At 4.5% CAGR, North America Wood Adhesives Market is Projected to be Worth US$ 1,753.23 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the North America wood adhesives market was valued at US$ 1,229.78 million in 2023 and is expected to reach US$ 1,753.23 million by 2031, registering a CAGR of 4.5% from 2023 to 2031. Growth of the global furniture industry and rising application of wood adhesives in home renovation and construction activities are among the critical factors attributed to the North America wood adhesives market expansion.

Adhesives are used in the furniture industry for bonding between fabrics, foams, and wood. In furniture production, these adhesives are used in bonding soft furniture and upholstery used in offices, schools, hospitals, and airports. Wood adhesives, such as waterborne adhesives, are eco-friendly and solvent-free, while hot melt adhesives are applied using heat. Key market players adhere to several international and domestic sustainability and safety standards for the production of wood adhesives. According to the United States Federal Reserve, in February 2022, retail sales from furniture and home furnishing stores were US$ 11,141 million. Further, online sales of household furniture have increased in the past few years. For instance, in 2022, Home Depot reported that 14% of its total sales were made through e-commerce.

Also, Leon's Furniture Ltd. recorded sales of US$ 569.38 million in 2022, an increase of 9.8% compared to 2021. Moreover, according to the report by Statistics Canada, as of June 2022, the furniture sales in all the furniture stores increased by 11.1%. Therefore, the growth of the furniture industry drives the wood adhesives market.

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

Based on resin type, the North America wood adhesives market is bifurcated into natural and synthetic. The synthetic segment held 95.0% share of the North America wood adhesives market in 2023, amassing US$ 1,168.06 million. It is projected to garner US$ 1,661.57 million by 2031 to expand at 4.5% CAGR during 2023-2031.

Based on technology, the North America wood adhesives market is segmented into solvent-based, water-based, and others. The water-based segment held 63.9% share of the North America wood adhesives market in 2023, amassing US$ 785.79 million. It is projected to garner US$ 1,166.33 million by 2031 to expand at 5.1% CAGR during 2023-2031.

Based on application, the North America wood adhesives market is segmented into furniture, plywood, flooring, doors and windows, and others. The furniture segment held 42.3% share of the North America wood adhesives market in 2023, amassing US$ 520.37 million. It is projected to garner US$ 780.11 million by 2031 to expand at 5.2% CAGR during 2023-2031.

Based on country, the North America wood adhesives market is segmented into the US, Canada, and Mexico. The US held 82.6% share of North America wood adhesives market in 2023, amassing US$ 1,015.22 million. It is projected to garner US$ 1,467.19 million by 2031 to expand at 4.7% 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.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com