Wood Adhesives Market 2018-2028 Key Players- Henkel AG & Co. KGaA, BASF SE, Asian Paints, Pidilite Industries Limited & Others
With the increasing focus on improvement in standard of living, there has been rise in consumer spending on the home décor and luxury furniture products. Thus there has been significant rise in demand for wood materials such as timber, plywood and others with greater aesthetic appeal. There are a number of added benefits of using adhesives for bonding as compared to other conventional methods such as faster drying and setting time, improved adhesion, compatibility of use with various substrates and higher strength, aesthetic appeal as compared to use of metal fasteners and other methods of bonding. Wood adhesives are required for a number of applications in wood assembly such as edge gluing, dowel insertion, miter gluing, tongue and groove joints and finger jointing. A variety of adhesives are being used for wood working applications ranging from natural to synthetic providing adhesion and other properties according to specific requirements. Manufacturers are focusing on the development of wood adhesives which have better resistance to moisture content of wood and humidity. The use of wood adhesives has also led to decrease in overall product costs and labor costs owing to the relative ease of application and raw material procurement.
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Global Wood Adhesives Market Dynamics
Wood Adhesives Market Drivers
One of the major factor driving the demand for global wood adhesives market is the rapid growth of the construction industry in the developing countries of Asia Pacific region. The swift recovery in the housing sector coupled with commercial and infrastructural development is projected to create significant demand for wood adhesives over the forecast period.
With the rising disposable income, there has been significant increase in consumer spending on the home décor and luxury furniture products which is projected to drive the global wood adhesives market. The use of wood adhesives for bonding timber, plywood and other products provides a greater aesthetic appeal as compared to screws, bolts and other methods of bonding. Thus creating significant demand for wood adhesives. Increasing trend for the use of lightweight materials is projected to further fuel the demand for wood adhesives.
Wood Adhesives Market Restraints
One of the major challenge faced by the global wood adhesives market is the raw material or feedstock for the production of these adhesives is derived from petroleum or crude oil. Thus the volatility in prices impacts the manufacturing cost for wood adhesives which is a major challenge for the manufacturers.
Another major factor restraining the global wood adhesives market demand is the use of alternate materials such as plastics and polymers which is projected to hamper the growth of global wood adhesives market.
Wood Adhesives Market Trends
With the rising environmental concern about the harmful volatile organic compounds emissions, there has been increase in use of bio based wood adhesives. Manufacturers are focusing on the development of high performance, fast setting, heat resistant wood adhesives which can be used over a diverse range of applications.
There has been rising trend for the use of water based wood adhesives instead of solvent based wood adhesives owing to the increasing awareness for environmental protection and conservation.
Global Wood Adhesives Market Segmentation
The global Wood Adhesives market can be segmented on the basis of product type, technology, type, end use sector, application and region.
On the basis of product type, the global wood adhesives market can be segmented as:
- Natural wood adhesives
- Synthetic wood adhesives
On the basis of technology, the global wood adhesives market can be segmented as:
- Solvent based
- Water based
On the basis of application, the global wood adhesives market can be segmented as:
- Doors and windows
On the basis of end use sector, the global wood adhesives market can be segmented as:
- Industrial and Infrastructural
On the basis of type, the global wood adhesives market can be segmented as:
- Urea-formaldehyde (UF)
- Isocyanates (MDI, TDI, HDI)
- Melamine-urea-formaldehyde (MUF)
- Soy based wood adhesives
- Phenol-formaldehyde (PF)
- Others (Including polyurethane, epoxy, silicone, polyvinyl acetate (PVAc) and ethyl vinyl acetate (EVA)
Global Wood Adhesives Market: Regional Outlook
In terms of regional perspective, Asia Pacific is anticipated to hold relatively larger share in the global wood adhesives market. The rapid growth in the construction sector owing to urbanization and industrialization is expected to drive the demand for wood adhesives in the region. North America and Europe are projected to witness moderate growth rate over the forecast period. The significant investments in the renovation and construction activities in the region is anticipated to the boost the market demand. Regions such as Latin America and Middle East and Africa are projected to be low volume high growth regions and are projected to witness relatively high growth over the forecast period. Japan is projected to witness sluggish growth in the global wood adhesives market over the forecast period.
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Global Wood Adhesives Market Participants
Some of the market participants identified across the value chain of global Wood Adhesives market are:
- Henkel AG & Co. KGaA
- The 3M Company
- BASF SE
- The Dow Chemical Company
- Ashland Inc.
- B. Fuller Company
- Asian Paints
- Sika AG
- Pidilite Industries Limited
- Franklin Adhesives & Polymers
- Jubilant Industries Ltd.