“Global Wood Adhesives Market to reach a market value of USD 11.7 Billion by 2030 growing at a CAGR of 8.1%”
The Global Wood Adhesives Market size is expected to reach $11.7 billion by 2030, rising at a market growth of 8.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 4,710.63 Kilo Tonnes, experiencing a growth of 7.2% (2019-2022).
MUF resins exhibit improved water resistance compared to standard UF resins. Therefore, the melamine urea-formaldehyde (MUF) segment captured $592.41 million revenue in the market in 2022. This property makes MUF adhesives suitable for applications where the bonded wood components may be exposed to moisture or humid conditions. The increased water resistance contributes to the durability and longevity of the bonded structures, making MUF adhesives preferable in certain industries. MUF adhesives offer better heat resistance compared to UF resins.
Wood adhesives offer design flexibility, allowing manufacturers to create intricate and customized wood-based designs in vehicle interiors. The ability to bond wood veneers and components with precision supports the realization of diverse design concepts, contributing to the automotive industry’s pursuit of innovative interior aesthetics. Thus, because of the rising adoption of the automotive industry, the market is anticipated to increase significantly.
Additionally, Housing demand drives the need for wood adhesives in interior applications within residential construction. These adhesives are used in bonding wood components for flooring, paneling, doors, and various decorative elements, enhancing the aesthetic appeal of homes. Hence, expansion of the housing demand has been a pivotal factor in driving the growth of the market.
However, fluctuations in raw materials prices, such as resins and additives, lead to cost volatility for adhesive manufacturers. Sudden price increases can escalate production expenses, affecting profit margins and the overall cost-effectiveness of wood adhesives. The market operates within competitive environments where profit margins are sensitive to cost fluctuations. Thus, fluctuating raw material prices can slow down the growth of the market.
By product, the market is categorized into urea-formaldehyde (UF), melamine urea-formaldehyde (MUF), phenol-formaldehyde (PF), isocyanates, polyurethane, polyvinyl acetate (PVA), soy-based, and others. In 2022, the urea-formaldehyde (UF) segment held 31.5% revenue share in the market. UF resins are extensively used in producing particleboard and medium-density fiberboard (MDF). These engineered wood products involve bonding wood particles or fibers with the resin, resulting in consistent density, strength, and dimensional stability panels.
Based on application, the market is classified into flooring, furniture, doors & windows, housing components, and others. The doors & windows segment procured 10.6% growth rate in the market in 2022. Wood adhesives are integral in bonding the structural components of doors and windows, including frames, stiles, rails, and mullions. The strong and durable bonds created by these enhance the structural integrity of these components, ensuring stability and longevity.
On the basis of substrate, the market is divided into solid wood, oriented strand board (OSB), plywood, particle board (PB), medium-density fiberboard (MDF), high-density fiberboard (HDF), and others. The plywood segment recorded 23.0% revenue share in the market in 2022. Plywood is commonly used as subflooring and underlayment in flooring applications. These are crucial for bonding plywood panels to the floor joists, creating a stable and level surface for installing finished flooring materials. The growth in flooring projects contributes to the demand for wood adhesives.
Free Valuable Insights: Global Wood Adhesives Market size to reach USD 11.7 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating 47.4% revenue share. The Asia Pacific region has experienced a significant surge in construction endeavors due to the accelerated urbanization and infrastructure development processes. Increasing urbanization has led to a rising demand for housing in many Asia Pacific countries.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 6.3 Billion |
| Market size forecast in 2030 | USD 11.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.1% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 478 |
| Number of Tables | 908 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Substrate, Product, Application, Region |
| Country scope |
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| Companies Included | DuPont de Nemours, Inc., Akzo Nobel N.V., 3M Company, Henkel AG & Company, KGaA, Ashland, Inc., H.B. Fuller Company, Sika AG, Bostik S.A. (Arkema S.A.), Pidilite Industries Ltd., Jubilant Industries Limited (Jubilant Bhartia Group) |
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 Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $11.7 billion by 2030.
Rising adoption of the automotive industry are driving the Market in coming years, however, Fluctuating raw material prices restraints the growth of the Market.
DuPont de Nemours, Inc., Akzo Nobel N.V., 3M Company, Henkel AG & Company, KGaA, Ashland, Inc., H.B. Fuller Company, Sika AG, Bostik S.A. (Arkema S.A.), Pidilite Industries Ltd., Jubilant Industries Limited (Jubilant Bhartia Group)
In the year 2022, the market attained a volume of 4,710.63 Kilo Tonnes, experiencing a growth of 7.2% (2019-2022).
The Particle Board (PB) segment is generating highest revenue in the Market by Substrate in 2022; there by, achieving a market value of $2.7 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $5.7 billion by 2030.
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