Wood Adhesives and Binders Industry 2017 Market Research Report Popular Trends & Technological advancements, Forecast & Opportunities
Wood adhesives and binders are used to bind two or more wooden surfaces together to create panels. They are known for their high bond strength, thermal and chemical resistance, and durability, which provides customers with cost-effective end results. These adhesives and binders are used for various industrial and consumer applications such as in flooring, plywood, windows and doors, furniture and subcomponents, and cabinets. Melamine-urea-formaldehyde, urea-formaldehyde, isocyanates, phenol-formaldehyde, soy-based, epoxy, silicone, and ethyl vinyl acetate are some of the commonly available product types.
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Global Wood Adhesives and Binders Market: Key Trends
The robust growth of the construction industry is providing a significant boost to the growth of the global wood adhesives and binders market. The rising disposable income of people around the world is leading to an increasing spending on the interior designing of homes and offices, which in turn is translating into the greater uptake of wood adhesives and binders. However, the turbulent prices of petrochemical feedstock, which acts as raw materials, is creating a bottleneck in the development of the global market.
Moreover, stringent government regulations against volatile organic compounds (VOC) emissions are hampering the growth of the market. VOC emissions during commercial and industrial applications of these adhesives have serious environmental and health implications. On the other hand, the birthing of bio-based products is unfolding tremendous growth opportunities for the market.
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Global Wood Adhesives and Binders Market: Market Potential
To enable the transition from polymer-derived adhesives and binders to bio-based products, it is imperative that the adhesive properties in terms of bond strength and heat and water resistance are similar and that the alternatives can compete in terms of pricing. As a result, manufacturers and researchers are strongly focusing towards research and development activities to introduce reliable solutions. In June 2015, Swedish researchers suggested the use of xylan dispersions, with the addition of dispersing agents such as polyvinyl alcohol and crosslinkers, as a wood adhesive.
In January 2017, researchers from the Kansas State University patented the first plant-based resin, which is made up of corn, soybean, and other plant oils. According to researchers, this resin can be used for labels, tapes, and other adhesive uses and can also provide shiny coatings. Such innovations are likely to revolutionize the global wood adhesives and binders market in the near future.
Global Wood Adhesives and Binders Market: Geographical Segmentation
North America will represent a substantial share in the market throughout the forecast period. The growing emphasis on interior remodeling due to upgrading consumer lifestyles is facilitating the growth of the market in the region. The rebound of the construction industry after the economic downturn in 2008 is further supplementing the growth of the market. The U.S. will be a major revenue contributor to the growth of North America.
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Asia Pacific is expected to progress at a remarkable CAGR during the same period. The booming construction industry and the rising disposable income of the populace are bolstering the growth of the region. The growth of the Latin America wood adhesives and binders market can be attributed to the increasing construction activities in the residential sector.
Global Wood Adhesives and Binders Market: Competitive Landscape
Several players in the global wood adhesives and binders market exhibit a high degree of integration throughout the value chain. Prominent participants are focusing towards business expansion through mergers and acquisitions. Some of the key players in the market are 3M Company, Henkel AG & Co. KGaA, H.B Fuller Company, BASF SE, Avery Dennison Corporation, Huntsman Corporation, and Dow Chemical Company.
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