Global Wood Adhesives and Binders Market: Snapshot
Wood adhesives and binders are materials that join or bond wood surfaces or wood particles. Wood adhesives and binders have numerous applications where wooden structures are involved. The robust growth of the construction industry has significantly influenced the wood adhesives and binders market. These substances are used for binding wood for flooring, cabinets, windows, doors, and other structural panels for both commercial and residential spaces.
Wood adhesives and binders provide a host of other advantages as well. Apart from providing excellent bond between wooden surfaces, these materials provide durability and provide resistance against temperature and chemicals.
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At present, wood adhesives are available in natural as well as synthetic varieties. Petroleum feedstock are the raw materials that generally used in the production of wood adhesives and binders. However, the focus of product manufacturers is to develop new product varieties with low volatile organic compounds (VOC). This is mainly due to stringent regulations in place that oversee the use of environment damaging chemicals. Prevalence of stringent regulations may also hamper the demand for wood adhesives and binders, especially solvent-based products. In the U.S., for instance, the Air Resources Board (ARB) released a document for determining Reasonably Available Control Technology (RACT) to monitor the pollution caused by adhesive application. The violations of such government laid regulations that can lead to heavy fines are likely to challenge the wood adhesives and binders market.
However, the development of bio-based product is anticipated to provide growth opportunities for industry participants. For example, soybean sourced polyols can be effectively used for the manufacture of polyurethane adhesives.
Global Wood Adhesives and Binders Market: Overview
Wood adhesives and binders are used to bind two or more wooden surfaces together to create panels. They are known for their high bond strength, thermal and chemical resistance, and durability, which provides customers with cost-effective end results. These adhesives and binders are used for various industrial and consumer applications such as in flooring, plywood, windows and doors, furniture and subcomponents, and cabinets. Melamine-urea-formaldehyde, urea-formaldehyde, isocyanates, phenol-formaldehyde, soy-based, epoxy, silicone, and ethyl vinyl acetate are some of the commonly available product types.
Global Wood Adhesives and Binders Market: Key Trends
The robust growth of the construction industry is providing a significant boost to the growth of the global wood adhesives and binders market. The rising disposable income of people around the world is leading to an increasing spending on the interior designing of homes and offices, which in turn is translating into the greater uptake of wood adhesives and binders. However, the turbulent prices of petrochemical feedstock, which acts as raw materials, is creating a bottleneck in the development of the global market.
Moreover, stringent government regulations against volatile organic compounds (VOC) emissions are hampering the growth of the market. VOC emissions during commercial and industrial applications of these adhesives have serious environmental and health implications. On the other hand, the birthing of bio-based products is unfolding tremendous growth opportunities for the market.
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Global Wood Adhesives and Binders Market: Market Potential
To enable the transition from polymer-derived adhesives and binders to bio-based products, it is imperative that the adhesive properties in terms of bond strength and heat and water resistance are similar and that the alternatives can compete in terms of pricing. As a result, manufacturers and researchers are strongly focusing towards research and development activities to introduce reliable solutions. In June 2015, Swedish researchers suggested the use of xylan dispersions, with the addition of dispersing agents such as polyvinyl alcohol and crosslinkers, as a wood adhesive.
In January 2017, researchers from the Kansas State University patented the first plant-based resin, which is made up of corn, soybean, and other plant oils. According to researchers, this resin can be used for labels, tapes, and other adhesive uses and can also provide shiny coatings. Such innovations are likely to revolutionize the global wood adhesives and binders market in the near future.
Global Wood Adhesives and Binders Market: Geographical Segmentation
North America will represent a substantial share in the market throughout the forecast period. The growing emphasis on interior remodeling due to upgrading consumer lifestyles is facilitating the growth of the market in the region. The rebound of the construction industry after the economic downturn in 2008 is further supplementing the growth of the market. The U.S. will be a major revenue contributor to the growth of North America.
Asia Pacific is expected to progress at a remarkable CAGR during the same period. The booming construction industry and the rising disposable income of the populace are bolstering the growth of the region. The growth of the Latin America wood adhesives and binders market can be attributed to the increasing construction activities in the residential sector.
Global Wood Adhesives and Binders Market: Competitive Landscape
Several players in the global wood adhesives and binders market exhibit a high degree of integration throughout the value chain. Prominent participants are focusing towards business expansion through mergers and acquisitions. Some of the key players in the market are 3M Company, Henkel AG & Co. KGaA, H.B Fuller Company, BASF SE, Avery Dennison Corporation, Huntsman Corporation, and Dow Chemical Company.
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