Wood Adhesives Market is expected to reach US$ 6.79 Billion by 2031

Rising Application of Wood Adhesives in Home Renovation and Construction Activities Propels Wood Adhesives Market Growth

According to the latest market study on "Wood Adhesives Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Resin Type, Technology, and Application," the market was valued at US$ 4.57 billion in 2023 and is projected to reach US$ 6.79 billion by 2031; it is anticipated to record a CAGR of 5.1% from 2023 to 2031. The report highlights key factors contributing to the wood adhesives market size and prominent players along with their developments in the market.

Plywood, particleboards, chipboards, veneers, medium-density fiberboards, and hardboards, among others, are used in structural applications such as doors, single-layer flooring, structural insulated panels, subflooring, cabinets, and flat panels. Home renovations are mainly attributed to various factors, such as modernizing the home, addressing maintenance issues, and increasing resale value. Plywood's versatility, durability, and cost-effectiveness make it the preferred material for various applications, from structural components in buildings to cabinetry and decorative elements. As the construction and renovation sectors experience growth, the need for high-performance wood adhesives that ensure the longevity and stability of plywood and wood products is increasing.

Wood Adhesives Market Breakdown – by Region

As per the Houzz and Home Study 2023, ~49% of the homeowners in the UK renovated their homes in 2022, and 57% of homeowners decorated and furnished their residential spaces. The median expenditure for home renovations was estimated to be US$ 20,923, while the expenditure for high-budget upgrades reached US$ 154,514 in 2022. The renovation activities continued growing as 50% of homeowners planned home remodeling in 2023, at a projected median spend between US$ 12,876 and ~US$ 130,000 for high-budget projects. According to the Office for National Statistics, total housing repair and maintenance, including public and private sectors in the UK, has increased from US$ 11,398.48 million (January to March 2023) to US$ 12,565.71 million (January to March 2024). Thus, the rise in demand for eco-friendly wood adhesives is expected to foster the wood adhesives market growth during the forecast period.

Increasing disposable income, growth of the housing sectors, and rising development in the construction industry are a few factors contributing to the huge demand for furniture across the globe. In addition, the demand for luxury furniture is growing, which supports the market growth. As consumers seek durable and aesthetically pleasing furniture, manufacturers rely more on advanced wood adhesives to achieve strong, seamless joints that enhance furniture pieces' structural integrity and appearance. Thus, the growing furniture industry significantly boosts the growth of the wood adhesives market.

The wood adhesives market faces challenges due to fluctuations in raw material prices. Raw materials used in wood adhesive manufacturing are often traded as commodities in the global markets, subjecting them to commodity market dynamics. Crude oil-derived products are subject to price volatility due to geopolitical tensions, supply chain disruptions, and fluctuations in demand, among other factors. Polymer resin production is an energy-intensive process, and fluctuations in energy prices, particularly crude oil and electricity, impact the production cost. In addition, the shifting demand towards eco-friendly wood adhesives is expected to bring new wood adhesives market trends in the coming years. 

The wood adhesives market analysis is carried out by identifying and evaluating key players operating in the market across different regions. Henkel AG & Co KGaA, 3M Co, Sika AG, Arkema SA, Dow Inc, H.B. Fuller Company, Akzo Nobel NV, Aica Kogyo Co. Ltd, Pidilite Industries Ltd, Mapei SpA, Jubilant Industries Ltd, Franklin International, Jowat SE, STAUF Klebstoffwerk GmbH, RPM International Inc, Huntsman Corp, Follmann GmbH and Co KG, Bolton Group S.r.l, Wacker Chemie AG, and IFS Industries Inc, are among the key players operating in the wood adhesives market.

Wood Adhesives Market Report Segmentation:

The global wood adhesives market is segmented on the basis of resin type, technology, and application. Based on type, the market is bifurcated into natural and synthetic. Based on technology, the market is categorized into solvent-based, water-based, and others. Based on application, the market is segmented into furniture, plywood, flooring, doors and windows, and others.

Based on technology, the water-based segment accounted for the largest wood adhesives market share in 2023. Key players are adopting strategic initiatives such as mergers & acquisitions, collaboration, partnership, and expansion to cater to growing consumer demand. In July 2024, Chemique Adhesives announced the launch of ProAqua 3316—an easy-to-use, fire-retardant, two-part water-based sprayable adhesive. This adhesive is suitable for various applications in the foam and furniture industries. Such innovations fuel the water-based segment growth in the market.

Based on application, the furniture segment held the largest wood adhesives market share in 2023. Plywood's versatility, durability, and cost-effectiveness make it the preferred material for various applications, from structural components in buildings to cabinetry and decorative elements. As the construction and renovation sectors experience growth, the need for high-performance wood adhesives that ensure the longevity and stability of plywood products is increasing. Further, the shift toward eco-friendly practices has led to adopting adhesives that emit fewer volatile organic compounds (VOCs), aligning with consumer preference for healthier living environments. Thus, the growing need for furniture and increasing consumer preferences have propelled the wood adhesives market.

The wood adhesives market report scope is broadly segmented into North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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