The scope of our recent study on the "Wood Adhesives Market Forecast to 2031 - Global and Regional Share, Trends, and Growth Opportunity Analysis - by Resin Type, Technology, and Application" includes the factors fuelling the wood adhesives market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The wood adhesives market size was valued at US$ 4.57 billion in 2023 and is expected to reach US$ 6.79 billion by 2031; it is estimated to register a CAGR of 5.1% from 2023 to 2031.
Wood adhesives are used to enhance the functionality of wood. In North America, the demand for wood adhesives is increasing due to the rising expenditure on renovating and remodeling old housing structures. According to the American Institute of Architects (AIA), in 2022, most architecture firm billings came from renovation activities. Consumers are spending on the renovation of the buildings as most of the construction in the county is almost 20 years old. The Joint Center for Housing Centers of Harvard University (JCHS) stated that American home improvement spending was around US$ 472 billion in 2022. Wood adhesives are primarily used in various constructions, such as kitchen cabinets, plywood, and wood flooring.
Economic growth and rising disposable incomes of consumers in Asia Pacific contribute to the wood adhesives market growth. As living standards improve, there is a growing market for furniture and home décor items. Consumers are increasingly investing in high-quality, durable furniture, often made of engineered wood products that require wood adhesives. The furniture manufacturing industry, which is a major consumer of wood adhesives, is thriving as a result, further boosting the demand for these products. Moreover, Asia Pacific is experiencing a shift toward sustainable and environmentally friendly products aligning with global trends. China's wood adhesives market growth is attributed to rising government initiatives to provide basic housing facilities and surging demand for sustainable construction materials. In January 2023, China's government announced to build 6.5 million public housing units during 2021-2025 to accommodate 20 million people in 40 major cities. The project was aimed at easing housing pressure on low-income populations. Wood adhesives are primarily used in various constructions, such as kitchen cabinets, plywood, and wood flooring. Thus, government housing projects have driven the country's wood adhesives market growth.
Based on resin type, the market is segmented into natural and synthetic. The synthetic segment held the largest share in the global wood adhesives market in 2023, and natural is expected to register a higher CAGR from 2023 to 2031. Natural wood adhesives are derived from organic sources such as natural resins and dextrin. In recent years, the demand for natural wood adhesives has increased due to rising environmental concerns and increasing awareness of health and safety among consumers. Synthetic wood adhesives can be formulated for specific applications, allowing manufacturers to tailor their properties to meet precise requirements. Advancements in chemical engineering and production technologies have made synthetic adhesives more affordable, enabling manufacturers to save costs without compromising quality.
The wood adhesives market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Europe held the largest wood adhesives market share in 2023. The woodwork, furniture, and building & construction industry is fostering in the region due to increased investments in residential and commercial construction, government policies supporting sustainability, and urbanization. The growth in residential and commercial construction positively influences the demand for building materials such as plywood, veneer, fiberboard, particleboard, doors, window panels, flooring, and furniture, among others. Germany is one of the growing economies with a high-skilled manufacturing hub. Additionally, France and Italy are economies that are considered an attractive destination for companies looking for a manufacturing hub equipped with advanced technologies. Moreover, government initiatives and policies aimed at promoting domestic manufacturing and industrial growth also play a significant role in driving the wood adhesives market in the region.
The report includes the segmentation of the global wood adhesives market as follows:
The global wood adhesives market is bifurcated based on resin type, technology, and application. Based on resin type, the market is bifurcated into natural and synthetic. Based on technology, the market is segmented into water-based, solvent-based, and others. Based on application, the market is categorized into furniture, plywood, flooring, doors and windows, and others. This construction boom necessitates a significant amount of wood products, including plywood, MDF, and particleboard, all of which rely heavily on wood adhesives for their manufacture. Wood adhesives are primarily used in various constructions, such as kitchen cabinets, plywood, and wood flooring. The surging government housing projects have driven the growth of the wood adhesives market.
By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is sub-segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific wood adhesives market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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