Transparency Market Research has published a new market report titled “Wood Adhesives and Binders Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.” According to the report, the global wood adhesives and binders market was valued at USD 13.15 billion in 2013 and is expected to reach USD 17.77 billion by 2020, expanding at a CAGR of 4.4% between 2014 and 2020. In terms of volume, the global wood adhesives and binders market stood at 16,207.7 kilo tons in 2013.
Increasing population across the globe is estimated to boost the market for construction projects. This, in turn, is anticipated to propel the wood adhesives and binders market in the near future. Benefits such as ease of use, time efficiency, lightness in weight, low prices and aesthetics are the major drivers for rising adoption of wood adhesives and binders. However, stringent regulations associated with volatile organic compounds (VOCs) and instability in prices of petroleum feedstock is projected to hamper market growth during the forecast period. Furthermore, revenues are expected to grow at a slower rate compared to volume due to price sensitivity of the end-user markets and shifting trend towards products with lower VOCs.
In order to reduce their reliance on synthetic (petroleum-derived) wood adhesives and binders, major industry participants have been shifting their focus towards developing bio-based wood adhesives and binders over the past few years. Bio-based wood adhesives and binders made from soy and cellulose offer better biocompatibility with environment.
North America dominated the global wood adhesives and binders market, accounting for about 33% of the global market in terms of volume in 2013. Asia Pacific was the fastest growing market for wood adhesives and binders, accounting for a significant share of the market volume in 2013. The market in the region is likely to grow at a faster pace from 2014 to 2020. Europe also held a healthy share of the market in terms of volume in 2013. Major demand growth in Europe is expected from emerging Eastern European countries, especially Russia. RoW accounted for the least share of the total volume in 2013.
Urea-formaldehyde products emerged as the largest product segment, accounting for over 30% of the global wood adhesives and binders market in 2013. In terms of volume, soy-based wood adhesives and binders are expected to be the fastest growing products, expanding at a CAGR of approximately 7% between 2014 and 2020, due to a shift towards bio-based products encouraged by stringent environment regulations and sustainability requirements. Additionally, bio-based wood adhesives and binders offer superior biocompatibility and negligible VOC emissions.
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Flooring & plywood applications dominated the market in 2013, constituting over half the share of the global market in terms of volume. Furniture & subcomponent applications are likely to be the fastest growing market for wood adhesives and binders, expanding at a CAGR of over 5% from 2014 to 2020 in terms of volume. Other applications of wood adhesives and binders include do-it-yourself (DIY) consumer products and crafts. These are expected to grow at a slower pace during the forecast period.