At 5.3% CAGR, Europe Wood Adhesives Market is Projected to be Worth US$ 2,270.56 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the Europe wood adhesives market was valued at US$ 1,507.34 million in 2023 and is expected to reach US$ 2,270.56 million by 2031, registering a CAGR of 5.3% from 2023 to 2031. Rising application of wood adhesives in home renovation and construction activities and strategic research initiatives associated with wood adhesives are among the critical factors attributed to the Europe wood adhesives market expansion.

Plywood, particleboards, chipboards, veneers, medium-density fiberboards, and hardboards, among others, are used in structural applications such as doors, single-layer flooring, structural insulated panels, subflooring, cabinets, and flat panels. Home renovations are mainly attributed to various factors, such as modernizing the home, addressing maintenance issues, and increasing resale value. As per the Houzz and Home Study 2023, ~49% of the homeowners in the UK renovated their homes in 2022, and 57% of homeowners decorated and furnished their residential spaces. The median expenditure for home renovations was estimated to be US$ 20,923, while the expenditure for high-budget upgrades reached US$ 154,514 in 2022. The renovation activities continued growing as 50% of homeowners planned home remodeling in 2023, at a projected median spend between US$ 12,876 and ~US$ 130,000 for high-budget projects. According to the Office for National Statistics, total housing repair and maintenance, including public and private sectors in the UK, has increased from US$ 11,398.48 million (January to March 2023) to US$ 12,565.71 million (January to March 2024).

As the housing market experiences growth, propelled by factors such as population surge, urbanization trends, and favorable economic conditions, the demand for wood flooring, doors, panels, windows, and other building materials rises in tandem. Newly constructed homes often feature spacious living areas as integral components of modern residential designs, with leisure, entertainment, and relaxation spaces. Thus, the rising application of wood adhesives in home renovations and other construction activities fuels the market growth.

On the contrary, fluctuations in raw material prices hamper the growth of Europe wood adhesives market.

Based on resin type, the Europe wood adhesives market is bifurcated into natural and synthetic. The synthetic segment held 92.7% share of the Europe wood adhesives market in 2023, amassing US$ 1,397.92 million. It is projected to garner US$ 2,098.22 million by 2031 to expand at 5.2% CAGR during 2023-2031.

Based on technology, the Europe wood adhesives market is segmented into solvent-based, water-based, and others. The water-based segment held 62.9% share of the Europe wood adhesives market in 2023, amassing US$ 948.60 million. It is projected to garner US$ 1,488.41 million by 2031 to expand at 5.8% CAGR during 2023-2031.

Based on application, the Europe wood adhesives market is segmented into furniture, plywood, flooring, doors and windows, and others. The furniture segment held 41.0% share of the Europe wood adhesives market in 2023, amassing US$ 617.49 million. It is projected to garner US$ 983.87 million by 2031 to expand at 6.0% CAGR during 2023-2031.

Based on country, the Europe wood adhesives market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe held 34.3% share of Europe wood adhesives market in 2023, amassing US$ 516.36 million. It is projected to garner US$ 704.70 million by 2031 to expand at 4.0% 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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