The North America Wood Adhesives Market would witness market growth of 7.8% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 716.99 Kilo Tonnes, showcasing a growth of 6.9% (2019-2022).
Wood adhesives offer several performance advantages over traditional fastening methods, such as nails or screws. The structural integrity of wood-based products is improved by the capacity to form strong and durable bonds. This is especially important in industries including construction and woodworking, where the quality and longevity of structures and products are essential. Adhesives contribute to a seamless and homogeneous assembly, distributing stresses evenly across bonded surfaces, resulting in robust and reliable structures.
Wood adhesives have applications across diverse industries, from woodworking and furniture manufacturing to construction, automotive, and packaging. The versatility of these adhesives allows manufacturers to use them in various contexts, addressing different bonding requirements. The adaptability of these to different substrates and materials makes them a preferred choice in industries with varied needs.
According to Statistics Canada, the 11-census metropolitan area (CMA) composite for residential building construction prices increased 7.6% year on average in 2023. There was considerable variation in cost increases among CMAs in 2023, with the largest increases occurring in Toronto (+12.7%), Halifax (+8.2%), and Vancouver (+7.8%). In addition, the 11-CMA composite for non-residential building costs had an average annual growth of 7.1% in 2023 after a record increase of +12.5% in 2022. Hence, the factors mentioned above will drive the regional market growth.
The US market dominated the North America Wood Adhesives Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,661.6 million by 2030. The Canada market is experiencing a CAGR of 9.8% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 9.3% during (2023 - 2030).
Free Valuable Insights: The Wood Adhesives Market is Predict to reach USD 11.7 Billion by 2030, at a CAGR of 8.1%
Based on Application, the market is segmented into Furniture, Flooring, Housing Components, Doors & Windows and Others. Based on Substrate, the market is segmented into Particle Board (PB), Solid Wood, Oriented Strand Board (OSB), Plywood, Medium-Density Fiberboard (MDF), High-Density Fiberboard (HDF), and Others. Based on Product, the market is segmented into Urea-Formaldehyde (UF), Melamine Urea-Formaldehyde (MUF), Phenol-Formaldehyde (PF), Isocyanates, Polyvinyl Acetate (PVA), Polyurethane and Soy-based. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Substrate (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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