The global wood adhesives market was expected to grow from $3.71 billion in 2015 to $5.24 billion by 2026, at a compound annual growth rate (CAGR) of 3.1%, according to a recent report from Markets and Markets. Growth in this market is driven by the increasing demand for wooden furniture and the expansion of the housing sector.
In 2015, the furniture application segment reportedly accounted for the largest share of the global wood adhesives market in terms of volume, followed by the plywood application segment, due to the increasing usage of plywood in the woodworking industry. Wood adhesives are extensively used in the manufacturing of furniture. Rapid urbanization and increase in remodeling and renovation activities are key factors propelling the growth of the global wood adhesives market.
Based on resin type, the synthetic resin adhesives segment was estimated to lead the global wood adhesives market in 2016 in terms of volume. The resin component in the synthetic resin formulation reportedly enhances the end-use performance properties of wood adhesives. These adhesives are used in various woodworking applications such as furniture, flooring and decks, cabinets, plywood, particle board, and windows and doors, and drive the demand for synthetic resin adhesives.
The Asia-Pacific region is expected to be the largest consumer of wood adhesives during the forecast period. In this region, China and India are considered to be the biggest consumers of wood adhesives.
Key driving factors of the wood adhesives market in the Asia-Pacific region include: new construction activities; housing projects; and other woodworking activities in various countries of the Asia-Pacific region. Growth in furniture manufacturing and rise in export activities are expected to drive the demand for wood adhesives in the Asia-Pacific countries.
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