Wood Adhesives And Binders Market set to exceed $21 billion by 2024
Published Date: January 9, 2017 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Wood Adhesives And Binders Market size is poised to exceed USD 21 billion by 2024. The growth is primarily driven by positive construction spending trends, finding uses across flooring, cabinets, doors & windows, structural panels and plywood applications.
In 2013, the global construction business was approximately USD 7 trillion, and is poised to surpass USD 13 trillion over the projected timeframe owing to positively influence the industry growth. Additionally, rapid industrialization and urbanization in BRIC countries accompanied with new commercial and residential construction ventures will fuel the wood adhesives and binders market expansion.
Isocyanates, urea, phenols, acrylates, vinyl acetate, styrene butadiene, polyolefins, and polyurethanes are the basic raw materials used, fluctuating crude oil price trends may subsequently hamper industry growth. In January 2009, crude oil prices in Dubai were close to USD 35/barrel and was roughly around USD 90/barrel in July 2014.
Wood adhesives and binders market share is negatively influenced by stringent environment protocols towards VOC emissions, as they possess severe health and environmental threats. Regulating bodies including the EPA and REACH formulate and direct norms, followed by penalties and losses in case of any breach, owing to restrict profit margins for the industry participants.
The development of bio-based products has formed new growth scenarios for the industry players. For instance, polyols are biologically derived from soybeans and are being effectively used across polyurethane adhesives formulation. Rising bio-based product acceptance on account of its parallel characteristics laterally with cost and environmental benefits will substantially drive the global wood adhesives and binders market over the forecast timeframe.
Browse key industry insights spread across 128 pages with 153 market data tables & 12 figures & charts from the report, “Wood Adhesives And Binders Market By Product (Urea-Formaldede [UF], Melamine-Urea-Formaldehyde [MUF], Phenol-Formaldehyde [PF], Isocyanates [MDI, TDI, HDI], Soy-based), By Application (Cabinets, Flooring & Plywood, Furniture & Subcomponents, Windows & Doors), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- In 2015, urea-formaldehyde industry share was roughly over USD 3 billion. The product experienced high demand with superior bond strength and economic benefits. It is extensively used in structural and non-structural applications including plywood & flooring, doors & windows, cabinets and furniture. Such widespread product applications will positively influence the growth.
- Phenol-formaldehyde will witness gains at over 4% CAGR through 2024. It offers value added benefits such as superior performance even at damp conditions, chemical resistance, and low surface energy.
- Wood adhesives and binders market share for flooring & plywood will experience growth over 5% CAGR through 2024. Robust growth in the flooring business will subsequently drive industry demand over the forecast timeframe.
- In 2015, furniture & subcomponents applications was valued at over $4 billion. Rising consumer spending power has substantially increased the furniture demand. This trend will consequently boost the overall business growth by 2024.
North America, mainly led by the U.S. is likely to grow at over 4.5%. Increasing renovation practices in the U.S. has significantly propelled wood demand owing to drive regional industry over the projected timeframe. In 2015, Asia Pacific, majorly through China, generated revenue more than USD 3.5 billion. Elevating construction spending particularly in India, China and Japan is analyzed to be the key factor propelling the wood adhesives and binders market by 2024.
In 2015, the wood adhesives and binders industry was consolidated with key industry participants contributing more than 40% of the overall industry share. Major share contributors are 3M, Ashland, Huntsman, BASF, Dow and Henkel.
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