The global wood adhesives market was expected to grow from $3.71 billion in 2015.
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.