurethane, Polyvinyl Acetate, Soy-based, and Others) and Application (Flooring, Furniture, Doors and Windows, Housing components, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global wood adhesive market was valued at $4.5 billion in 2022 and is projected to reach $7.9 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
Prime determinants of growth
The wood adhesive market is witnessing notable growth owing to the development of eco-friendly and high-performance products. In addition, the expansion of the tfurniture and woodworking industries, particularly in emerging economies, fuels the market growth. Moreover, the increasing focus on sustainable construction materials boosts the adoption of wood adhesives. Furthermore, stringent regulations promoting environmentally friendly adhesive solutions contribute to the market expansion. Moreover, innovations in bonding solutions tailored to specific applications and substrates stimulate market growth, fostering continuous development and diversification within the industry.
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Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $4.5 Billion |
| Market Size In 2032 | $7.9 Billion |
| CAGR | 5.9% |
| No. Of Pages In Report | 300 |
| Segments Covered | Type, Application, And Region. |
| Drivers | Increasing Demand From Construction And Furniture Industries Growing Awareness Of Environmental Sustainability |
| Opportunities | Technological Advancements |
| Restraints | Fluctuating Raw Material Prices Consumer And Regulatory Concerns Regarding Formaldehyde Emissions From Wood Adhesives |
The urea-formaldehyde segment expected to continue its dominance during the forecast period
In 2022, the urea-formaldehyde segment dominated the market, securing the highest revenue share, accounting for more than one-fourth of the global wood adhesive market. This is attributed to the widespread application of urea-formaldehyde across various sectors, offering robust bonding, cost-effectiveness, and versatility. In addition, its ability to provide durable bonds makes it preferred in construction, furniture manufacturing, and woodworking industries.
However, melamine-urea-formaldehyde is expected to register the highest CAGR of 6.5% from 2023 to 2032 due to its exceptional bonding strength, moisture resistance, and durability. It is preferred for demanding applications such as exterior-grade panels, flooring, and engineered wood products, as it can withstand harsh environmental conditions and meet stringent performance requirements. Moreover, superior bonding strength of melamine-urea-formaldehyde, moisture resistance, and durability make it ideal for demanding applications like exterior-grade panels, flooring, and engineered wood products. These superior qualities make it an increasingly favored choice, driving its demand in the coming years
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The furniture segment expected to lead by 2032
Depending on application, the furniture segment acquired the highest market share in 2022, accounting for nearly two-fifths of the global wood adhesive market revenue. This dominance is attributed to the extensive use of wood adhesives in furniture manufacturing, where they are essential for bonding various components together. As the furniture industry continues to expand globally, the demand for wood adhesives rises in tandem, thus contributing significantly to the segment's high market share.
However, the flooring segment is projected to register the highest CAGR of 6.2% from 2023 to 2032. As the demand for engineered wood flooring solutions rises, adhesives become pivotal in securely bonding flooring materials, meeting strict performance standards for durability and moisture resistance. This trend aligns with the growing construction and renovation activities worldwide, emphasizing the crucial role of adhesives in ensuring the quality and longevity of engineered wood flooring installations.
Asia-Pacific to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting more than one-third of the global market revenue and is expected to continue the same trend during the forecast period. Asia Pacific wood adhesive market is driven by factors such as expanding construction and furniture sectors, industrial growth, and increasing adoption of eco-friendly products. The region's growing infrastructure development and demand for high-quality wood adhesive solutions contribute to its projected robust growth. These trends position Asia-Pacific to sustain its dominance in the wood adhesive market throughout the forecast period.
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Players: -
- HB Fuller
- Henkel AG & Co., KGaA
- Bostik SA
- 3M
- Sika AG
- Ashland, Inc.
- Pidilite Industries Ltd.
- Jubiulant Industries Ltd.
- DowDuPont Inc.
- Akzo Nobel N.V.
The report provides a detailed analysis of these key players in the global wood adhesive market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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