Wood Adhesives and Binders Market growing due to Importance of Asset Management in Industry

Adhesive refers to a binding substance applied to the surface of materials. Derived from various sources, adhesives have been used in various forms since historic times. However, modern day adhesives were commercially developed for the first time in 1960. Adhesives are available in both natural and synthetic forms. Wood adhesives and binders adhere or bond to wood surfaces or wood particles to make structural or nonstructural wood panels. Wood adhesives and binders are mostly used for making plywood, cabinets, structural frames, windows, doors, furniture, and subcomponents among others. These are also used in permanent or temporary applications in various structural and nonstructural panels.

Market players are investing in research activities to develop new products with lower volatile organic compounds (VOCs) emissions under pressure from regulations against such chemicals. Regulatory authorities such as the United States Environment Protection Agency (USEPA), and the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) in Europe have laid down strict regulations against the use of environmentally harmful chemicals as an initiative towards conservation of the environment. This has led to a shift towards bio-based products that conform to the prescribed norms for VOC emissions. However, the wood panel industry is price sensitive and these new formulations are priced higher as compared to the conventional wood adhesives and binder products. Hence, wood panel manufacturers tend to choose cheaper adhesives in order to keep their costs minimum and survive in the cost-competitive wood products market.

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Growing environmental concerns due to rising carbon footprints of the companies coupled with the volatility in raw material prices have also been prompting market players to develop bio-based adhesives. Apart from providing environmental benefits by reducing carbon emissions, these adhesives reduce the overall cost of manufacturing adhesives as compared to their synthetic counterparts. Composed of starch, and soy and vegetable oils, these adhesives can compete at par with petroleum-based adhesives and sealants available in the market.

Wood adhesives and binders can be prepared using a variety of chemistries including urea-formaldehyde, melamine-urea-formaldehyde, phenol-formaldehyde resins, isocyanates, polyurethanes, epoxy, silicones, and polyvinyl acetate. Urea-formaldehyde, melamine-urea-formaldehyde, and phenol-formaldehyde resins are the most commonly used product types due to their low prices. Urea-formaldehyde is the dominant segment across all regions except Europe, where phenol-formaldehyde resin is the dominant wood adhesives and binders product type. Urea-formaldehyde, melamine-urea-formaldehyde, phenol-formaldehyde resins, isocyanates, polyurethanes and epoxy-based wood adhesives and binders are known to emit volatile organic compounds (VOCs). Urea-formaldehyde, melamine-urea-formaldehyde and phenol-formaldehyde resins together accounted for over 90% of the wood adhesives market volume in 2013.

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Key end-users of wood adhesives and binders are the construction and furniture industries. Wood adhesives and binders are primarily utilized in applications such as flooring, plywood, and furniture globally. Wood adhesives and binders are used to manufacture oriented strand boards (OSBs), softwood plywood, particle boards, and medium density fiberboards. The furniture & subcomponents segment is anticipated to be the fastest growing application, expanding at a CAGR of over 5% between 2014 and 2020 in terms of volume . On the other hand, the flooring & plywood segment emerged as the dominant segment across all regions in 2013. Flooring & plywood applications accounted for more than half of the global demand for wood adhesives and binders in the same year. This trend is anticipated to continue in the near future due to rising demand from various infrastructure activities.

Rising construction activities in Asia Pacific, the Middle East, North America, Eastern Europe and Latin America are projected to boost the demand for wood products in the coming years. This, in turn, is anticipated to augment demand for wood adhesives and binders for flooring & plywood applications. North America was the largest consumer for wood adhesives and binders and accounted for approximately 33% of the global market volume in 2013. Asia Pacific was the second-largest regional market and accounted for a significant portion of the global market volume share for wood adhesives and binders in 2013.

Key players in the market include 3M Company, Henkel AG & Co.KGaA, H.B. Fuller Co., Bostik SA, Dow Chemical Company, and BASF SE.

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