The global market for wood adhesives and binders has been witnessing an exponential surge in its market valuation in recent years. The rapid rise in the construction industry has fueled the furniture market, resulting in an increasing demand for wood adhesives and binders across the world.
In a recent market study, Transparency Market Research (TMR) has stated that the global wood adhesives and binders market was valued at US$13 bn in 2013. The market is likely to rise at a CAGR of 4.40% between 2014 and 2020 and reach US$17.7 bn by the end of 2020.
Rising Commercialization of Biobased Adhesives to Present Lucrative Opportunities
The increasing commercialization of biobased adhesives is projected to present an opportunity-rich market for participants. The rising concerns over the harmful effects of synthetic adhesives on the environment have driven consumers towards biobased adhesives. This trend has had an impactful reaction on the construction industry at large, encouraging market players to develop biobased wood adhesives and binders.
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EcoPro Polymers, a Corvallis-based startup, has been trying to develop the first formaldehyde-free plant-based adhesive that can be utilized to produce particleboard, medium density fiberboard (MDF), and other wood products.
North America Dominates Global Wood Adhesives and Binders Market
North America leads the global market for wood adhesives and binders at present. The rise in the furniture and interior designing industries, triggered by the rising affluence of consumers, has influenced this regional market positively in recent years. In 2013, North America held around 33% of the worldwide market for wood adhesives and binders in terms of volume produced.
Asia Pacific acquired the second position and reported the fastest growth in the global market for wood adhesives and binders in 2013. The increasing construction activities in Asia Pacific were the key driving force behind the growth of the market for wood adhesives and binders in this region. During the period from 2014 to 2020, the construction industry in Asia Pacific is likely to rise at a rapid pace, consequently augmenting the demand for wood adhesives and binders to a significant level. This regional market is likely to maintain its position in the coming years.
Europe is also registering impressive growth in the global market for wood adhesives and binders. The rising construction industry in developing nations in Eastern Europe, such as Russia, is likely to propel the demand for wood adhesives and binders in this region. The Rest of World is, however, lagging much behind its peers in terms of value as well as volume.
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3M Co., H.B Fuller Co., Ashland Inc., Henkel AG & Co. KGaA, Huntsman Corp., BASF SE., Avery Dennison Corp., Dow Chemical Co., Adhesives Research Inc., and Bostik SA are the prominent manufacturers of wood adhesives and binders in the global arena.
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