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Wood adhesives and binders market Demand, Trends, Forecasts to 2024 | Dow, H.B. Fuller, 3M, Huntsman, Bostik SA, Ashland, BASF, Henkel AG
Wood Adhesives And Binders Market
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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A palpable trend for biobased adhesives has become more apparent as biomass resources such as plant proteins, starch and lignin, vegetable oils, bark and tannin are increasingly being used as a renewable feedstock to synthesize bio-based adhesives.
The tendency to develop green adhesives has sparked the interest in bio-based adhesives. The enhanced environmental footprint and independence from petroleum resources have bolstered the position of bio-based adhesives in the competitive wood adhesives and binders market.
That said, poor water resistance shown by bio-based adhesives may derail their expansion. Meanwhile, trend towards sustainability and greener adhesive system is likely to fare well for the wood adhesives and binders market outlook.
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Global expansion of the construction sector will prominently drive the wood adhesives and binders market trends. Wood adhesives and binders are used in making cabinets, flooring, doors, windows, and various other structural components. The construction industry collected remunerations of up to USD 7 trillion in 2013 and is estimated to record over USD 13 trillion in the coming years. The growing need to enhance the aesthetic appearances of the structures will augment the adoption of wood adhesives and binders.
Based on products, the revenues from the urea-formaldehyde segment were estimated at close to USD 3 billion in 2016 owing to their cost-efficiency and superior bond strength. However, demand for phenol-formaldehyde in the global wood adhesives and binders market is likely to reach a CAGR of 4% up to 2024.
North America wood adhesives and binders market is likely to register considerable gains, considering the increasing demand for the product due to rising activities in the interior renovation, as a result of lavish consumer lifestyles across the United States.
Revenues from the Asia Pacific, constituting of India, Japan, and China, was valued at more than USD 3 billion in 2016. The growth can be largely attributed to the rapidly surging demand for the product in the construction sector. There is also a higher consumer spending capacity, facilitating the increased adoption of wood furniture in the countries.
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