According to Technavio’s latest market research study, the global wood adhesives market is expected to grow at a CAGR of close to 4% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global wood adhesives market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the application type
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The top three revenue contributing application segments are discussed below:
Global wood adhesives market for flooring and plywood application: The high market share for the flooring and plywood application is attributable to the increasing demand for wooden flooring and plywood, especially in the developed regions. This rise in demand is likely to continue throughout the forecast period, thereby driving further growth of the global wood adhesives market for flooring and plywood application. The US is one of the leading consumers and producers of wood flooring and plywood products. Furthermore, the region is also a leading exporter of these products.
“The increase in the number of large domestic retailers that can source products overseas further contributes to the market growth. China emerged as the major global competitor and supplier of wood adhesives. The rapid growth in the production and exports of engineered wood flooring and plywood products in China have made the country a net exporter,” says Ajay Adikari, a lead analyst at Technavio for research on additives, adhesives, and sealants.
Global wood adhesives market for furniture and subcomponents application: According to industry analysts at Technavio, the global wood adhesives market for furniture and subcomponent application is expected to grow significantly, posting the highest growth rate over the forecast period. The growth of this market segment will be driven fundamentally by the rapid growth of the global furniture market. Over the next four years, the increase in residential inventories in China will further foster the demand for furniture in the residential sector, thereby propelling the demand for wood adhesives for the furniture and subcomponents application.
Global wood adhesives market for cabinets application: The acceptance of cabinets has increased, especially in the residential market, surpassing the penetration of other storage furniture, such as freestanding furniture and shelves. The growth in the building and construction industry in developed countries is resulting in a greater demand for cabinets. The growth of the global wood adhesives market for cabinets application will be driven primarily by the surge in demand from countries such as China, Japan, and India.
The top vendors operating in the global wood adhesives market are:
- AkzoNobel
- Ashland
- B. Fuller
- Henkel
- The Dow Chemical Company
Other prominent vendors in the market include 3M Company, Adhesives Research, Avery Dennison, BASF, Huntsman, Pidilite Industries, and Sika.
A more detailed analysis is available in the Technavio report titled, ‘Global Wood Adhesives Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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