Sarasota, FL, Feb. 13, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Wood Adhesives and Binders Market (Urea Formaldehyde (UF), Melamine Urea Formaldehyde (MUF), Phenol-Formaldehyde (PF), Isocyanates, Soy Based and Others) for Cabinets, Flooring & Plywood, Furniture & Subcomponents, Windows & Doors and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022”. According to the report, the global wood adhesives and binders market accounted for USD 14.88 billion in 2016 and is expected to reach USD 18.99 billion by 2022, growing at a CAGR of around 4.2% between 2017 and 2022.
The global wood adhesives and binders market are expected to witness significant growth over the forecast period on account of increasing construction activities across the globe. Wood adhesives and binders refer to a material used for holding two surfaces of wood or another component together. Generally, adhesives are applied on a wet surface. In the case of wood, it needs to be dried and the surface contamination should be sanded, planed, or machined away and cleaned prior to application of the adhesive. The growing construction industry and the extensive infrastructure activities are expected to drive the demand for wood adhesives and binders within the forecast period. Furthermore, changing trends in home furnishings and lifestyle is also expected to fuel the growth of the wood adhesives and binders market. However, increased regulations on the manufacturing and usage of wood adhesives and binders and the fluctuating raw material prices are studies as the restraints to the growth of the wood adhesives and binders market within the forecast period. The shift in the trend towards green and bio-based adhesives are expected provide opportunities for the key players in the industry.
Browse through 23 Market Tables and 30 Figures spread through 110 Pages and in-depth TOC on “Global Wood Adhesives and Binders Market: By Type, Application, Size, Share, Trends, Analysis, Segment and Forecast 2016 – 2022”.
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Urea formaldehyde (UF) segment dominated the global wood adhesives and binders market in 2016. This trend is expected to change owing to the stringent regulations being imposed on the synthetic adhesives due to the formaldehyde emissions. Soy-based adhesives are expected to be the fastest growing product owing to the shift in trend towards eco-friendly adhesives obtained from natural sources.
Flooring & plywood is the leading application segment accounting for most of the global market share and is expected to witness growth within the forecast period. This can be attributed to the increased remodeling and infrastructure development activities across the globe. Furniture is expected to be the fastest growing application segment within the forecast period.
North America was the largest market for wood adhesives and binders in 2016 and accounted for over 30% of the global market share owing to the large construction industry, especially in the U.S. North America is expected to witness significant growth within the forecast period owing to changing trends in home furnishing and rising disposable incomes in the region. In addition, the remodeling activities in the region are also expected to aid the growth of the wood adhesives and binders market within the forecast period.
Browse the full "Wood Adhesives and Binders Market (Urea Formaldehyde (UF), Melamine Urea Formaldehyde (MUF), Phenol-Formaldehyde (PF), Isocyanates, Soy Based and Others) for Cabinets, Flooring & Plywood, Furniture & Subcomponents, Windows & Doors and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/wood-adhesives-binders-market
Europe was the third largest market for wood adhesives and binders in 2016, following North America and Asia Pacific. The region is expected to witness significant growth within the forecast period owing to the changing trends in home furnishing & lifestyle and the rising remodeling activities across Europe. However, strict regulations in the region regarding the manufacture and usage of wood adhesives and binders could restrain the growth of this industry. The shift in consumer preference towards green and bio-based products is expected to provide opportunities for the wood adhesives and binders market.
Asia Pacific accounted for the second largest market share and is expected to be the fastest-growing region for the wood adhesives and binders market. The rising construction activities in countries like China and India are expected to drive the growth of the market within the forecast period. Changing lifestyle, high GDPs and increasing disposable incomes are also expected to spur the growth of the wood adhesives and binders market. Technological advancements and shift in preference towards green and bio-based adhesives are expected to open up new avenues of opportunities in the future.
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Latin America is expected to witness dawdling growth within the forecast period. However, Latin America is expected to be a potential opportunity for the wood adhesives and binders market owing to construction activities, especially in Brazil. The growing urbanization and changing lifestyles are also expected to aid the growth of the construction industry consequently fuelling the demand for wood adhesives and binders.
The Middle East and Africa is expected to grow at a sluggish rate for wood adhesives and binders within the forecast period. Countries in the Middle East and Africa have witnessed a raise in the living standards and infrastructure. Globalization and the heavy influx of expatriates in the Middle East, especially in countries such as UAE, Qatar, and Oman are expected to fuel the construction activities in the region. The remodeling and redevelopment activities in the region are also expected to fuel the demand for wood adhesives and binders.
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The key players in this industry are 3M Company, Ashland Inc., Henkel AG & Co. KGaA, BASF SE, H.B Fuller Company, Avery Dennison Corporation, Adhesives Research Inc., Huntsman Corporation, Dow Chemical Company and Bostik SA.
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This report segments the global wood adhesives and binders market as follows:
Global Wood Adhesives and Binders Market: Type Analysis
- Urea Formaldehyde (UF)
- Melamine Urea Formaldehyde (MUF)
- Phenol Formaldehyde
- Isocyanates
- Soy Based
- Others
Global Wood Adhesives and Binders Market: Application Analysis
- Cabinets
- Flooring & Plywood
- Furniture & Subcomponents
- Windows & Doors
- Others
Global Wood Adhesives and Binders Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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