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Wood Adhesives And Binders Market Size 2019 - Global Industry Growth, Analysis, Share, Trends And Forecast By 2024

Author : Ronak Bora | Published Date : 2019-06-11 

Flooring & plywood segment of wood adhesives and binders market is likely to witness gains close to CAGR 5%. This segment includes softwood and hardwood plywood applications. Booming construction & flooring industry will fuel product demand in the coming years. In 2016, overall wood adhesives and binders industry for furniture & subcomponents application segment generated revenue close to USD 4 billon. Rising per capita income of consumers has fueled furniture demand considerably across the globe. Additionally, rising number of commercial projects is anticipated to influence furniture demand due to procurement of desks, chairs and several other furniture in bulk quantities. Wood Adhesives and Binders Market is forecast to reach USD 21 billion according to this new research report.

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North America, shall witness gains close to 4% CAGR during the forecast period. The product demand in this region will be primarily driven by increasing interior renovation activities in U.S on account of lavish consumer lifestyle. Asia Pacific, led by India, Japan and China, was worth more than USD 3 billion in 2016. The major factor responsible for driving the product demand in future is the rapidly growing construction industry. In addition, increased consumer spending has augmented wood furniture demand in this region, which will positively impact the wood adhesives and binders market over the forecast duration.

In 2016, wood adhesives and binders industry was consolidated with key companies holding more than 40% share of the industry market. Major industry players are H.B. Fuller, Henkel AG, BASF SE, 3M Company and Huntsman Corporation. Other notable companies are Avery Dennison, Bostik SA, Dow Chemical and Ashland Inc.

In 2016, urea-formaldehyde segment was valued more than USD 3 billion. Its growing demand can be attributed to relatively low prices and superior bond strength. Phenol-formaldehyde segment of global wood adhesives and binders market shall expand at CAGR around 4% during the forecast timeframe owing to the numerous benefits offered such as minimum surface energy, superior performance in moist condition and chemical attack resistance. It is extensively used for medium density fiberboard and particle board manufacturing.

Fluctuating petrochemical product prices from which wood adhesives and binders are produced, such as polyolefins, vinyl acetate, acrylates, phenols, etc., are potential hurdles in wood adhesives and binders market growth over the next few years. Moreover, VOC emission during industrial product and commercial applications cause health and environmental hazards. Hence, governments across the globe, have stringent regulations and norms for environment protect and use of products/chemicals that emit VOCs.

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Robust growth indicators in construction business across the globe will be the chief growth driver for the wood adhesives and binders market over the forecast timespan. Wood adhesives and binders are extensively used in construction industry in production of cabinets, flooring, doors, windows and several other structural components. Construction industry is witnessing substantial growth with valuation in 2013 exceeding USD 7 trillion and may reach USD 13 trillion in the coming years. This trend coupled with increasing demand for improving aesthetic appearance of structures will accelerate product demand in the forecast duration.

Key insights from the report include:

  • Global wood adhesives and binders market size may reach USD 21 billion by 2024, with projected gains at 4.5% CAGR.
     
  • In 2015, urea-formaldehyde industry share was roughly over USD 3 billion. The product experienced high demand with superior bond strength and economic benefits. It is extensively used in structural and non-structural applications including plywood & flooring, doors & windows, cabinets and furniture. Such widespread product applications will positively influence the growth.
     
  • Phenol-formaldehyde will witness gains at over 4% CAGR by 2024. It offers value added benefits such as superior performance even at damp conditions, chemical resistance and low surface energy.
     
  • Wood adhesives and binders market share for flooring & plywood will experience growth over 5% CAGR by 2024. Robust growth in the flooring business will subsequently drive industry demand over the forecast timeframe.
     
  • In 2015, the global wood adhesives and binders market for furniture & subcomponents applications was valued at over USD 4 billion. Rising consumer spending power has substantially increased the furniture demand. This trend will consequently boost the overall business growth by 2024.
     
  • North America, mainly led by the U.S. is likely to grow at over 4.5%. Increasing renovation practices in the U.S. has significantly propelled wood demand owing to drive regional industry over the projected timeframe. In 2015, Asia Pacific, majorly through China, generated revenue more than USD 3.5 billion. Elevating construction spending particularly in India, China and Japan is analyzed to be the key factor propelling the market size by 2024.
     
  • In 2015, the wood adhesives and binders market size was consolidated with key industry participants contributing more than 40% of the overall industry share. Major share contributors are 3M, Ashland, Huntsman, BASF, Dow and Henkel.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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