Wood Adhesives Market Size, Share & Trends Report

Wood Adhesives Market Size, Share & Trends Analysis Report By Product (Urea-Formaldehyde, Soy-based), By Application, By Substrate, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-853-4
  • Number of Pages: 200
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the wood adhesives market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for wood adhesives market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of wood adhesives market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Wood Adhesives Market Categorization:

The wood adhesives market was categorized into four segments, namely product (Urea-formaldehyde (UF), Melamine Urea-formaldehyde (MUF), Phenol-formaldehyde (PF), Isocyanates, Polyurethane, Polyvinyl Acetate (PVA), Soy-based), application (Flooring, Furniture, Doors & Windows, Housing Components), substrate (Solid Wood, Oriented Strand Board (OSB), Plywood,Particle Board (PB), Medium-density Fiberboard (MDF), High-density Fiberboard (HDF)), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The wood adhesives market was segmented into product, application, substrate, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The wood adhesives market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eleven countries, namely, the U.S.; Canada; Mexico; Germany; UK; France; China; India; Japan, Brazil; Saudi Arabia

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Wood adhesives market companies & financials:

The wood adhesives market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • H.B. Fuller Company H.B. Fuller Company, a global formulator, manufacturer, and marketer of adhesives, sealants, and other specialty chemical products, operates through various business segments, including Americas adhesives, EMEA, Asia Pacific, construction products, engineering adhesives, and royal adhesives. The company's sales operations are spread across 37 countries in North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.

  • Henkel AG & Co., KGaA Henkel AG & Co., KGaA, a leading multinational company, operates through three business segments: adhesive technologies, beauty care, and laundry & home care. The adhesive technologies business segment is further divided into two segments, including adhesives for consumers & craftsmen and building & industrial businesses. The company's operations are spread across Western Europe, Eastern Europe, the Middle East & Africa, North America, Latin America, and Asia Pacific. Henkel operates through 185 production sites across 56 countries, of which, 141 facilities are dedicated to adhesive technologies, 11 to beauty care, and 33 to laundry & home care. Henkel employs over 8,000 employees at approximately 60 sites across the U.S., Canada, and Puerto Rico. 

  • Bostik Bostik is engaged in the manufacturing of adhesives and sealants. In February 2015, Arkema completed the acquisition of Bostik to create additional value in the specialty chemicals market by leveraging the leadership position of Bostik in specialty adhesives. With the acquisition of Bostik, Arkema Group has 59 production units to manufacture adhesives and sealants in Europe, North America, and Asia.

  • 3M 3M is a global diversified technology company that operates through five business segments: industrial, safety & graphics, healthcare, electronics & energy, and consumer. The company has a presence in North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa, with 80 manufacturing facilities located in 29 U.S. states and 125 manufacturing and converting facilities located in 37 countries outside the U.S. 

  • Sika AG Sika AG is a specialty chemicals company that manufactures products targeting seven markets, which include concrete, waterproofing, roofing, flooring, sealing & bonding, refurbishment, and industry. The company has several subsidiaries across 100 countries, and has over 200 factories. 

  • Ashland Ashland Global Holdings Inc. (NYSE: ASH) is a premier, global specialty chemicals company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. The company has manufacturing and lab facilities in the US, Belgium, Brazil, China, France, Germany, Ireland, India, Mexico, the Netherlands, and the UK. Ashland is headquartered in Wilmington, Delaware, the US. The company has a strong global presence, attracting a geographically diversified investor base.

  • Pidilite Industries Ltd. Pidilite Industries Ltd. is a major market player that offers a diverse range of products and solutions. The company's portfolio includes adhesives, waterproofing solutions, construction chemicals, arts and crafts, industrial resins, and more. Pidilite's brand portfolio encompasses well-known names such as Fevicol, Fevicol MR, Dr. Fixit, Fevikwik, M-Seal, Fevistik, Fevicryl, and Hobby Ideas. The company has a global presence, with over 9 manufacturing facilities and a footprint in 71 countries. Pidilite's offerings cater to both consumer and industrial applications, and the company is known for its continuous innovation and commitment to meeting the evolving needs of its customers. Additionally, Pidilite is a market leader in adhesives, industrial and construction chemicals, and art materials, and it has a strong distribution network and sales offices in multiple cities to deliver its products to customers.

  • Jubilant Industries Ltd. Jubilant Industries Ltd. is the flagship company of the Agri and Performance Polymers business of the Jubilant Bhartia Group. The company's diversified portfolio includes a wide range of Crop Nutrition, Crop Growth, and Crop protection Agri products and Performance Polymers products comprising consumer wood finishes; food polymers and latex such as Vinyl Pyridine, SBR and NBR latex. The company's Performance Polymers segment is engaged in manufacturing wood adhesives, wood finishing, footwear adhesives, and epoxy sealants for consumer products with the brand name 'JIVANJOR.' The segment also includes food polymers and latex.

  • Akzo Nobel N.V. Akzo Nobel N.V. is a leading producer of paints, coatings, and specialty chemicals for industrial and consumer applications worldwide. The company has a strong global presence, operating in over 80 countries. Akzo Nobel N.V. is known for its well-established brands, including Dulux, Sikkens, Interpon, and Eka. The company serves a diverse range of end-use industries, such as building & construction, industrial manufacturing, transportation, packaging, and consumer durables.

  • Franklin Adhesives & Polymers. Franklin Adhesives & Polymers, a division of Franklin International, is a leading manufacturer of adhesives for the wood furniture, millwork, and engineered-lamination markets. The company also provides pressure sensitive adhesives for tapes, graphics, and labels used on consumer packaged goods, office products, and more. Franklin Adhesives & Polymers has a strong global presence, serving over 60 countries on six continents, including the Pacific Rim region through its plant located in Guangzhou, China.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Wood Adhesives Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Wood Adhesives Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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