Global Wood adhesives and Binder Market: Snapshot
Owing to the vast number of uses that wood adhesives and binders provide with regard to adhesives, the wood adhesives and binders market is anticipated to have major growth rates in the years to come. Because of the rising trend of using wooden furniture that adds class to the standard of living, wood adhesives and bindings are likely to grow rapidly. Where wood adhesives bond or adhere to surfaces made of wood, binders draws or holds the materials together forming a cohesive whole.
A number of industrial applications like doors, flooring, cabinets, windows and furniture, widely use binders for various purposes. The excellent and long lasting bond that both binders and wood adhesives offers along with temperature resistance and chemical durability may be among the key factors to increase the demand for wood adhesives and binders market in the forecast period.
Wood adhesives are available in both synthetic and natural varieties. Manufacturers are putting more focus on the production of new product varieties with low content of volatile organic compounds (VOCs). The production of VOCs have increased considerably in order to promote environment protection by the use of less harmful chemicals. The regulatory authorities have also laid down stringent rules against the use of harmful chemicals. This in turn has increased the overall demand for wood adhesives and binders in the global market.
The global wood adhesive and binder market is presumed to be worth US$17.77 bn by 2020 with an impressive CAGR.
Furniture Construction Contributing More Revenue Generation Owing to Population Rise
Based on segmentation by product, the global wood adhesives and binders market is categorized into Isocyanates, Urea-formaldehyde, Soy-based, Melamine-urea-formaldehyde, and Phenol-formaldehyde wood adhesives and binders.
On the basis of application, the global wood adhesive and binders market is segmented into Flooring and plywood, Furniture and subcomponents, Cabinet, and Windows and doors applications. The use of wood adhesives and binders is widely seen in construction and furniture industries. The construction market is estimated to increase during the forecast period, hence boosting the demand for wood adhesives and binders.
Asia Pacific to Lead Market With Increasing Construction in Developing Nations
The global wood adhesives and binders market is studied on the basis of key geographies Europe, Asia Pacific, North America and The Rest of the World. Due to the growing population in developing nations, there is requirement for residential facilities. This is turn propels the infrastructure and construction market, which is likely to boost further demand for wood adhesives and binders market. Among the regions, Asia Pacific is anticipated to be growing significantly due to the presence of developing countries like China, Japan and India in the years to come.
Some of the key players in the global wood adhesives and binders market are Dow Chemical Company, Huntsman Corporation, 3M Company, and Avery Dennison Corporation. To further fuel the demand for wood adhesives and binders in developing regions, manufacturing companies and interior designers are introducing new type of furniture into the market to attract consumer’s attention for home as well as office decorations like space saving loft beds, accent chairs, kitchen bar stools, outdoor chairs for patio and garden, and sculpture chairs that also acts as artistic center pieces. These various options not only attract consumers and inspire them to have a better lifestyle but also proves to be beneficiary for both construction and furniture market all at once.