Wood Adhesives And Binders Market Analysis

Wood Adhesives And Binders Market Analysis

Urea-formaldede segment was approximately USD 3 billion in 2015. Urea-formaldehyde demand is growing owing to its high bond strength and comparatively low prices. These are widely utilized in structural and non-structural applications including flooring & plywood, furniture, windows & doors and cabinets.

Phenol-formaldehyde wood adhesives and binders market segment is projected to expand at over 4% CAGR over the projected timeframe. Phenol-formaldehyde resins adhesives offer advantages that includes better performance at moist conditions, low surface energy and resistance from chemicals. These can be formulated with other additives such as soy for improved bond strength. It also has lower emissions compared to urea-formaldehyde and are widely used for manufacturing particle board and medium density fiberboards.

Flooring & plywood applications segment shall witness gains at over 5% CAGR in terms of volume. Flooring & plywood applications include hardwood and softwood plywood applications and oriented strand board (OSB) particle board. Strong growth in the flooring business along with escalating product demand will boost the wood adhesives and binders market revenue by 2024.

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Furniture & subcomponents applications generated revenue more than USD 4 billion in 2015. Increasing per capita disposable income of customers across the globe has elevated furniture demand substantially owing to propel the wood adhesives and binders market growth. Furthermore, increasing number of non-residential projects is expected to influence the furniture demand, as large number of desks and other furniture would be required.

North America led mainly by the U.S. shall experience gains more than 4.5% CAGR over the estimated period. Increasing interior remodeling activities in the U.S. due to lavish consumer lifestyles will drive the wood adhesives and binders market. In addition, elevating overall construction industry, residential and commercial, post 2008 economic turmoil will further complement business growth. However, strict government regulations in the region towards solvent-based products may hinder growth.

Asia Pacific, mainly by China, India and Japan, was valued at over USD 3.5 billion in 2015. Rapidly growing construction industry in the region is the prime factor contributing the regional wood adhesives and binders market value. For instance, Asia Pacific accounts roughly around half the global construction spending. Furthermore, rising customer spending power has increased wood demand flooring and furniture applications. This is analyzed to fuel regional industry growth by 2024.

Europe is likely to see moderate growth, with Latin America and the Middle East emerging as potential opportunities for wood adhesives and binders market growth over the coming decade.