New York, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wood Adhesives Global Market Report 2022" - https://www.reportlinker.com/p06233729/?utm_source=GNW
and W.F. Taylor.
The global wood adhesives market is expected to grow from $4.40 billion in 2021 to $4.78 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.92 billion in 2026 at a CAGR of 5.5%.
The wood adhesives market consists of the sale of wood adhesives by the entities (organization, sole proprietor, and partnerships) that are utilized to bind wooden materials with each other or with diverse materials.Wood adhesives are polymeric compounds capable of reacting with the surface of the wood in such a way that stresses are passed between bonded parts, either physically or chemically, or both.
Wood adhesives are commonly used to manufacture building materials such as plywood and other laminated veneer products, particleboard, oriented strand board, fiberboard, laminated beams and timbers, edge- and enjoined products, architectural doors, windows and frames, and fiberglass insulation.
The main products of wood adhesives are urea-formaldehyde, melamine urea-formaldehyde, phenol-formaldehyde, isocyanates, polyurethane, polyvinyl acetate, soy-based, and others.Urea-formaldehyde is one of the most important formaldehyde resin adhesives and it is a polymeric condensation product of formaldehyde with urea and is widely used for the manufacture of wood-based composite panels.
The different technologies include solvent-based, water-based, others and involve various types of resins such as natural, synthetic. it is used in several applications including flooring and decks, plywood, furniture, cabinet, windows and doors, and others.
Asia Pacific was the largest region in the wood adhesives market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The significant increase in spending of consumers on home decorative and luxury furniture products is expected to drive the growth of the wood adhesives market going forward.Wood adhesives are used for most wood joinery purposes and are an effective assembly choice for home decors and wooden furniture.
Despite major supply chain challenges, luxury furniture, and home goods retailer RH remains optimistic that robust consumer spending will continue, as the business strives to posture itself beyond curating and selling objects and towards conceiving and selling settings.For instance, RH’s net revenue in the second quarter of 2021 was $989 million, up 39% from the previous year and 40% from the second quarter of 2019.
RH currently expects its full-year sales in 2021 to grow by 31% to 33%, up from previous predictions of 25% to 30%, based on the stability of the business. Therefore, the increase in spending of consumers on home decorative and luxury furniture products propels the growth of the wood adhesives market.
Strategic collaborations are shaping the wood adhesives market.Strategic collaborations provide manufacturers of wood adhesives with a broader distribution range, which aids in market growth.
For instance, in June 2021, to meet the increased demand for adhesive applications in the b2b woodworking industry, HB Fuller has signed a distribution deal with Jubilant Agri and Consumer Products, a 100% subsidiary of Jubilant Industries.This strategic partnership will help HB Fuller expand the reach of its high-performing adhesive solutions across a variety of technologies, including water-based, hot melt moisture cures, and polyurethanes, to better meet customers’ specific adhesion and sustainability needs, while also providing access to global experts and local expertise, service, and technical support.
Furthermore, in April 2021, Innovative Chemical Products Group (ICP Group) acquired Choice Adhesives. With the acquisition of Choice Adhesives to the ICP BSG family, the ICP BSG family will be able to effectively support its professional clients in the roofing adhesive sector.
In August 2021, Arkema, a France-based specialty chemicals and advanced materials company, acquired Ashland performance adhesives for $1.65 billion. This acquisition aligns with the Arkema Group’s ambition to become a pure specialty materials player by the year 2024 and focus its development on sustainable and high-performance solutions. Ashland Global is a US-based chemicals company that manufactures wood adhesives.
The countries covered in the wood adhesives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06233729/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
