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The wood adhesives market size is projected to reach US$ 6.79 billion by 2031 from US$ 4.57 billion in 2023. The market is expected to register a CAGR of 5.1% during 2023–2031. Development and adoption of eco-friendly wood adhesives are likely to bring new trends into the market during the forecast period.
Wood Adhesives Market Analysis
Formaldehyde, phenol-formaldehyde, melamine-formaldehyde, and polymeric methylene diisocyanate are used for the adhesion of wood-based panels, such as particleboard, medium/high-density fiberboard, oriented strand board, and plywood. The major aspect of consideration for the adhesive chemistry and raw materials market is the strict domestic and international regulations regarding the chemicals industry. These regulations are set to limit the VOC (volatile organic compound) values of chemicals. Therefore, the utilization, export, and import of high-VOC adhesives and polymers have been restricted in a few countries. The growing furniture industry, coupled with rising innovations in the wood adhesives market, is expected to favor the market growth.
Wood Adhesives Market Overview
Advancements in chemical engineering and production technologies have made synthetic adhesives more affordable, enabling manufacturers to save costs without compromising quality. Moreover, developing low-emission and environment-friendly synthetic adhesives addresses a few of the sustainability concerns traditionally associated with synthetic products. The demand for solvent-based wood adhesives is increasing owing to their exceptional performance characteristics and versatility in challenging applications. Solvent-based adhesives provide strong, durable bonds that can withstand extremely severe conditions such as high humidity, temperature fluctuations, and exposure to harsh chemicals, making them ideal for demanding industrial and structural applications.
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Wood Adhesives Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Wood Adhesives Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Wood Adhesives Market Drivers and Opportunities
Rising Application of Wood Adhesives in Home Renovation and Construction Activities
Wood adhesives have a wide range of applications that include plywood, furniture, doors, windows, and flooring. The key market players offer water-based, solvent-based, EVA, SBC, acrylic, vinyl, epoxy, and polyurethane, among other types of wood adhesives, for various applications in the woodwork industry. The rising application of wood adhesives in home renovations and other construction activities fuels the market growth.
Strategic Research Initiatives Associated with Wood Adhesives
Formaldehyde, phenol-formaldehyde, melamine-formaldehyde, and polymeric methylene diisocyanate are used for the production of wood-based panels, such as particleboard, medium/high-density fiberboard, oriented strand board, and plywood. Polyurethane, phenol-formaldehyde, phenol-resorcinol-formaldehyde, emulsion polymer isocyanate, polyvinyl acetate, and other formulation chemistries are used for solid wood lamination and construction beams and coating of boards with veneers or finish foils, among other applications. Key manufacturers operating in the wood adhesives market invest significantly in strategic development initiatives such as product innovation and research and development to enhance their market position and attract a wide customer base.
Wood Adhesives Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wood adhesives market analysis are resin type, technology, and application.
- Based on resin type, the wood adhesives market is divided into natural and synthetic. The synthetic segment held a larger share of the market in 2023.
- In terms of technology, the market is segmented into solvent-based, water-based, and others. The water-based segment held a significant share of the market in 2023.
- Based on application, the wood adhesives market is categorized into furniture, plywood, flooring, doors and windows, and others. The furniture segment dominated the market in 2023.
Wood Adhesives Market Share Analysis by Geography
The geographic scope of the wood adhesives market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Europe dominated the market in 2023. In Europe, the demand for wood adhesives is increasing primarily due to the resurgence of the construction and real estate sectors. As urbanization continues and the need for residential, commercial, and infrastructure projects grows, there is a heightened demand for wood products. Wood adhesives are essential in producing engineered wood products such as plywood, particleboard, and laminated veneer lumber, which are extensively used in modern construction for their strength and versatility. The presence of key market players, including Henkel, Arkema Group, and H.B. Fuller Company, among others, contributes to the wood adhesives market growth.
Wood Adhesives Market Report Scope
Wood Adhesives Market News and Recent Developments
The wood adhesives market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wood adhesives market are listed below:
- H.B. Fuller Company announced the acquisition of ND Industries Inc., one of the leading providers of specialty adhesives and fastener locking and sealing solutions serving customers in the automotive, electronics, aerospace, and other industries. (Source: H.B. Fuller Company, Press Release, May 2024)
- Sika AG announced the acquisition of the flooring adhesives business of DriTac, a US-based floor-covering adhesives company with an especially strong position in wood floor bonding. The acquisition will contribute to Sika AG’s increased presence among floor covering installers and distributors while accelerating Sika AG’s expansion in the interior finishing market in the US. (Source: Sika AG, Press Release, March 2021)
Wood Adhesives Market Report Coverage and Deliverables
The “Wood Adhesives Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Wood adhesives market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Wood adhesives market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter’s Five Forces analysis and SWOT analysis
- Wood adhesives market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the wood adhesives market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The wood adhesives market is expected to register a CAGR of 5.1% during 2023–2031.
The wood adhesives market value is estimated to be US$ 6.79 billion by 2031.
Covestro AG, Mitsui Chemicals Inc, Huntsman Corporation, Lubrizol Corporation, and Tosoh Corporation are the leading players operating in the wood adhesives market.
The development of sustainable and eco-friendly wood adhesives is likely to set trends in the upcoming years.
Rapid growth in the furniture industry and a surge in the application of wood adhesives in home renovation and construction activities are among the factors fueling the wood adhesives market growth.
Europe dominated the wood adhesives market in 2023.
The List of Companies - Wood Adhesives Market
- Henkel AG and 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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