Increasing demand for bio-based wood adhesives is a key trend in the global market, according to a recent market research report on the global wood adhesives market from 2017-2021 from Technavio. The top three emerging market trends driving the global wood adhesives market, according to the report, are:
- Growth of housing market in North America;
- Acceptance of modular kitchen; and
- Increasing demand for bio-based wood adhesives.
“The demand for wood adhesives is increasing in China due to an increase in the production of wood composites. The recycled wood is used to produce wood composite products. These products require wood adhesives during their manufacturing. In addition, the market will benefit from growth in the furniture manufacturing and construction industries,” said Mohd Shakeel Iqbal, a lead analyst from Technavio.
Reportedly, North America is considered the second-largest luxury furniture market. The demand for luxury furniture encourages furniture manufacturers to introduce innovative designs, thereby forcing wood adhesive manufacturers to develop new and advanced products. It was reported that the major percentage of the wood adhesives market in North America is from the U.S. with 74%, followed by Canada with 20% and Mexico with 6%. The increasing use of wood in the interiors of housing and commercial buildings, especially in the U.S., is reportedly fueling the demand for wood adhesives. The kids segment in the wood furniture industry provides notable growth prospects, according to the report. In addition, the rise in demand for kids’ furniture is anticipated to boost the growth of the wood adhesives industry.
The report also suggests that wooden cabinets in the kitchen are gaining prominence in the recent years. In addition to the aesthetics of the wood and cabinets, the consumers are also concerned about the durability and lifespan of wooden furniture. This has led to the development of new woods.
For information, visit www.technavio.com.