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(Construction.IndustryNews247.Com, October 18, 2019 ) Market Overview
• Growth in renovation and refurbishing activities, development of the construction, furniture, and woodworking activities, and growing urban population are major factors of Wood Adhesives Market
• Wood Adhesives Market is segmented by resin type, technology, application and geography. By resin type market is segmented into natural, and synthetic. while by application the market is divided into flooring & decks, plywood, furniture, cabinet, particle board, and windows & doors. whereas by geography the market is divided into North America, South America, Europe, Asia Pacific and Rest of the World.
• During the last decades, eco-friendly materials have become more widely used as consumers became aware of the consequences associated with the use of petrochemical derived products. Also, stringent regulations on global emission standards have made manufacturers to develop eco-friendly adhesive products.
Market Dynamics
• The global wood adhesives market is expected to witness significant growth rates due to rising volume demand for wood adhesive applications in the furniture and building and construction industries, growth in renovation and refurbishing activities particularly in high-growth economies such as China, India, and Southeast Asia.
• The demand for wood adhesives is increasing in China due to an increase in the production of wood composites. The recycled wood is used to produce wood composite products. These products require wood adhesives during their manufacturing. In addition, the market will benefit from growth in the furniture manufacturing and construction industries.
• While the kids’ segment is another notable space in the wood furniture industry provides prominent growth prospects. The rise in demand for kids’ furniture is anticipated to boost the growth of the wood adhesives industry.
• Conventional resin-based wood adhesives have an adverse effect on the environment and are also toxic to individuals. These factors have resulted in the implementation of stringent regulations regarding their manufacture and use. Therefore, bio-based adhesives are gaining prominence and are being promoted over synthetic adhesives.
Market Segmentation
• Based on resin type, wood adhesives market is classified into natural, and synthetic. Currently synthetic resins are the dominant segment and it accounts for approximately XX% of the market.
• Because of their good performance in the manufacturing environment and end-use durability, synthetic adhesives have replaced most of the protein ones. Moreover, natural plant-based resins show a better heat and fire resistance compared to the synthetic resins.
• In recent years, there has been a revival of soy adhesives to replace urea formaldehyde because of the desire for no added formaldehyde adhesives and the availability of a viable co reactant for the soy. Also, a very large quantity of low-cost soy flour is not used for human food and is available for wood adhesive needs.
• Tannin continues to be used in certain countries where it is available and where phenol-based resins are more costly. Lignin continues to be replacement for phenol, but the higher cost for purified lignin and its low reactivity have been major issues.
• One major change is the availability of a new lower cost lignin source from partial acidification of black liquor. This has an economic advantage in that the lignin is removed to aid in adding pulp capacity to pulp mills without adding very expensive recovery boiler capacity.
• Based on application, wood adhesives market is classified into flooring & decks, plywood, furniture, cabinet, particle board, windows & doors and others. Currently plywood is the dominant segment and it accounts for approximately XX% of the market.
• Furniture sector accounted for the substantial market share of wood adhesives, owing to the increasing usage of plywood in the woodworking industry. Wood adhesives are extensively used in the manufacturing of furniture as they provide excellent bonding to the furnishing item.
• Rapid urbanization in ASEAN countries and increase in remodeling & renovation activities in developed countries are key factors propelling the growth of the global wood adhesives market.
Geographical Analysis
• Due to the rapid urbanization in the region and this trend is projected to continue in coming years and thereby to bring unprecedented demographic, economic and social shifts.
• Urban development in the region will have an important positive impact on the wood adhesives industry. For instance, India which is one of the fast-growing economies in the region, this country is witnessing immense demand increase for commercial space such as construction of office spaces, hotels, retail, entertainment units. Annual absorption of office space in India crossed 42 mn sq ft in 2017.
• Furthermore, new construction activities, housing projects, and other woodworking activities to propel furniture manufacturing and rise in export activities are expected to drive the demand for wood adhesives in the ASEAN countries.
Competitive Analysis:
• Some of the major players include Henkel AG & Co. KGaA, H.B. Fuller, 3M Company, Ashland Inc, Sika A.G, The Dow Chemical Company, AkzoNobel N.V, Bostik SA, Pidilite Industries, Huntsman Corporation
• These key players in the market are mainly focus on new product launches, expansions, mergers & acquisitions to enhance their position in the wood adhesives market.
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