wood adhesives and binders market size may reach USD 21 billion by 2024, with projected gains at 4.5% CAGR.

Delaware, United States -- (SBWire) -- 10/05/2018 --Flooring & plywood segment of wood adhesives and binders market is likely to witness gains close to CAGR 5%. This segment includes softwood and hardwood plywood applications. Booming construction & flooring industry will fuel product demand in the coming years. In 2016, overall wood adhesives and binders market for furniture & subcomponents application segment generated revenue close to USD 4 billon. Rising per capita income of consumers has fueled furniture demand considerably across the globe. Additionally, rising number of commercial projects is anticipated to influence furniture demand due to procurement of desks, chairs and several other furniture in bulk quantities.

Wood Adhesives and Binders Market is forecast to reach USD 21 billion according to this new research report. Robust growth indicators in construction business across the globe will be the chief growth driver for the wood adhesives and binders market over the forecast timespan. Wood adhesives and binders are extensively used in construction industry in production of cabinets, flooring, doors, windows and several other structural components. Construction industry is witnessing substantial growth with valuation in 2013 exceeding USD 7 trillion and may reach USD 13 trillion in the coming years. This trend coupled with increasing demand for improving aesthetic appearance of structures will accelerate product demand in the forecast duration.

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Fluctuating petrochemical product prices from which wood adhesives and binders are produced, such as polyolefins, vinyl acetate, acrylates, phenols, etc., are potential hurdles in wood adhesives and binders market growth over the next few years. Moreover, VOC emission during industrial product and commercial applications cause health and environmental hazards. Hence, governments across the globe, have stringent regulations and norms for environment protect and use of products/chemicals that emit VOCs.

Rising popularity in bio-based wood adhesives and binders has opened new growth avenues for industry share contributors. For instance, polyols derived from soybean, can be used for polyurethane adhesives production. Bio-based wood adhesives and binders also offer cost and environmental benefits, which shall fuel product demand over the next few years.

In 2016, urea-formaldehyde segment was valued more than USD 3 billion. Its growing demand can be attributed to relatively low prices and superior bond strength. Phenol-formaldehyde segment of global wood adhesives and binders market shall expand at CAGR around 4% during the forecast timeframe owing to the numerous benefits offered such as minimum surface energy, superior performance in moist condition and chemical attack resistance. It is extensively used for medium density fiberboard and particle board manufacturing.

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North America, led mainly by the U.S. wood adhesives and binders market share shall experience gains more than 4.5% CAGR from 2016 to 2024. The product demand in this region will be primarily driven by increasing interior renovation activities in U.S on account of lavish consumer lifestyle. Asia Pacific, led by India, Japan and China, was worth more than USD 3 billion in 2016. The major factor responsible for driving the product demand in future is the rapidly growing construction industry. In addition, increased consumer spending has augmented wood furniture

In 2016, wood adhesives and binders market was consolidated with key companies holding more than 40% share of the industry market. Major industry players are H.B. Fuller, Henkel AG, BASF SE, 3M Company and Huntsman Corporation. Other notable companies are Avery Dennison, Bostik SA, Dow Chemical and Ashland Inc.

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