The wood adhesives market is set for robust growth, rising from $5.13 billion in 2023 to $5.48 billion in 2024, demonstrating a CAGR of 6.9%. This growth is driven by increased demand in the construction and furniture industries. By 2028, the market is projected to reach $7.18 billion, with a CAGR of 7.0%, fueled by sustainable practices and the rising popularity of engineered wood products.
Major Driver In The Wood Adhesives Market
The significant increase in spending of consumers on home decorative and luxury furniture products is expected to drive the growth of the wood adhesives market going forward. Wood adhesives are used for most wood joinery purposes and are an effective assembly choice for home decor and wooden furniture. Despite major supply chain challenges, luxury furniture and home goods retailer RH remains optimistic that robust consumer spending will continue as the business strives to position itself beyond curating and selling objects and towards conceiving and selling settings. For instance, RH's net revenue in the second quarter of 2021 was $989 million, up 39% from the previous year and 40% from the second quarter of 2019. RH currently expects its full-year sales in 2021 to grow by 31% to 33%, up from previous predictions of 25% to 30%, based on the stability of the business. As a result, the increase in consumer spending on home decorative and luxury furniture products drives the growth of the wood adhesives market. The wood adhesives market showed promising figures in 2023, and the trend is expected to continue with substantial market sizes anticipated for 2024 and 2028.
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Wood Adhesives Market Competitive Landscape
The Dow Chemical Company, 3M Company, BASF SE, Henkel AG & Co, Arkema SA, AkzoNobel N.V, Sika AG, Avery Dennison Corporation, ITW Devcon Inc., The Reynolds Co, Harvey Benjamin Fuller, Bostik SA, Aica Kogyo Company Limited, Huntsman Corporation, Jowat SE, Pidilite Industries Ltd., LORD Corporation, Jubilant Industries Ltd., Beardow Adams Ltd., Dymax Corporation, Chemence Inc., Adhesives Research Inc., AJ Adhesives Inc., W.F. Taylor, Surebonder, Permabond LLC, L.D. Davis Industries Inc., RPM International Inc., Master Bond Inc., Cattie Adhesives, Collano Adhesives AG, DAP Products Inc., Franklin Adhesives & Polymers, Ashland Global Holdings Inc., Chemique Adhesives Inc., Chemtura Corporation, Dow Corning Corporation, Eastman Chemical Company
Key Wood Adhesives Market Trend
Strategic collaborations are shaping the wood adhesives market. Strategic collaborations provide manufacturers of wood adhesives with a broader distribution range, which aids in market growth. For instance, in June 2021, to meet the increased demand for adhesive applications in the B2B woodworking industry, HB Fuller signed a distribution deal with Jubilant Agri and Consumer Products, a 100% subsidiary of Jubilant Industries. This strategic partnership will help HB Fuller expand the reach of its high-performing adhesive solutions across a variety of technologies, including water-based, hot melt moisture cures, and polyurethanes, to better meet customers' specific adhesion and sustainability needs while also providing access to global experts and local expertise, service, and technical support. Furthermore, in April 2021, Innovative Chemical Products Group (ICP Group) acquired Choice Adhesives. With the acquisition of Choice Adhesives to the ICP BSG family, the ICP BSG family will be able to effectively support its professional clients in the roofing adhesive sector.
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Wood Adhesives Market Segmentation
The wood adhesives market covered in this report is segmented –
1) By Product: Urea-formaldehyde, Melamine urea-formaldehyde, Phenol-formaldehyde, Isocyanates, Polyurethane, Polyvinyl acetate, Soy-based, Other Products
2) By Technology: Solvent Based, Water Based, Other Technologies
3) By Resin Type: Natural, Synthetic
4) By Application: Flooring And Decks, Plywood, Furniture, Cabinet, Windows And Doors, Other Applications
By Geography:The regions covered in the wood adhesives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the wood adhesives market in 2023.
The Wood Adhesives Global Market Report 2024 furnishes information about the global wood adhesives market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
