COVID-19 Vaccine Impact on Wood Adhesives Market Size To Reach $6.34 Billion By 2025

The global wood adhesives market size is anticipated to reach USD 6.34 billion by 2025, according to a new report by Grand View Research, Inc. ,expanding at a CAGR of 4.7% over the forecast period. The increasing demand from engineered wood-based panel manufacturers is a significant driver of the market.

Adhesives are a preferred choice for binding wood strips, chips, fibers, strands, and veneers for manufacturing engineered wood-based panels such as plywood, particle board, oriented strand board, medium density fiberboard, and high density fiberboards. Increasing population and rapid urbanization accompanied with the government efforts to boost residential construction are likely to propel the demand for wood-based panels, which in turn is expected to support the market growth.

Urea-formaldehyde (UF) dominated the market in 2018 owing to its beneficial properties, namely, inflammability, low cost, light color, and a very rapid cure rate. However, low water resistance of the product is likely to restrain its utilization over the coming years. Melamine urea-formaldehyde (MUF) resins, which possess better water resistance properties, are increasingly being used in exterior applications that are more susceptible to moisture.

Soy-based adhesives have gained popularity owing to their low cost production, low emissions, and bio-based origin. Stringent regulations pertaining to the formaldehyde emissions that are emitted during the production of UF resin-based wood products has led to resurgence of soy-based adhesives demand. Hydrolyzed soy proteins added to phenol formaldehyde resins provide reduced costs without degrading performance.

Furniture is also expected to remain a major application for the product. Growing investment on high-end, branded furniture by the consumers is expected to positively affect the market. Major trends affecting the industry are sustainability, digitalization, and integration of home electronics into work & home furniture. These factors have facilitated innovation and new product development in the market.

Wood-based panel manufacturers primarily focus on producing in-house urea-formaldehyde adhesives owing to their low cost. However, established players in the adhesive industry who are involved in supplying their products to the furniture industry focus on establishing innovative solutions for their customers. For instance, Henkel introduced a wood adhesive called Technomelt PW 863 based on polyolefin in 2019. The product is intended for lamination of wood-based panels on industrial scale.

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www.grandviewresearch.com/industry-analysis/wood-adhesives-market

Further key findings from the report suggest:

• Urea-formaldehyde (UF) dominated the market with a volume share of 42.5% in 2018 Due to its low cost
• Soy-based adhesives are predicted to witness the fastest growth, in terms of revenue, with a CAGR of 7.5% from 2019 to 2025. The environmental advantages offered by the product is estimated to play a key role for its increasing demand
• Flooring is estimated to be the fastest growing application, in terms of revenue, with a CAGR of 5.4% from 2019 to 2025. Increasing construction spending and the rise in demand for luxurious and comfortable flooring is expected to facilitate the segment growth
• Plywood held the largest share in the wood adhesive consumption, with a volume share of 29.5% in 2018. High stability, impact resistance, and chemical resistance offered by plywood is a crucial factor for its dominance in the market.
• Asia Pacific dominated the wood adhesives market with a volume share of 57.8% in 2018 owing to the extensive engineered wood-based panel production in the region
• In October 2018, Bostik expanded its engineering adhesives business by completing the acquisition of Afinitica, a Spanish manufacturer of instant adhesives for automotive, electronics, and woodworking industries. This acquisition was planned to enable Bostik to solidify its position in high growth potential markets.