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The global market for wood adhesives should grow an average of 4.73% annually over the next eight years, from a value of $5.27 billion in 2021 to $7.99 billion by 2030, predicts Straits Research.
The most common type has been urea-formaldehyde (UF), which accounted for 37.8% of total wood adhesive sales in 2018.
With a revenue share of 47.2% in 2018, furniture was the most popular application. By volume, plywood held a market-high 29.5% share.
With 46.7% of global sales in 2018, Asia Pacific came in first. Over the next eight years, APAC is expected to maintain its supremacy. The rapid growth of the population in APAC countries, combined with a high demand for affordable housing and government initiatives to promote basic necessities, such as food and shelter, has fueled the growth of the construction industry in the region, which is expected to boost the wood adhesives market over the forecast period.
Growth is expected to continue strongest in emerging economies such as China, India, Brazil and Mexico. Due to less severe laws and data needs, the regulatory policies in the APAC area are more adaptable and business-friendly than those in other regions.
Because the leading players in the wood adhesives market are interested in sustainability, one of the important trends in the industry is the shift toward products with low volatile organic compound (VOC) content. Wood adhesives with low VOC emissions are better for the environment than solvent-based varieties.