Press release
Wood adhesives and binders market to observe lucrative growth from construction sector by 2024
The global society today is immensely dependent on glued wood products for construction, flooring, furniture, and an expanded application spectrum, calling out for the requirement of wood adhesives and binders. Needless to mention, wood adhesives are polymers that have been exclusively designed for joining of timber elements via the application to timber surfaces and merging them together either through a chemical reaction or physical interlocking.Numerous studies have put forth a revelation that expanding industrialization and urbanization across various emerging economies worldwide is aiding to the growth of wood adhesives and binders market enabling it to record a remuneration of USD 21 billion by the end of 2024. Not only this, the ever growing construction industry is also contributing towards the transforming business landscape of wood adhesives and binders industry.
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Robust growth in construction industry is driving wood adhesives and binders industry dynamics
The worldwide global wood adhesives and binders market is majorly driven by potential construction spending trends and expanding global construction industry. On these grounds, the construction business worldwide generated an overall remuneration of USD 7 trillion in 2013, which has been touted to surpass a mammoth of 13 trillion by 2024. What has fostered this construction business globally is the rise in industrialization and urbanization across the BRIC countries.
Speaking in the topographical terms, North America, majorly led by the United States is anticipated to register a CAGR of 4.5 per cent over 2016-2024. This growth is attributable to the mounting renovation practices in the U.S.
Besides, Asia Pacific wood adhesives and binders industry, through China, recorded a revenue share of USD 3.5 billion in 2015 perhaps owing to tremendous construction spending and robust urbanization.
Wood adhesives and binders market has been, recently, witnessing a plethora of developmental trends, a few of which have been mentioned below:
Expansive use of urea formaldehyde
Urea-formaldehyde dependent wood adhesives and binders market was worth USD 3 billion in 2015 and is estimated to observe phenomenal growth prospects over the forecast period. This can be ascribed to its high demand regarding its excellent bond strength in association with feasibility at lower costs. Additionally, these products are predominantly used in non-structural and structural applications including plywood and flooring, furniture, doors and windows, and cabinets, paving way for the wood adhesives and binders market size to grow notably.
On the other hand, phenol formaldehyde based products would register an overall growth rate of 4 per cent through 2024, driven by the product’s surging demand owing to its properties of chemical resistance, low surface energy, and optimized performance in moist conditions.
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