Strong Market Growth Forecast For Wood Adhesives

The global market for wood adhesives was valued at US$5.27 billion in 2021 and is expected to reach $7.99 billion in 2030 expanding at a compound annual growth rate (CAGR) of 4.73 per cent from 2022 to 2030, says a report from Straits Research. It says an increase in the amount of money that consumers are spending on home décor and luxury furniture goods, there has been a large increase in the demand for wood materials such as lumber, plywood, and other wood products that have a strong aesthetic appeal. Compared to traditional methods of fastening wood, the use of adhesives for the purpose of bonding provides advantages such as quick drying and setting time, improved adhesion, compatibility of the use with a variety of substrates, high strength, and a pleasing aesthetic appeal. It is projected that expanding activities related to refurbishing and renovation, in conjunction with a growing number of builds, will promote market growth. Additionally, government initiatives geared toward environmentally responsible building practices have resulted in an increased demand for engineered wood and wood products in the form of furniture for use in both residential and commercial applications. The report also notes that the increasing number of concerns about the deforestation of forests and the effects of climate change has resulted in an uptick in the demand for engineered wood panels. A substantial amount of glue is required for the production of engineered wood panels such as oriented strand board (OSB), plywood, and particle board. In addition, increased awareness of the deterioration of the environment, an expanding customer base, and expanded and constant research and development efforts are all expected to raise the market for bio-based wood adhesives.