Asia Pacific Wood Adhesives Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The Asia Pacific wood adhesives market size is expected to reach US$ 2,123.99 million by 2031 from US$ 1,354.53 million in 2023. The market is estimated to record a CAGR of 5.8% from 2023 to 2031.

Executive Summary and Asia Pacific Wood Adhesives Market Analysis:

Rapid urbanization and industrialization have surged the demand for wood adhesives in Asia Pacific. China, India, Malaysia, Singapore, and other economies are witnessing substantial growth in construction activities as they develop new infrastructure and housing to accommodate their expanding population. This construction boom necessitates a significant amount of wood products, including plywood, MDF, and particleboard, all of which rely heavily on wood adhesives for their manufacture. In addition, government schemes to provide basic facilities such as food and shelter have further led to market growth in the region. In January 2023, the government of China announced to build 6.5 million public housing units during 2021–2025 to accommodate 20 million people in 40 major cities. The project was aimed at easing housing pressure on low-income populations. Wood adhesives are primarily used in various constructions, such as kitchen cabinets, plywood, and wood flooring. Thus, surging government housing projects have driven the growth of the wood adhesives market in the region.

Economic growth and rising disposable incomes of consumers in Asia Pacific contribute to the wood adhesives market growth. As living standards improve, there is a growing market for furniture and home decor items. Consumers are increasingly investing in high-quality, durable furniture, often made of engineered wood products that require wood adhesives. The furniture manufacturing industry, which is a major consumer of wood adhesives, is thriving as a result, further boosting the demand for these products. Moreover, Asia Pacific is experiencing a shift toward sustainable and environmentally friendly products aligning with global trends. Governments and industries are adopting stricter environmental regulations and promoting green building practices. This is driving the demand for eco-friendly wood adhesives with low formaldehyde and volatile organic compounds (VOCs) emissions.

Asia Pacific Wood Adhesives Market Strategic Insights

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Asia Pacific Wood Adhesives Market Segmentation Analysis

Key segments that contributed to the derivation of the Asia Pacific wood adhesives market analysis are resin type, technology, and application.

• Based on resin type, the Asia Pacific wood adhesives market is bifurcated into natural and synthetic. The synthetic held a larger share of the market in 2023.
• Based on technology, the Asia Pacific wood adhesives market is segmented into solvent-based, water-based and others. The water-based held the largest share of the market in 2023.
• Based on application, the Asia Pacific wood adhesives market is segmented into furniture, plywood, flooring, doors and windows, and others. The furniture held the largest share of the market in 2023.

Asia Pacific Wood Adhesives Market Outlook

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 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. In March 2024, the China State Council launched the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in." This plan introduced a consumer goods trade-in program that includes the exchange of automobiles and household appliances, and it encourages various home renovation projects. Once the trade-in policy was implemented, several leading home furnishing companies quickly responded by offering subsidies and coupons to motivate consumers to trade in their old items for new ones. Since home renovation involves a lengthy and complex supply chain, it will also stimulate growth across multiple related industries. Thus, the rising application of wood adhesives in home renovations and other construction activities fuels the market growth.

Asia Pacific Wood Adhesives Market Country Insights

Based on country, the Asia Pacific wood adhesives market comprises Australia, China, India Japan, South Korea, and the Rest of Asia Pacific. China held the largest share in 2023.

The wood adhesives market growth in China is attributed to rising government initiatives to provide basic housing facilities and surging demand for sustainable construction materials. In January 2023, China's government announced to build 6.5 million public housing units during 2021–2025 to accommodate 20 million people in 40 major cities. The project was aimed at easing housing pressure on low-income populations. Wood adhesives are primarily used in various constructions, such as kitchen cabinets, plywood, and wood flooring. Thus, government housing projects have driven the country's wood adhesives market growth.

Asia Pacific Wood Adhesives Market Report Highlights

Asia Pacific Wood Adhesives Market Company Profiles

Some of the key players operating in the market include 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. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Asia Pacific Wood Adhesives Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

• Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.
• Industry trade journals and other relevant publications.
• Government documents, statistical databases, and market reports.
• News articles, press releases, and webcasts specific to companies operating in the market.

Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

• Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.
• Enhance the expertise and market understanding of the analysis team.
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

Asia Pacific Wood Adhesives Market Country and Regional Insights