August 04, 2022 12:00 ET | Source: Straits Research Straits Research
New York, United States, Aug. 04, 2022 (GLOBE NEWSWIRE) -- There has been an increase in the amount of money that consumers are spending on home décor and luxury furniture goods due to the growing emphasis on the enhancement of the standard of life. Due to this, there has been a large increase in the demand for wood materials such as lumber, plywood, and other products that have a stronger aesthetic appeal.
When compared to the use of metal fasteners and other methods of bonding, the use of adhesives for the purpose of bonding has a number of advantages that are not offered by other conventional methods. These advantages include a quicker drying and setting time, improved adhesion, compatibility of the use with a variety of substrates, higher strength, and an aesthetic appeal that is superior.
It is projected that expanding activities related to refurbishing and renovation, in conjunction with a growing number of builds, would 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
It is anticipated that activities such as remodeling, and renovation would add to the demand for furniture since higher living standards will drive these activities. The expansion of the service sector in developing countries has resulted in the construction of new office spaces and corporate buildings.
The increasing number of people's 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 boards, plywood, and particle board. These panels must be manufactured.
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.
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Usage is increasing in key emerging economies
The adhesive manufacturers are putting a strategic focus on growing their footprint and capitalising on the high growth potential in emerging economies such as China, India, Brazil, and Mexico. Other rising economies also fall under this category. 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.
Demand for adhesives with a low volatile organic compound emission
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 volatile organic compound emissions are better for the environment than solvent-based varieties.
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Regional Overview of the wood adhesives market
With a 46.7 percent share of global sales in 2018, Asia Pacific came in first. Over the course of the prediction, the area is expected to maintain its supremacy. The rapid growth of the population in Asia Pacific 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.
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Competitors in Wood Adhesives Market
Segmentation of Wood Adhesives Market
Table of Content and Figure @ https://straitsresearch.com/report/wood-adhesives-market/toc
Henkel made an investment in a new innovation hub in Shanghai, China, in May 2021. The expansion is intended to improve the company's position in the APAC region.
H.B. Fuller opened an engineering adhesives company in Japan in March 2019. By concentrating on high-performance adhesives, such as reactive adhesive chemistries and applications, this growth has strengthened its Engineering Adhesive (EA) operations in Japan.
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