Northbrook, IL -- (SBWIRE) -- 10/31/2021 -- The report "Wood Adhesives Market by Resin Type (Natural & Synthetic), Technology (Solvent-based, Water-based, Solventless), Application (Flooring & Deck, Plywood, Furniture, Cabinet, Particle Board, Window & Door) - Global Forecast to 2026", The wood adhesives market exhibits high growth potential and is projected to reach a market size of USD 4.9 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 3.4 %. The market growth is being led by the increasing demand of adhesives in place of traditional fasteners. They provide strong bonds, clean finishes and are lightweight. They do not rust and have sealant properties. The growing demand in the packaging industry specially in furniture and cabinet. APAC region is the largest market for wood adhesives. The major concern is regarding the environmental and health impact of synthetic resin adhesives.

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"Natural resin is the faster-growing segment of the market in terms of both volume (3.4%) and value (3.9%)."
Natural resin adhesives are gaining popularity due to the global trend of sustainable development and the continuous advancements in the field. The growth was halted due to the global pandemic, which caused the market to shut down and disrupted the supply chain. The shutdown caused the sales to go lower than in the pre-pandemic period.

"Furniture market segment has the highest CAGR in terms of value(3.4%)".
Furniture is one of the two market segments with the highest CAGR. The use of wood adhesives on wooden products increases their durability and gives good adhesion to the wooden substrate. Wood adhesives are extensively used in the manufacturing of furniture as they provide a strong bond and aesthetic appeal to the furnishing item. The growth of the wooden furniture industry will drive the wood adhesives market as they are directly related to each other.

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APAC is the largest market in all end-use industries due to the presence of major developing economies and large population.
APAC is the largest market for wood adhesives, accounting for a share of 39.3%, in terms of value, in 2020. Less stringent regulations and industry-friendly laws are one of the major drivers of the growth in the market.

The key players in the wood adhesive market include Henkel AG ( Düsseldorf, Germany), Sika AG(Baar, Switzerland), The 3M Company(Saint Paul, Minnesota, United States), and Arkema(Colombes, France).

COVID-19 Impact on the Global Wood adhesives Market

The outbreak of COVID-19 was declared a pandemic by the World Health Organization (WHO) in 2020. The virus outbreak wreaked havoc on the global economy, with the lockdown of international borders and the shutdown of economic activities across countries to prevent the spread of COVID-19, resulting in a severe impact on industries across the world.

The impact of COVID-19 on various financial and industrial sectors, such as travel & tourism, manufacturing, and aviation, has been severe. With the increasing number of countries imposing and extending lockdowns, economic activities are declining, impacting the global economy. With more than 20 million confirmed cases of COVID-19 as of mid-August 2020, businesses are coping with lost revenue and disrupted supply chains due to factory shutdowns and quarantine measures. According to the IMF, the global economy is estimated to shrink by 3% in 2020, the steepest slowdown since the Great Depression of the 1930s. Major economies are expected to contract this year: the US by 5.9%, Japan by 5.2%, the UK by 6.5%, Germany by 7%, France by 7.2%, Italy by 9.1%, and Spain by 8%.

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