Engineered Wood Adhesives Market worth $10.5 billion in 2029 Globally, at a CAGR of 3.7% says MarketsandMarkets™

Chicago, May 09, 2024 (GLOBE NEWSWIRE) — The Global Engineered Wood Adhesives Market size is projected to grow from USD 8.7 billion in 2024 to USD 10.5 billion in 2029, at a CAGR of 3.7%, as per the recent study by MarketsandMarkets™. The propulsion of this market growth is largely attributed to the burgeoning demand from the wooden house construction sector.

The engineered wood adhesive market is intricately linked to the performance and growth of the broader construction and manufacturing industries, where these adhesives are pivotal in the production of composite wood products such as plywood, oriented strand board (OSB), and laminated veneer lumber (LVL). Engineered wood adhesives are specialized products designed to meet stringent performance criteria including high strength, resistance to moisture and temperature variations, and long-term durability under structural loads.

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List of Key Players in Engineered Wood Adhesives Market:

  • H.B. Fuller Company (US)
  • Henkel AG & Co., KGaA. (Germany)
  • AkzoNobel N.V. (Netherlands)
  • Arkema SA (France)
  • BASF SE (Germany)
  • Dow (US)
  • Huntsman Corporation (US)
  • AICA Kogyo Co., Ltd (Japan)
  • Astral Limited (India)
  • Hexion (US)

Key Findings of the Study:

  • The phenol-resorcinol-formaldehyde segment is expected to account for one of the largest shares in 2023.
  • The plywood segment is expected to account for one of the largest share in 2023.
  • Asia Pacific is expected to account for the largest share in 2023.

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The demand for engineered wood adhesives is heavily influenced by regional construction trends. The Asia-Pacific region is one of the largest consumers, driven by rapid urbanization, expanding manufacturing sectors, and significant infrastructural investments in countries like China, India, and Indonesia. North America and Europe also represent significant markets, where higher standards of building regulation and a shift toward sustainable construction practices bolster the adoption of advanced adhesive technologies. Technological innovation remains a critical theme within this market. Advances aimed at reducing volatile organic compound (VOC) emissions, improving environmental resistance, and enhancing bonding strength and speed are key R&D focus areas. These innovations are not only responses to tightening regulatory frameworks but also align with broader industry shifts toward sustainability and efficiency.

Looking ahead, the market is positioned for growth, driven by the global expansion of the construction sector, particularly in emerging economies. The increasing popularity of engineered wood due to its cost-effectiveness and environmental benefits compared to traditional construction materials like concrete and steel, will continue to create new opportunities for adhesive manufacturers. However, players in the market will need to navigate environmental regulations and meet evolving customer demands with innovative, compliant adhesive solutions. Strategies likely to be effective in maintaining and growing market share include continual product innovation, strategic global expansions, and mergers and acquisitions to leverage synergies and scale.

Melamine Formaldehyde (MF) is particularly esteemed for its robust resistance to moisture and heat, making it an ideal adhesive for use in engineered wood products destined for high-humidity environments or direct exposure to water, such as in kitchen and bathroom cabinetry or outdoor furniture. MF’s ability to form a highly cross-linked polymer structure upon curing translates into exceptional durability and chemical resistance. This makes MF an excellent choice for applications requiring long-lasting stability and minimal degradation over time. However, the superior performance of MF comes at a cost—both in terms of financial outlay and longer curing times, which may extend production cycles and impact throughput.

The European area is pivotal in defining the competitive framework of the engineered wood adhesives industry. With critical centers of manufacturing, forward technological strides, and a rapidly growing consumer demographic, this region stands out. Both domestic and international companies are deeply investing in research and development initiatives aimed at serving the varied demands of multiple sectors. Moreover, the region’s embrace of groundbreaking adhesive technologies and commitment to environmental sustainability is influencing global coating practices. Given its continuous trajectory of economic and industrial growth, Asia-Pacific is central for businesses desiring to secure a significant market position in the evolving sector of engineered wood adhesives.

Phenol Resorcinol Formaldehyde (PRF) adhesives are revered for their extraordinary waterproof and structural integrity properties. PRF is the adhesive of choice for critical load-bearing applications in engineered wood products, such as beams and architectural columns that are exposed to the elements. Its robustness in extreme weather conditions and ability to bond well under a wide temperature range make it indispensable for outdoor and marine applications. Yet, the use of PRF is often limited by its aesthetic impact—resulting in a dark glue line that can be visible in the final product—and the need for careful handling due to its toxic nature and higher material costs.

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Constructed from multiple layers of wood veneers bonded under heat and pressure with adhesives, plywood is one of the most widely used engineered woods. The adhesives commonly applied are Phenol-Resorcinol-Formaldehyde (PRF) for exterior-grade plywood due to its excellent moisture resistance and thermal stability, and Urea Formaldehyde (UF) for interior applications where lower moisture resistance is permissible. Plywood’s applications are extensive, ranging from general construction and flooring to cabinetry and furniture, necessitating adhesives that can satisfy a range of environmental and mechanical stresses.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com

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