wood adhesives Market

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.

Expanding construction activities and the growing furniture manufacturing sector drive the wood adhesives market growth. As urbanization progresses and infrastructure development intensifies, there is a heightened need for reliable building materials, including wood adhesives, for residential and commercial projects. In addition, the rising middle class and increased consumer spending have spurred the demand for high-quality, aesthetically appealing furniture, which relies heavily on wood adhesives. Moreover, the adoption of modern construction techniques and a greater emphasis on sustainable and eco-friendly materials drive the global wood adhesives market growth.

Based on technology, the wood adhesives market is segmented into water-based, solvent-based, and others. The water-based segment is expected to register the highest CAGR in the wood adhesives market from 2023 to 2031. Water-based adhesives emit lower levels of volatile organic compounds (VOCs), reducing air pollution and enhancing workplace safety by minimizing exposure to harmful chemicals. They are also nonflammable and more accessible to maintain, further simplifying manufacturing. In addition, water-based formulation advancements have significantly improved their bonding strength and durability, making them a viable alternative to traditional solvent-based adhesives.

Based on application, the market is segmented into furniture, plywood, flooring, doors and windows, and others. The furniture segment held the largest share of the wood adhesives market in 2023. The demand for wood adhesives is increasing due to a strong emphasis on high-quality construction and a growing focus on sustainable building practices. The advanced construction sector requires durable, efficient adhesives for residential and commercial projects. In addition, the global furniture industry is expanding with rising demand for well-crafted, aesthetically pleasing wooden products, which drives the need for high-performance adhesives. The trend toward incorporating environmentally friendly materials and technologies in construction and manufacturing further fuels the demand for innovative and biobased wood adhesives.

In the wood adhesives market, Asia Pacific is expected to register the highest CAGR from 2023 to 2031. Wood adhesive market growth in Asia Pacific is attributed to rapid urbanization, increasing government initiatives for housing projects, and the well-established furniture industry. The expansion of infrastructure projects and residential housing development, driven by economic growth and a rising middle-class population, necessitates the use of high-quality wood adhesives for various applications. According to the India Brand Equity Foundation (IBEF), as of June 5, 2023, around 1,197 million houses have been sanctioned; also, 74.75 houses have been completed and delivered to the urban poor population under the Pradhan Mantri Awas Yojana-Urban (PMAY-U).

Wood adhesives are used in various construction activities, including kitchen cabinets, flooring, doors, windows, and plywood. In addition, the demand for minimal and modern style furniture is gaining huge popularity in the Asia Pacific. South Korea's demand for wood adhesives is increasing due to the increasing construction activities, government initiatives, and high demand for wooden products. Rapid urbanization has resulted in government investments in various residential construction projects. In August 2022, the South Korean government announced their aim to provide 2.7 million new homes nationwide over the next five years by easing redevelopment and reconstruction regulations and designating a group of locations as new towns for development.

A few players operating in the global wood adhesives market include Henkel AG & Co KGaA, 3M Co, Sika AG, Arkema SA, Dow Inc, H.B. Fuller Company, Akzo Nobel NV, Aica Kogyo Co. Ltd, Pidilite Industries Ltd, Mapei SpA, Jubilant Industries Ltd, Franklin International, Jowat SE, STAUF Klebstoffwerk GmbH, RPM International Inc, Huntsman Corp, Follmann GmbH and Co KG, Bolton Group S.r.l, Wacker Chemie AG, and IFS Industries Inc. Players operating in the global wood adhesives market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.

The overall global wood adhesives market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the wood adhesives market.