How Are Strategic Collaborations Helping With Wood Adhesives Market Growth?

Wood Adhesives Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

The Business Research Company’s Wood Adhesives Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON , UK, January 31, 2022 / — Wood adhesives market trends include strategic collaborations. 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.

The global wood adhesives market size 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%. Wood adhesives market 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%.

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Major players covered in the global wood adhesives industry are Henkel AG & Co., H.B. Fuller, 3M, Sika AG, The Dow Chemical Company, AkzoNobel N.V, Bostik, Pidilite Industries, Huntsman Corporation, Arkema, Jubilant Industries, Aica Kogyo Company Limited, Avery Dennison, Adhesives Research Inc., and W.F. Taylor.

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.

TBRC’s global wood adhesives market analysis report is segmented by product into urea-formaldehyde, melamine urea-formaldehyde, phenol-formaldehyde, isocyanates, polyurethane, polyvinyl acetate, soy-based, others, by technology into solvent based, water based, others, by resin type into natural, synthetic, by application into flooring and decks, plywood, furniture, cabinet, windows and doors, others.

Wood Adhesives Global Market Report 2022 – By Product (Urea-formaldehyde, Melamine urea-formaldehyde, Phenol-formaldehyde, Isocyanates, Polyurethane, Polyvinyl acetate, Soy-based), By Technology (Solvent Based, Water Based), By Application (Flooring And Decks, Plywood, Furniture, Cabinet, Windows And Doors) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a wood adhesives market overview, forecast wood adhesives market size and wood adhesives market growth for the whole market, wood adhesives market segments, geographies, wood adhesives market trends, wood adhesives market drivers, wood adhesives market restraints, leading competitors’ revenues, profiles, and market shares.

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