Wood Adhesives Market Is Likely To Up Demand At A USD 12.52 Billion By 2030

 San Francisco, 21 March 2024: The Report Wood Adhesives Market Size, Share & Trends Analysis Report By Product (Urea-Formaldehyde, Soy-based), By Application, By Substrate, By Region, And Segment Forecasts, 2024 - 2030

The global wood adhesives market size is anticipated to reach USD 12.52 billion by 2030 and is projected to grow at CAGR of 8.6% from 2024 to 2030, as per the new report by Grand View Research, Inc. The increasing demand from engineered wood-based panel manufacturers is a significant driver of the market.

Adhesives are a preferred choice for binding wood strips, chips, fibers, strands, and veneers for manufacturing engineered wood-based panels such as plywood, particle board, oriented strand board, medium density fiberboard, and high density fiberboards. Increasing population and rapid urbanization accompanied with the government efforts to boost residential construction are likely to propel the demand for wood-based panels, which in turn is expected to support the market growth.

Urea-formaldehyde (UF) dominated the market in 2023 owing to its beneficial properties, namely, inflammability, low cost, light color, and a very rapid cure rate. However, low water resistance of the product is likely to restrain its utilization over the coming years. Melamine urea-formaldehyde (MUF) resins, which possess better water resistance properties, are increasingly being used in exterior applications that are more susceptible to moisture.

Soy-based adhesives have gained popularity owing to their low cost production, low emissions, and bio-based origin. Stringent regulations pertaining to the formaldehyde emissions that are emitted during the production of UF resin-based wood products has led to resurgence of soy-based adhesives demand. Hydrolyzed soy proteins added to phenol formaldehyde resins provide reduced costs without degrading performance.

Furniture is also expected to remain a major application for the product. Growing investment on high-end, branded furniture by the consumers is expected to positively affect the market. Major trends affecting the industry are sustainability, digitalization, and integration of home electronics into work & home furniture. These factors have facilitated innovation and new product development in the market.

Access Research Report of Wood Adhesives Market @ https://www.grandviewresearch.com/industry-analysis/wood-adhesives-market

Wood Adhesives Market Report Highlights

• Urea-formaldehyde (UF) dominated the market in 2023 with a significant volume share of 31.4%, due to its low cost
• Soy-based adhesives are anticipated to witness the fastest revenue growth, with a CAGR of 10.0% from 2024 to 2030. The environmental advantages offered by the product is estimated to play a key role for its increasing demand
• Flooring is estimated to be the fastest growing application, in terms of revenue, with a CAGR of 9.3% from 2024 to 2030. Increasing construction spending and the rise in demand for luxurious and comfortable flooring is expected to facilitate the segment growth
• Particle Board (PB) held the largest share in the wood adhesive consumption, with a significant volume share of 27.1% in 2023
• Asia Pacific dominated the wood adhesives market with a significant volume share of 58.6% in 2023, owing to the extensive engineered wood-based panel production in the region

Wood Adhesives Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 7.63 billion
Revenue forecast in 2030	USD 12.52 billion
Growth rate	CAGR of 8.6% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030

List of Key Players in the Wood Adhesives Market

• B. Fuller
• Henkel AG & Co., KGaA
• Bostik S.A.
• 3M
• Sika AG
• Ashland, Inc.
• Pidilite Industries Ltd.
• Jubilant Industries Ltd.
• AkzoNobel N.V.
• Franklin Adhesives & Polymers.
• DowDuPont Inc.

Access Press Release of Wood Adhesives Market @ https://www.grandviewresearch.com/press-release/global-wood-adhesives-market