At 5.8% CAGR, Asia Pacific Wood Adhesives Market is Projected to be Worth US$ 2,123.99 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific wood adhesives market was valued at US$ 1,354.53 million in 2023 and is expected to reach US$ 2,123.99 million by 2031, registering a CAGR of 5.8% from 2023 to 2031. Strategic research initiatives associated with wood adhesives and rising application of wood adhesives in home renovation and construction activities are among the critical factors attributed to the Asia Pacific wood adhesives market expansion.

Formaldehyde, phenol-formaldehyde, melamine-formaldehyde, and polymeric methylene diisocyanate are used for the production of wood-based panels, such as particleboard, medium/high-density fiberboard, oriented strand board, and plywood. Polyurethane, phenol-formaldehyde, phenol-resorcinol-formaldehyde, emulsion polymer isocyanate, polyvinyl acetate, and other formulation chemistries are used for solid wood lamination and construction beams and coating of boards with veneers or finish foils, among other applications. Key manufacturers operating in the wood adhesives market invest significantly in strategic development initiatives such as product innovation and research and development to enhance their market position and attract a wide customer base. In May 2023, Arkema SA's Bostik launched Supergrip SG6518 and SG6520 adhesives for the woodworking industry. The launched product is a hot melt polyurethane reactive (HMPUR) adhesive solution produced for edge banding applications. Thus, strategic expansion and research initiatives associated with wood adhesives are expected to create lucrative opportunities in the wood adhesives market over the forecasted period.

On the contrary, fluctuations in raw material prices hampers the growth of Asia Pacific wood adhesives market.

Based on resin type, the Asia Pacific wood adhesives market is bifurcated into natural and synthetic. The synthetic segment held 95.9% share of the Asia Pacific wood adhesives market in 2023, amassing US$ 1,299.62 million. It is projected to garner US$ 2,034.02 million by 2031 to expand at 5.8% CAGR during 2023-2031.

Based on technology, the Asia Pacific wood adhesives market is segmented into solvent-based, water-based, and others. The water-based segment held 64.1% share of the Asia Pacific wood adhesives market in 2023, amassing US$ 867.82 million. It is projected to garner US$ 1,416.19 million by 2031 to expand at 6.3% CAGR during 2023-2031.

Based on application, the Asia Pacific wood adhesives market is segmented into furniture, plywood, flooring, doors and windows, and others. The furniture segment held 48.7% share of the Asia Pacific wood adhesives market in 2023, amassing US$ 659.28 million. It is projected to garner US$ 1,092.54 million by 2031 to expand at 6.5% CAGR during 2023-2031.

Based on country, the Asia Pacific wood adhesives market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 52.1% share of Asia Pacific wood adhesives market in 2023, amassing US$ 705.15 million. It is projected to garner US$ 1,136.97 million by 2031 to expand at 6.2% CAGR during 2023-2031.

Key players operating in the wood adhesives market are Henkel AG & Co KGaA; 3M Co; Sika AG; Arkema SA; Dow Inc; H.B. Fuller Company; Akzo Nobel NV; Aica Kogyo Co. Ltd; Pidilite Industries Ltd; Mapei SpA; Jubilant Industries Ltd; Franklin International; Jowat SE; STAUF Klebstoffwerk GmbH; RPM International Inc; Huntsman Corp; Follmann GmbH and Co KG; Bolton Group S.r.l; Wacker Chemie AG; and the IFS Industries Inc, among others.

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