Urea-formaldehyde based wood adhesives and binders market to observe lucrative growth over 2016-2024, high deployment in windows & doors and cabinet applications to spur the product demand
Escalating growth in the construction sector will lead wood adhesives and binders market to carve an exponential growth graph over the years ahead, driven by the shifting consumer trends toward aesthetics. Growing urbanization and industrialization across the BRIC countries will also augment wood adhesives and binders industry share. The rising urban population, accustomed to a lavish lifestyle, will spend heavily on renovating homes and offices, in response to which global wood adhesives and binders market will observe significant growth. According to Global Market Insights, Inc., “ Wood Adhesives and Binders industry will record an annual growth rate of more than 4% over the period of 2016 to 2024.”
U.S Wood Adhesives And Binders Market size, by application, 2015 & 2024 (USD Million)
Window & doors, cabinets, furniture & subcomponents, and flooring & plywood are the main application areas of wood adhesives and binders market. Furniture & subcomponents application segment, having had a revenue of USD 4 billion in 2015, will exhibit a significant growth rate over the years ahead, owing to its surging demand as a result of increase in spending by the customers across the globe. Moreover, escalating non-residential furniture work like desks manufacturing will fuel the demand for wood adhesives and binders significantly.
Growing investment in flooring industry will lead to a considerable revenue generation in flooring & plywood application segment, which will register a CAGR of more than 5% over the coming years of 2016 to 2024. Additionally, surging product requirement across the residential and commercial sectors will also influence wood adhesives and binders industry growth.
Phenol formaldehyde based products will register an annual growth rate of more than 4% over the period of 2016 to 2024, primarily driven by its surging demand pertaining to its properties of low surface energy, better chemical resistance, and high performance in moist conditions. Urea-formaldehyde based wood adhesives and binders industry was worth USD 3 billion in 2015 and is projected to witness considerable growth prospects over the coming timeframe. The growth can be attributed to its high demand pertaining to its excellent bond strength along with availability at lower cost. In addition to this, urea-formaldehyde based products are prominently used in non-structural and structural applications such as furniture, cabinets, flooring & plywood, and windows & doors. This, in turn, will boost wood adhesives and binders market size notably. Soy-based, melamine-urea-formaldehyde, and isocyanates are the other notable products in wood adhesives and binders industry.
Considering the regional landscape, Asia Pacific wood adhesives and binders market, having had a revenue of more than USD 3.5 billion in 2015, will exhibit a considerable growth rate over the coming seven years, owing to the noticeably expanding construction industry. Moreover, the rise in per capita income results in a huge requirement for high quality wood appliances, which will favorably impact the product demand across APAC. India, China, and Japan will be the prominent revenue contributors.
U.S. contributed to a major share of North America wood adhesives and binders industry in 2015 and will cross an annual growth rate of 4.5% over the period of 2016 to 2024. Rising renovation and restoration activities in the region pertaining the changing consumer preferences toward a luxurious lifestyle will augment the market growth.
The notable players in wood adhesives and binders market are Ashland Inc., 3M Company, H.B Fuller Company, Huntsman Corporation, BASF SE, Dow Chemical Company, and Avery Dennison Corporation.
Author Name :Sunil Hebbalkar