Zion Market Research has published a new report titled “Wood Adhesives and Binders Market (Urea Formaldehyde (UF), Melamine Urea Formaldehyde (MUF), Phenol-Formaldehyde (PF), Isocyanates, Soy Based and Others) for Cabinets, Flooring & Plywood, Furniture & Subcomponents, Windows & Doors and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022”. According to the report, the global wood adhesives and binders market accounted for USD 14.88 billion in 2016 and is expected to reach USD 18.99 billion by 2022, growing at a CAGR of around 4.2% between 2017 and 2022.
Wood adhesives and binders market is a rapidly growing industry on account of demand from several regions of the world. Wood adhesives and binders refer to a material used for holding two surfaces of wood or another component together. An adhesive must wet the surfaces, adhere to the surfaces, develop strength after it has been applied, and remain stable. In the case of wood, it needs to be dried and the surface contamination should be sanded, planed, or machined away and cleaned prior to application of the adhesive.
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The rising construction activities across the globe have been the prime driver of the wood adhesives and binders market. The increased application of wood in construction has consequently driven the demand for wood adhesives and binders globally. The infrastructure development and remodeling activities is also expected to further fuel the growth of the market. Changing trends in home furnishings and high disposable incomes in various regions across the globe is also expected to propel the demand for wood adhesives and binders. However, the wood adhesives and binders involve the usage of various chemicals, which could be harmful or have adverse effects on the environment during production as well as in practice. This has led to several governments and authorities imposing stringent regulations on wood adhesives and binders. This is expected to restrain the growth of the market within the forecast period. The fluctuating price of raw materials is also expected to curb the market growth. Crude oil is one of the raw materials used in the manufacture of wood adhesives. The ever-fluctuating price of crude oil has curtailed the growth and is expected to restrict the entry of new players. Further innovation and usage of natural and bio-based products is expected to open avenues of opportunities for the wood adhesives and binders market within the forecast period. Attractive marketing strategies and tasteful packaging is also expected to draw more customers.
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Wood adhesives and binders market constitutes of various types of adhesives namely urea formaldehyde (UF), melamine urea formaldehyde (MUF), phenol formaldehyde (PF), isocyanates, soy based and others. The UF segment accounted for the largest volume across the globe owing to its high reactivity, performance and relatively cheap pricing. This trend is expected to change owing to the increasing regulations on UF wood adhesives owing to its formaldehyde emissions. Soy based adhesives is expected to be the fastest growing segment within the forecast period owing to the preferential change towards green and eco-friendly wood adhesives and the regulations on the synthetic wood adhesives.
The wood adhesives and binders market can also be segmented into categories by their applications namely cabinets, flooring & plywood, furniture & subcomponents, windows and doors and others. The flooring & plywood segment accounted for the majority of the global volume in 2016. This can be attributed to the increased remodeling activities and the requirement of adhesives in large quantity for the application as weighed against the others. Furniture & subcomponents is expected to be the fastest growing segment across the forecast period.
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North America accounted for over a third of the global market share and is expected to grow in light of the redevelopment activities and changing trends in home furnishings. Asia pacific is expected to be the fastest growing market owing to rising construction and infrastructure development activities in the region, especially in countries like India and China. The enormous population in the region is also expected to be a major factor for the growth of the market.
The key players in this industry are 3M Company, Ashland Inc., Henkel AG & Co. KGaA, BASF SE, H.B. Fuller Company, Avery Dennison Corporation, Adhesives Research Inc., Huntsman Corporation, Dow Chemical Company and Bostik SA.
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