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.
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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 is expected provide opportunities for the key players in the industry.
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.
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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.
In terms of geography, North America was the largest market for wood adhesives and binders in 2016 due to the large construction industry, especially in the U.S. and the infrastructure development activities in the region. Asia Pacific accounted for the second largest share followed by Europe. Asia Pacific is expected to be the fastest-growing region for the wood adhesives and binders market owing to the rising construction and remodeling activities in the region. Latin America and Middle East & Africa are expected to witness moderate growth within the forecast period.
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
- Soy Based
Global Wood Adhesives and Binders Market: Application Analysis
- Flooring & Plywood
- Furniture & Subcomponents
- Windows & Doors
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