Wood adhesives and binders refer to substances that adhere or bond to wood surfaces or wood particles. Used across a vast number of applications in areas where wooden structures are employed, wood adhesives and binders are among the key entities required across a number of consumer and industrial applications such as furniture, flooring, doors, windows, and cabinets. To be able to provide excellent bond between wooden surfaces wood adhesives and binders are required to exhibit great bonding strength, resistance to chemicals and temperature, and durability.
While wood adhesives are available in both natural and synthetic varieties, focus has considerably increased on the production of new product varieties with lower content of volatile organic compounds (VOCs). This trend is driven due to the stringent regulations laid down by regulatory authorities against the use of environment damaging chemicals. This trend is expected to remain one of the key transformational factors impacting the overall development of the global wood adhesives and binders market in the next few years.
Transparency Market Research estimates that the global wood adhesives and binders market will exhibit a CAGR of 4.4% over the period between 2014 and 2020 and rise from a valuation US$13.15 bn in 2013 to US$17.77 bn by 2020.
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Demand for Wood Adhesives and Binders for Furniture and Subcomponents to Lead to Most Promising Growth Opportunities
The report examines the key applications of wood adhesives and binders across applications segments such as cabinets, flooring and plywood, furniture and subcomponents, windows and doors, crafts, and do-it-yourself consumer products. The furniture and construction industries grant the market its most promising application segments in the form of flooring, windows and doors, plywood, and furniture. A variety of wood adhesives and binders are extensively used to manufacture particle boards, oriented strand boards (OSBs), medium density fiberboards, and softwood plywood for use across these application areas.
The segment of furniture and subcomponents is expected to emerge as the leading segment in terms of growth rate over the report’s forecast period. The segment is projected to exhibit a promising CAGR of over 5% in terms of volume over the period between 2014 and 2020. On the other hand, the segment of flooring and plywood remained the dominant segment across all regions in 2013. The segment accounted for over half of the global consumption of wood adhesives and binders in the said year. The trend is projected to continue to remain strong over the report’s forecast period, with demand from the vast rise in infrastructure activities to remain the key driver.
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Asia Pacific Market to Present Most Promising Growth Opportunities
In terms of geography, the report examines the wood adhesives and binders market in regions such as Asia Pacific, North America, Europe, and Middle East and Africa. Of these, the market in North America accounted for the dominant share of revenue in the global market in 2013 and also led in terms of volume-wise consumption. The region accounted for a massive 33% of the global consumption of wood adhesives and binders in 2013. In the next few years, North America is expected to retain dominance owing to vast demand across flooring and plywood applications.
Emerging economies in Asia Pacific are expected to be among the most promising markets for wood adhesives and binders over the report’s forecast period. The vast rise in construction activities owing to rising urbanization in countries such as India and China is expected to emerge as the key demand driver of the global wood adhesives and binders market in the Asia Pacific region over the report’s forecast period.
Some of the leading players operating in the global wood adhesives and binders market are Bostik SA, Avery Dennison Corporation, Dow Chemical Company, Adhesives Research Inc., Huntsman Corporation, Henkel AG & Co. KGaA, BASF SE, H.B Fuller Company, 3M Company, and Ashland Inc.