PUBLISHER: Grand View Research | PRODUCT CODE: 1433568
PUBLISHER: Grand View Research | PRODUCT CODE: 1433568
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.