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The wood adhesives market size is estimated to grow at a CAGR of 5.16% between 2022 and 2027. The market size is forecast to increase by USD 1,463.2 million. The growth of the market depends on several factors, including the growth of the real estate and construction industry, rising demand for luxury wooden furniture, and growing demand for engineered wood products.
This wood adhesives market 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.
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The growth of the real estate and construction industry is notably driving the market growth, although factors such as government regulations associated with the manufacturing of adhesives impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the real estate and construction industry is the key driver for the growth wood adhesives market. the global real estate industry contributes to an increase in the number of office spaces, commercial complexes, and residential buildings due to this increase in the demand for wooden furniture. In addition, the rising in the number of single-person and two-person households has contributed to growing the residential construction activities. The longevity of the Baby Boomer generation, growing urbanization, and the changing lifestyle patterns of Millennials have contributed to a corresponding demand for customized wooden furniture.
Moreover, rising investments in the global real estate market over the last decade have shown significant growing the wooden furniture industry globally. During the forecast period, the growth of the real estate industry worldwide is not restricted to developed regions such as Europe and North America. Developing economies such as India and China are witnessing expanding real estate sectors in the APAC region. The expanding real estate business and a corresponding recovery in the global construction industry will increase the demand for wooden furniture significantly, which, in turn, will drive the growth of the global wood adhesives market during the forecast period.
The growing focus on the adoption of bio-based adhesives is one of the growing trends in the global wood adhesives market. Bio-based adhesives are taken from renewable resources, such as plant-based materials or agricultural by-products, and have advantages over traditional synthetic adhesives which are derived from fossil fuels. This trend is driven by increasing environmental concerns, regulatory pressures, and the demand for sustainable and eco-friendly products. One of the key benefits of bio-based adhesives is their lower environmental footprint. Bio-based adhesives can reduce carbon footprints and do not contribute to climate change. Moreover, it helps to reduce the dependence on non-renewable resources and reduce greenhouse gas emissions during their production.
Furthermore, the availability of a wide range of bio-based feedstocks enables the development of diverse adhesive formulations that fulfill specific applications. For instance, soy-based adhesives have gained popularity in the production of wooden panels as they offer excellent bonding strength and water resistance. Lignin-based adhesives, which are derived from by-products in the pulp and paper industry. These bio-based adhesives are having a good performance comparable to traditional adhesives, thereby allowing them to replace the latter without compromising on quality or functionality. Such factors are expected to drive the growth of the global wood adhesives market during the forecast period.
Government regulations associated with the manufacturing of adhesives are the major challenge for the wood adhesives market. Governments and regulatory bodies worldwide have implemented stringent regulations to reduce the environmental impact of adhesives, particularly those arising from the emissions of volatile organic compounds (VOCs). Many wood adhesives contain solvents and reactive chemicals that can release VOCs during the application and curing processes. To address this issue, governments have imposed stringent limits on VOC emissions from adhesives and framed regulatory standards that adhesive manufacturers must comply with. These regulations aim to safeguard human health, minimize air pollution, and mitigate the negative effects of adhesive manufacturing and usage on the environment. Formaldehyde is a chemical compound that is used in adhesives as a cross-linking agent, but it is classified as a hazardous air pollutant and a known human carcinogen.
Moreover, these environmental and emission regulations vary across different regions and countries. For example, the European Union has enacted regulations such as the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) regulation and the European Union Timber Regulation (EUTR) to ensure the safe use of chemicals and promote sustainable sourcing practices. In the US, the US Environmental Protection Agency (EPA) regulates the emissions of VOCs and formaldehyde through standards like the Clean Air Act and the Formaldehyde Emission Standards for Composite Wood Products. These rules and regulations present challenges for manufacturers of wood adhesives is must invest in the research and development of low-VOC and formaldehyde-free adhesive formulations, that meet the relevant regulatory standards without compromising on their performance. Thus, government regulations associated with the manufacturing of wood adhesives can become a major challenge for the growth of the global wood adhesives market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Wood Adhesives Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers wood adhesives such as 3M Fastbond contact adhesive.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the furniture segment will be significant during the forecast period. Wood adhesives are playing an important role in the construction, assembly, and finishing. Furniture is having various types such as ranging from household furniture, commercial furniture, and office furniture. Wood adhesives 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 2,065.41 million in 2017 and continued to grow until 2021. 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, wood adhesives 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 adhesives in the furniture industry will drive the growth of the furniture segment in the global wood adhesives market during the forecast period.
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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. In the APAC wood adhesives market shows significant growth due to the increasing demand for furniture, construction materials, and engineered wood products. One of the primary factors fueling the growth of the wood adhesives market in APAC is rapid urbanization and industrialization. Rising infrastructure development in countries like China, India, and Southeast Asian nations are the major countries that contribute to the growth of the market in this region For example, the contribution of India's construction industry to the country's GDP increased from USD 35.1857 billion in the fourth quarter of 2022 to USD 47.44 billion in the first quarter of 2023.
The outbreak of COVID-19 in 2020 severely affected the growth of the wood adhesives market in APAC. The governments of India, China, Japan, Australia, and other countries imposed stringent lockdowns to limit the spread of COVID-19 in the first half of 2020. However, the lockdown restrictions were lifted in the second half of 2020, owing to the implementation of large-scale vaccination drives across APAC. This led to the resumption of operations in manufacturing units as well as in end-user industries of wood adhesives in the first half of 2021, which helped the regional market in focus recover to some extent. Thus, the growing construction activities and increasing disposable income of people in the region will drive the growth of the wood adhesives market in APAC during the forecast period.
The wood adhesives market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the Wood Adhesives Market as a part of the material market within the global material market. The parent global application software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Wood Adhesives Market Scope |
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.16% |
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Market growth 2023-2027 |
USD 1,463.2 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.02 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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