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The Wood Adhesives Market size is estimated to increase by USD 1.46 billion, at a CAGR of 5.16% between 2022 and 2027. The soaring demand for luxury wooden furniture emerges as a prominent driver propelling market growth. The global inclination toward upscale wooden furnishings is on the rise, buoyed by both the expansion of the global economy and a heightened emphasis on aesthetically pleasing workspaces. Distinguished by their innovative designs and refined manufacturing techniques, luxury wooden furniture pieces hold a prestigious status within the furniture sector. Heightened sales of these premium items are bolstering revenues for suppliers across the global market in focus.
In the competitive market, bio-based wood adhesives like soy-based and polyurethane adhesives are gaining traction, offering eco-friendly alternatives to traditional options. These renewable adhesives are used in various applications such as oriented strand board and particle board, aligning with the industry's shift towards sustainability and mucilage. Derived from soy and corn, these glues promote environmental responsibility, reducing reliance on conventional lumber and paste while ensuring strong adhesive formulation for diverse woodworking needs.
This market forecast report extensively covers market segmentation by application (furniture, flooring, doors and windows, and others), technology (water-based adhesive, solvent-based adhesive, and hot melt adhesives and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa.) It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the furniture segment will be significant during the forecast period. These adhesives are playing an important role in the constructions, assembly, and finishing. Furniture has various types such as ranging from household furniture, commercial furniture, and office furniture. They are having high bonding strength, ensuring the structural integrity and durability of the furniture. They create strong bonds between different components such as panels, joints, edges, and veneers, ensuring that the furniture is fulfilling daily use, load, and environmental conditions.
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The furniture segment was valued at USD 2.07 billion in 2017. Wood adhesives offer flexibility in furniture design and construction. Additionally, they enable the bonding of different species of wood, including hardwood and softwood, as well as the bonding of wood to other materials like glass or metal. This allows furniture manufacturers to create intricate designs, joint configurations, and seamless connections and also for enhancing the overall aesthetics and functionality of the furniture. Furthermore, they play a role in the overall surface finish and aesthetics of furniture. They help in filling gaps, cracks, and imperfections, creating smooth and seamless surfaces. Thus, the growing use of wood type in the furniture industry will drive the growth of the furniture segment in the global market during the forecast period.
Based on technology, water based adhesive holds the largest market share. Water-based sealants offer excellent wetting and adhesion properties to a variety of surfaces, including porous surfaces like wood, besides not having any VOCs or other substances that are harmful to human health, unlike their solvent-based counterparts or urea-formaldehyde (UF) glues. Water-based glues are a good alternative because many countries worldwide are tightening their regulations on the use of chemicals with a high VOC content. Such factors are expected to drive the growth of the water-based adhesive segment in the global market during the forecast period.
APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The APAC market is thriving due to urbanization, industrialization, and rising demand for wood products. Notably in China, India, and Southeast Asia, robust construction and furniture industries are driving wood adhesive usage. Increased income levels and globalization further boost premium wooden furniture demand, while growing office spaces also contribute. As a result, the APAC market is set for substantial growth.
In the realm of woodworking, the market plays a pivotal role, aligning with the eco-conscious trend through water-based solvents and bio-based wood adhesives like soy-based adhesives and starch adhesives. These adhesives, including polyurethane and reactive adhesives, ensure sturdy bonds for diverse applications like wooden flooring and luxury furnishings. As concerns over environmental degradation rise, the industry turns to sustainable options like corn-based adhesives, prioritizing both living standards and housing components while reducing reliance on metal fasteners. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The term "wood adhesive" describes an adhesive that aids in joining or bonding together different pieces of wood. These bondsare frequently employed in the manufacture of furniture, ships, and handicraft products. Some of the most popular ones include polyurethane, epoxy, hide glue, and PVA glue. These water-resistant glues are made to prevent gaps between wooden components.
Rising demand for luxury wooden furniture is a major driver boosting the growth of the market. The global demand for luxury wooden furniture is on the rise, propelled by both worldwide economic growth and a growing emphasis on aesthetically pleasing workspaces. Distinguished by its inventive designs and advanced manufacturing techniques, luxury wooden furniture belongs to the premium furniture category. Heightened sales of these premium pieces are boosting revenues for global wood adhesive market suppliers.
Furthermore, key players in the wooden furniture manufacturing sector are strategically introducing higher-priced variations of their current products to broaden their offerings and attract a larger clientele. Anticipated strong demand for luxury wooden furniture in emerging markets like China and India is spurred by robust economic growth and a burgeoning technology and business park sector. As consumers become more discerning about product quality and visual appeal, the craving for upscale wooden furniture intensifies, consequently propelling the growth of the global market in the forecast period.
The growing adoption of nanotechnology in adhesive formulations is a major trend shaping the market. A rising trend in the global market involves the incorporation of nanotechnology into adhesive compositions. Nanotechnology entails manipulating materials at dimensions under 100 nanometers, fostering improved bonding strength and durability in wood glues. Integration of nanoparticles like nano clays enhances mechanical properties by filling gaps in wood surfaces, resulting in heightened tensile and shear strength, as well as resistance to moisture, heat, and environmental factors.
Nanoparticles additionally grant better control over adhesive traits, influencing viscosity and flow behavior, leading to more precise application. These nanoparticles can also add functionalities, such as reversible bonding via magnetic nanoparticles or electronic integration through conductive nanoparticles. Nanotechnology contributes to environmental sustainability by reducing adhesive consumption and enabling eco-friendly solutions, driven by renewable resources like cellulose nanocrystals. Embracing nanotechnology is expected to steer the growth of the market in the forecast period.
Shortage of and high price volatility in raw materials used is a key challenge hindering market growth. Significant challenges within the global market encompass scarcities in essential raw materials and their price volatility. Wood adhesive production hinges on diverse components, including resins, additives, fillers, and curing agents. Instabilities in the availability and expenses of these materials can impact operational efficiency and profitability for manufacturers.
Raw material sourcing and sustainability significantly impact availability; certain elements face constraints due to geographical limitations, seasonal variations, and environmental regulations. Establishing dependable and sustainable supply chains by partnering with conscientious suppliers and exploring alternative sources is crucial. Moreover, raw material costs are influenced by global supply-demand dynamics, energy expenses, transportation fees, and geopolitical factors, all contributing to price fluctuations. These fluctuations, triggered by various elements, can escalate costs and challenge profitability, thus potentially hindering the global market's growth in the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3M Co., Aica Kogyo Co. Ltd., Akzo Nobel NV, Arkema Group, Ashland Inc., Asian Paints Ltd., Astral Ltd., Beardow and Adams Adhesives Ltd., Bhiwadi Polymers Ltd., Bolton Group Srl, Britannia Adhesives Ltd., Cattie Adhesives, H.B. Fuller Co., Henkel AG and Co. KGaA, Jowat SE, Jubilant Industries Ltd., Koff Club Pvt. Ltd., Pidilite Industries Ltd., Sika AG, and Technical Adhesives Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments
The market is witnessing a surge in demand driven by the woodworking industry's adoption of water-based technology and low-VOC adhesives to address concerns over VOC emissions and comply with stringent regulatory frameworks for sustainable construction. Manufacturers of window & door products and engineered wood furniture are increasingly turning to natural resin adhesives to meet consumer demand for luxury furniture goods with environmentally friendly solutions. These adhesives offer numerous advantages such as shorter drying and setting times, compatibility with various wood materials, and enhanced aesthetic appeal. They are suitable for diverse applications including plywood, oriented strand board (OSB), and edge glueing, dowel insertion, and tongue and groove joints in the housing sector and construction industry, contributing to reduced product costs and improved moisture content control amidst varying humidity levels.
Additionally, the market is undergoing significant transformations driven by various factors. With growing concerns about environmental sustainability and regulatory compliance, the woodworking industry is shifting away from solvent-based adhesives towards eco-friendly alternatives. This change aims to address issues such as the abatement of trees and reduce the environmental impact of wood panel manufacturers. Moreover, stringent regulatory framework are pushing for the adoption of safer alternatives like adhesives free from harmful isocyanates. As consumer spending shifts towards home décor and construction projects, there's a rising demand for wood adhesives with faster drying and setting time, facilitating easier assembly of wood through techniques like mitre glueing and finger jointing. This market evolution reflects a broader trend towards sustainability and efficiency in the woodworking and construction sectors.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.16% |
Market growth 2023-2027 |
USD 1.46 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.02 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Aica Kogyo Co. Ltd., Akzo Nobel NV, Arkema Group, Ashland Inc., Asian Paints Ltd., Astral Ltd., Beardow and Adams Adhesives Ltd., Bhiwadi Polymers Ltd., Bolton Group Srl, Britannia Adhesives Ltd., Cattie Adhesives, H.B. Fuller Co., Henkel AG and Co. KGaA, Jowat SE, Jubilant Industries Ltd., Koff Club Pvt. Ltd., Pidilite Industries Ltd., Sika AG, and Technical Adhesives Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, market research report, market forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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