Wood Adhesives Market Report

Wood Adhesives Market Analysis By Product (Urea-Formaldehyde, Melamine Urea, Phenol-Formaldehyde, Isocyanate, Polyurethane, PVA, Soy-based), By Application (Flooring, Furniture, Doors & Windows), And Segment Forecasts, 2014 - 2025

Published: May 2017  |  145 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-307-2

Industry Insights

The global wood adhesives market size was estimated at 1.96 million tons in 2015. Profound advancements into microstructural mechanical interlocking for better adhesion of wooden surfaces has driven market growth in recent years.

Since wood tends to shrink by emitting moisture and swell by assimilating dampness, dimensional changes tend to impart stress on the joints of glued items. The higher the burden, the stronger the glue joints need to be to mitigate or avoid bond failure, demonstrating the need for higher quality and stronger glue in accordance with the thickness and shrinkage capability of the substrate.

U.S. wood adhesives market volume by product, 2014 - 2025 (Kilo Tons)

U.S. wood adhesives market

Adhesives are widely classified into natural & synthetic, with differentiation on the basis of raw materials used for their production. Natural ingredients include substances such as meat or animal (organic) by-products, or casein, soybean, and starch. These obsolete materials have largely been replaced with progressive materials such as chemicals & polymer matrixes that provide a more permanent bond for modern applications.

Furthermore, the application scope has widened significantly in recent years, as laminated veneer and plywood have made their presence felt in the international furniture & construction markets. Manufacturers & assemblers are increasingly compelled to meet transitioning consumer standards with innovative products that are long-lasting, durable yet light in weight.

Strengthening views regarding sustainability has also been a key driving factor, with furniture makers attempting to optimize their production processes and meet energy efficiency standards. The growing consciousness regarding resource conservation has also driven glue demand in several industries, in a shift away from conventional bonding materials.

Innovations in furniture & décor, including the development of cross-laminated timber (CLT), are expected to revolutionize the industry and drive the demand for bonding materials that ensure higher aesthetic appeal by eliminating unsightly rivets. These new materials are also expected to open up new growth avenues since revolutionary applications are being developed in niche markets.

Increasing awareness related to health and environmental issues has intensified the demand for water borne and solvent free adhesive technologies. Stringent regulations on global emission standards have made manufacturers to develop environmental friendly adhesive products.

Other developments in the market include the introduction of soy-based bonding agents for composite panels, and glue that can transfer and distribute stress on a substrate to increase the stiffness and durability of these composites. These factors are expected to drive market expansion & growth in the near future as companies improve their offerings.

Product Insights

Urea-formaldehyde (UF) and melamine urea-formaldehyde (MUF) together emerged as the leading product categories, accounting for over 70% of the total volume in 2015. UF resins polymerize into permanently interlinked networks which are influential in the strength of the cured adhesive, driving their demand in applications such as particleboards, plywood, and other bonding.

MUF resins possess better water resistance properties compared to other resins. Studies have been made to develop MF/MUF resin adhesives for the manufacture of flooring tiles from bamboo, bamboo laminates and also for finger jointing of saw mill waste timbers. The segment is expected to benefit from expanding end-use industries such as furniture & construction in emerging economies of Asia Pacific and Latin America.

However, formaldehyde prices have increased exponentially in recent years, owing to increasing feedstock (methanol) prices and global shortage. Soy-based products have thus risen as substitutes for UF and MUF products, as legislations and stringent regulations have begun hampering formaldehyde applications in light of recent health concerns.

Polyurethane (PU) is another fast-growing product with 3.6% CAGR, since the product is widely recognized as a low volatile organic compound (VOC) material that is highly compatible with several processes & specifications. Furthermore, numerous timber species with high moisture or oil content are also bonded easily, contributing to segment growth.

Application Insights

Flooring & plywood applications dominated the industry with over 33% revenue share in 2015. Increasing construction spending and the rise in demand for luxurious and comfortable flooring has resulted in segment growth.

Plywood floors help consumers achieve higher aesthetics without compromising on natural resources, while timber flooring is gaining demand in an increasing number of refurbishment and restoration projects. The segment is also anticipated to grow at the highest CAGR of 3.4% in terms of revenue over the forecast period.

Doors & windows are also expected to remain a dominant segment, as construction spending increases across the globe. Window films are also being manufactured to provide UV filtration in commercial & residential buildings. The product allows optimum thickness control while manufacturing such films, which is expected to contribute to higher consumption over the near future.

Global wood adhesives market volume by application, 2016 (%)

Global wood adhesives market

New residential & commercial construction activities in emerging economies are also fostering the demand for high quality housing components to ensure energy efficiency, sustainability and attractiveness. Such components are expected to generate strong demand for glue owing to the need for superior adhesion, safety and sustainability over a long period of time.

Regional Insights

Asia Pacific was the dominant consumer, accounting for above 43% of the regional revenue share in 2015. Implementation of government regulations, such as the 2017 Bandung Green Building Regulation (Indonesia) and adoption of the U.S Green Building Council’s Leadership in Energy Environmental Design (LEED) rating system, have encouraged adhesives demand.

The International Finance Corporation has also released a tool for Excellence in Design For Greater Efficiencies (EDGE), to provide a streamlined approach for encapsulating green building fundamentals in such developing economies. Singapore and Thailand are other notable countries undertaking efforts to ensure sustainability in their buildings, by integrating lightweight and energy efficient materials in their construction efforts.

North America is yet another dominant contributor to industry revenue, with growth estimated at 3.6% CAGR from 2016 to 2025. Recovery in the U.S. economy has aided higher construction spending, including renovation & refurbishment activities, which in turn has driven product demand in the region.

Competitive Insights

The global industry is highly competitive, with the presence of numerous multinationals who are attempting to consolidate their positions by engaging in extensive R&D, against the backdrop of new entrants who are struggling to get a foothold in the industry with expanding production capabilities.

Furthermore, major companies such as Wanhua Chemical Group have taken the step to separate their Performance Chemicals Business Unit in order to focus entirely on the development of high performance specialty chemicals, including wood glues & bonding agents. Henkel is another such player that recently inaugurated the largest global adhesives factory in China.

These and other initiatives are expected to contribute towards industry expansion & revenue generation. Other significant players include Dana Lim A.S., Lubrizol Corporation, Bostik Adhesives, Royal DSM, AkzoNobel, HB Fuller Company, Casco Adhesives AB, Franklin Adhesives & Polymers, LonKoll, GP Chemicals, Dynea, and Surfactant Industries.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2014 - 2015

Forecast period

2016 - 2025

Market representation

Volume in kilo tons, revenue in USD Million and CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Country scope

U.S., Canada, Germany, UK, France, China, India, Mexico, Brazil, Saudi Arabia

Report coverage

Volume & revenue forecast, company share, competitive landscape, growth factors and trends

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Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global wood adhesives market on the basis of product, application and region:

  • Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

    • Urea-Formaldehyde

    • Melamine Urea-Formaldehyde

    • Phenol-Formaldehyde

    • Isocyanate

    • Polyurethane

    • Polyvinyl Acetate

    • Soy-based

    • Others

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

    • Flooring & Plywood

    • Furniture

    • Doors & Windows

    • Housing Components

    • Others

  • Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • France

      • UK

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Mexico

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

Key questions answered by the report
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