Global Wood Adhesives Market Insights Forecasts to 2030

• The global wood adhesives market was valued at USD 5.27 Billion in 2021.
• The market is growing at a CAGR of 4.8% from 2022 to 2030
• The global wood adhesives market is expected to reach USD 22.8 Billion by 2030
• Europe is expected to grow the fastest during the forecast period

The global wood adhesives market is expected to reach USD 22.8 Billion by 2030, at a CAGR of 4.8% during the forecast period 2022 to 2030. The wood adhesives market has grown due to the increasing construction demands and increased demands of furniture and housing components manufacturing. There are advancements in new technologies to help ease the wood adhesives experience of people, which is expected to provide growth opportunities for the market during the forecast period.

Market Overview

Wood adhesives are used to combine pieces of wood and to combine wood pieces with other materials. The rising demand for wood adhesives in furniture, flooring etc., areas will propel the growth of the wood adhesives market. Increasing urbanization is contributing a large share in the market's growth and will keep adding more value to the market's growth in the upcoming years. A wide variety of wood adhesives are being applied to residential and commercial doors and windows for waterproofing and for improving their overall appearance and texture. As people are becoming more concerned about climate change and the need for eco-friendly furniture, there is a growing market for wood adhesives due to the demand for eco-friendly products. Bio-based adhesives such as starch, soy, and corn are abundantly available as raw materials, which is expected to stimulate the growth of the wood adhesives market. The COVID-19 outbreak hinders the growth of the market. A sudden pause in manufacturing activities worldwide due to the COVID-19 pandemic has affected adhesives demand, development, and processing, leading to a downturn in the wood adhesives market. So many other factors are affecting the market's growth, such as the high cost of raw materials and the availability of materials. The rapid economic growth and increased spending on infrastructure activities provide major market opportunities for the wood adhesives market players.

Report Coverage

This research report categorizes the market for global wood adhesives based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global wood adhesives market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global wood adhesives market sub-segments.

Market Dynamics:

• Driver - Rise in Demand

The booming building sector in the emerging nations of the Asia Pacific area is one of the key factors boosting demand for wood adhesives globally. Over the forecast period, there is expected to be a considerable increase in demand for wood adhesives due to the housing sector's quick recovery and the growth of the commercial and infrastructure sectors. The worldwide wood adhesives market is expected to be driven by consumer spending on luxury furniture and home décor, which has increased significantly due to growing disposable income.

• Restraint - Manufacturing Issues

The fact that crude oil or petroleum is used as the primary raw material or feedstock for manufacturing these adhesives is one of the biggest challenges the worldwide market for wood adhesives faces. Therefore, price fluctuation influences the cost of producing wood adhesives, which is a significant difficulty for the producers. The usage of substitute materials like plastics and polymers is anticipated to impede the expansion of the global wood adhesives market.

• Opportunity - Increasing Demand

The market for wood adhesives is also influenced by the use of adhesive in domestic and adhesive production as a component of the manufacture of wood-based panels in the woodworking sector. Additionally, the market for wood adhesives is favourably impacted by increased urbanisation, disposable income, a shift in consumer lifestyle, building activity, and infrastructure development. Additionally, throughout the forecast period, the participants in the wood adhesives market have profitable potential due to advancements in the product and application.

• Challenge - Regulatory Issues

Small- to medium-sized panel manufacturers' insufficient ability to produce and control the quality of adhesives, as well as the existence of a strict regulatory framework relating to the emission levels of formaldehyde during the manufacture of wood-based panels, are the factors anticipated to restrain the growth of the wood adhesives market. The dependence on operator knowledge, ability, and experience for the formulation and monitoring of glue quality is anticipated to challenge the wood adhesives industry throughout the anticipated time frame.

Segmentation Analysis

• In 2021, the urea-formaldehyde segment accounted for the largest share of the market, with 22.5% and a market revenue of 1.18 billion.

Based on the product type, the wood adhesives market is categorized into polyurethane, isocyanates, urea-formaldehyde, phenol-formaldehyde, polyvinyl acetate, epoxy and others. In 2021, the urea-formaldehyde segment accounted for the largest share of the market, with 22.5% and a market revenue of 1.18 billion. The demand for urea-formaldehyde is increasing because it exhibits outstanding flexural modulus and high tensile strength, due to which it is widely used in particleboard and interior-grade plywood.

• In 2021, the solvent-based segment accounted for the largest share of the market, with 39.6% and market revenue of 2.08 billion.

Based on the technology, the wood adhesives market is categorized into water-based, solvent-based and others. In 2021, the solvent-based segment accounted for the largest share of the market, with 39.6% and a market revenue of 2.08 billion. Solvent-based adhesives come in liquid form. Solvent-based adhesives dry quickly because the solvent evaporates when introduced into a polymer solution. Due to this, the demand for solvent-based adhesives accounts for a major share of the market's growth.

• In 2021, the oriented strand boards segment accounted for the largest share of the market, with 25% and a market revenue of 1.31 billion.

Based on the substrate, the wood adhesives market is categorized into plywood, fiberboards, oriented standard boards, solid woods and others. In 2021, the oriented strand boards segment accounted for the largest share of the market, with 25% and a market revenue of 1.31 billion. The increased demand for oriented strand boards is because it offers resistance against water when the dried strands are combined with glue and wax to build a board.

• In 2021, the furniture segment dominated the market with the largest market share of 26.6% and market revenue of 1.05 billion.

Based on the end user, the wood adhesives market is categorized into housing components, doors and windows, flooring, furniture and others. In 2021, the furniture segment dominated the market with the largest market share of 26.6% and market revenue of 1.05 billion. The rising demand for wood adhesives to be used in furniture manufacturing since they provide excellent bonding abilities accounts for a major share in the growth of the wood adhesives market.

Regional Segment Analysis of the Wood Adhesives Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific emerged as the largest market for the global wood adhesives market, with a market share of around 37.60% and 1.72 billion of the market revenue in 2021.

• In 2021, Asia Pacific emerged as the largest market for the global wood adhesives market, with a market share of around 37.60% and 1.72 billion of the market revenue. Asia Pacific is expected to be the largest market. Rapid urbanization in the region is responsible for the growth of the wood adhesives market.
• Europe market is expected to grow at the fastest CAGR between 2021 and 2030. The increased construction of non-residential buildings and engineered panels boosted the growth of the wood adhesives market in the region during the forecast period.

Competitive Landscape

The report offers the appropriate analysis of the key organizations/companies involved within the global wood adhesives market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Market Players:

• Sika AG
• 3M Company
• Akzo Nobel NV
• Bostik SA
• HB Fuller
• Jubilant Industries Ltd.
• Henkel AG
• Minnesota
• Pidilite Industries
• The DOW Chemical Company
• Franklin Adhesives and Polymers
• KGaA

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Some of the Key Developments:

• In May 2021, H.B. Fuller will strengthen their engineering adhesive applications by concentrating on high-performance adhesives.
• In October 2022, Bostik inaugurated advanced packaging and converting, durable goods and hygiene, paper and cardboard and a technical centre to offer different technologies to different markets.

Market Segment

This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global wood adhesives market based on the below-mentioned segments:

Global Wood Adhesives Market, By Product Type

• Polyurethane
• Isocyanates
• Urea-formaldehyde
• Phenol-formaldehyde
• Polyvinyl Acetate
• Epoxy
• Others

Global Wood Adhesives Market, By Technology

• Water-Based
• Solvent-Based
• Others

Global Wood Adhesives Market, By Substrate

• Plywood
• Fiberboards
• Oriented Standard Boards
• Solid Woods
• Others

Global Wood Adhesives Market, By End User

• Housing Components
• Doors and Windows
• Flooring
• Furniture
• Others

Global Wood Adhesives Market, Regional Analysis

• North America
  • THE US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• The Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa