Press release
Wood Adhesives Market Size Forecast: $7.58 Billion by 2029 | Global Outlook
Wood Adhesives Market
What Is the Projected Market Size Valuation of the Wood Adhesives Market by 2025?
In the past few years, there has been a significant expansion in the size of the wood adhesives market. It's predicted to increase from $5.45 billion in 2024 to $5.74 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.4%. Factors contributing to the growth during the historic era include the construction and furniture industries, the evolution of housing and infrastructure, the consumer's inclination towards wooden products, upgrade and renovation works, and universal trends in woodworking.
What Is the Estimated Market Growth Value for the Wood Adhesives Industry in 2029?
The market for wood adhesives is projected to experience robust growth in the coming years, ballooning to a value of $7.58 billion by 2029 with a compound annual growth rate (CAGR) of 7.2%. This anticipated growth during the forecasted period can be linked to factors such as eco-friendly and sustainable practices, increased demand for engineered wood products, trend towards urbanization and interior design, emphasis on high-performance adhesives, and usage in wooden flooring. The forecast period also showcases a few prominent trends including the expanded utilization of hot-melt adhesives, increased relevance of digital printing in wood paneling, concentration on fire-resistant adhesives in construction, usage in prefabricated and modular construction, and strategic collaborations for innovative research.
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What Are the Growth Drivers and Opportunities in the Wood Adhesives Market?
The wood adhesives market is poised for growth, driven by the notable surge in consumer expenditure on home decoration and luxe furniture items. Wood adhesives, popular for various wood joining activities, serve as an effective assembly solution for home adornments and wooden furnishings. Despite confronting significant obstacles in the supply chain, luxury home accessories and furniture seller, RH, remains hopeful about the sustained growth stemming from healthy consumer spending. The firm is shifting its focus from simply curating and selling items to designing and marketing spaces. To illustrate, data for 2022 from Invest India, a national agency investing in promotions and facilitation based in India, estimates the Furniture market in India at $23.12 Billion. It predicts a compound annual growth rate (CAGR) of 10.9% from 2023 to 2028, elevating the market valuation to $32.7 Bn by 2026. Consequently, the escalation in consumer expenditure on home decor and upmarket furniture is fueling the expansion of the wood adhesives market.
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What Are the Primary Segments Covered in the Global Wood Adhesives Market Report?
The wood adhesives market covered in this report is segmented -
1) By Product: Urea-Formaldehyde, Melamine Urea-Formaldehyde, Phenol-Formaldehyde, Isocyanates, Polyurethane, Polyvinyl Acetate, Soy-Based, Other Products
2) By Technology: Solvent Based, Water Based, Other Technologies
3) By Resin Type: Natural, Synthetic
4) By Application: Flooring And Decks, Plywood, Furniture, Cabinet, Windows And Doors, Other Applications
Subsegments:
1) By Urea-Formaldehyde: Liquid Urea-Formaldehyde, Powdered Urea-Formaldehyde, Melamine Urea-Formaldehyde
2) By Melamine Urea-Formaldehyde: Liquid Melamine Urea-Formaldehyde, Powdered Melamine Urea-Formaldehyde
3) By Phenol-Formaldehyde: Liquid Phenol-Formaldehyde, Powdered Phenol-Formaldehyde
4) By Isocyanates: Aromatic Isocyanates, Aliphatic Isocyanates
5) By Polyurethane: Flexible Polyurethane, Rigid Polyurethane
6) By Polyvinyl Acetate: Emulsion-Based Polyvinyl Acetate, Solvent-Based Polyvinyl Acetate
7) By Soy-Based: Soy Protein Adhesives, Soy Flour-Based Adhesives
8) By Other Products: Casein-Based Adhesives, Animal-Based Adhesives, Bio-Based Adhesives
What Are the Top Growth Trends in the Wood Adhesives Market?
To enhance product effectiveness, sustainability, and to cater to increasing customer demand for environmentally-friendly materials, principal companies in the wood adhesives market are executing strategic investments. These investments prioritize the innovation of progressive adhesive mixtures including bio-based and formaldehyde-free compounds, aligning with both environmental guidelines and customer inclinations. As an illustration, in May 2023, Henkel, the chemical and consumer goods company based in Germany, inaugurated a brand new Technology Center in Bridgewater, New Jersey. The center's purpose is to stimulate collaboration with fellow partners and display advancements in adhesives, sealants, and coatings. Henkel's aspiration to expedite growth and promote sustainability in the wood adhesives sector is encapsulated in this initiative, utilizing forward-thinking technologies to fulfill the changing needs of the market.
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Which Companies Are Shaping the Future of the Wood Adhesives Market?
Major companies operating in the wood adhesives market include The Dow Chemical Company, 3M Company, BASF SE, Henkel AG & Co, Arkema SA, AkzoNobel N.V, Sika AG, Avery Dennison Corporation, ITW Devcon Inc., Bostik SA, Aica Kogyo Company Limited, Huntsman Corporation, Jowat SE, Pidilite Industries Ltd., LORD Corporation, Jubilant Industries Ltd., Beardow Adams Ltd., Dymax Corporation, Chemence Inc., Adhesives Research Inc., AJ Adhesives Inc., W.F. Taylor, Surebonder, Permabond LLC, L.D. Davis Industries Inc., RPM International Inc., Master Bond Inc., Cattie Adhesives, Collano Adhesives AG, DAP Products Inc., Franklin Adhesives & Polymers, Ashland Global Holdings Inc., Chemique Adhesives Inc., Eastman Chemical Company
Which Region Holds the Largest Market Share in the Wood Adhesives Industry?
Asia-Pacific was the largest region in the wood adhesives market in 2024. Asia-Pacific is expected to be the fastest-growing region in the wood adhesives market report during the forecast period. The regions covered in the wood adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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