The scope of our recent study on the “Industrial Wood Adhesives Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Resin Type (Natural and Synthetic) and Technology (Solvent-Based, Water-Based, Solventless, and Others),” includes the factors fueling market growth, revenue estimation and forecast, and market share analysis along with identification of significant market players and their key developments.
The industrial wood adhesives market is expected to reach US$ 7,656.2 million by 2027 from US$ 5,133.8 million in 2019. The market is estimated to grow at a CAGR of 5.2% from 2020–2027. Wood adhesive is used to manufacture building materials such as plywood and other laminated veneer products, oriented strandboard, particleboard, laminated beams and timbers, fiberboard, edge- and end jointed products, architectural doors, windows and frames, furniture, floor coverings, ceiling, and wall tiles. The rapidly expanding construction industry is increasing the application of wood, thereby creating scope for industrial wood adhesives.
Based on technology, the industrial wood adhesives market is segmented into solvent-based, water-based, solventless, and others. In 2019, the solvent-based segment dominated the market. The solvent-based technology is the oldest in the widest range of chemistries. A solvent-based adhesive is a glue or any adhesion product that is present in the form of a liquid. The solvent-based industrial wood adhesives have been valued through the years as they provide good adhesive properties such as durability along with fast drying conditions.
The global industrial wood adhesives market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America. Europe is the chief revenue contributor for the market, and the market in the region is estimated to grow rapidly in coming years owing to the presence of the highest number of vendors for industrial wood adhesives in this region. There has been an increasing demand for nutritional industrial wood adhesives in Europe owing to increased consumption of processed food, changing lifestyle, and extensive usage of organic yeast. In addition, change in consumer preference for clean label and natural ingredients is likely to drive the growth of the industrial wood adhesives market in the region.
Impact of COVID-19 Pandemic on Industrial Wood Adhesives Market
The COVID-19 pandemic has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemical & materials industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and various goods sales. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are negatively affecting the business collaborations and partnership opportunities. All these factors are hindering the chemical & materials industry, which is restraining the growth of various markets related to this industry. The industrial wood adhesives market is negatively impacted by the pandemic due to shortfall in production along with halt in ongoing infrastructural development and construction projects due to global lockdown.
The report includes the segmentation of the global industrial wood adhesives market as follows:
Industrial Wood Adhesives Market, by Resin Type
Industrial Wood Adhesives Market, by Technology
Industrial Wood Adhesives Market, by Geography
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America