North America Wood Adhesives Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 193 | Report Code: BMIRE00032136 | Category: Chemicals and Materials
No. of Pages: 193 | Report Code: BMIRE00032136 | Category: Chemicals and Materials
The North America wood adhesives market size is expected to reach US$ 1,753.23 million by 2031 from US$ 1,229.78 million in 2023. The market is estimated to record a CAGR of 4.5% from 2023 to 2031.
In North America, the demand for wood adhesives is increasing due to the rising expenditure on renovating and remodeling old housing structures. According to the American Institute of Architects (AIA), in 2022, most architecture firm billings came from renovation activities. Consumers are spending on the renovation of the buildings as most of the construction in the county is almost 20 years old. The Joint Center for Housing Centers of Harvard University (JCHS) stated that American home improvement spending was around US$ 472 billion in 2022. Wood adhesives are primarily used in various constructions, such as kitchen cabinets, plywood, and wood flooring. Thus, surging renovation activities have driven the demand for wood adhesives.
Key segments that contributed to the derivation of the North America wood adhesives market analysis are resin type, technology, and application.
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. According to Redfin, in January 2024, the number of houses sold in the US in January 2024 was 284,121—which was 1.8% higher than the number of houses sold in January 2023. In addition, residential construction, a crucial component of the private sector, witnessed a noteworthy increase to a seasonally adjusted annual rate of US$ 856.3 billion in June 2023, marking a 0.9% rise from the revised May 2023 estimate of US$ 848.6 billion. In March 2023, the Government of Canada launched the Housing Accelerator Fund worth US$ 2.96 billion to aid in the building of at least 100,000 homes across the country. Thus, the rising application of wood adhesives in home renovations and other construction activities fuels the market growth.
Based on country, the North America wood adhesives market comprises the US, Canada, and Mexico. The US held the largest share in 2023.
The growing construction and furniture industries, coupled with a focus on sustainable and eco-friendly building materials, have driven the growth of the US wood adhesives market. Rising expenditure on renovation and remodeling old housing structures has driven the demand for the wood adhesives in recent years. According to the American Institute of Architects (AIA), in 2022, most architecture firm billings came from renovation activities. Consumers are spending on the renovation of the buildings as most of the construction in the county is almost 20 years old. The Joint Center for Housing Centers of Harvard University (JCHS) stated that American home improvement spending was around US$ 472 billion in 2022. Thus, an increase in residential and commercial construction projects, driven by urban development and housing market recovery, propels the requirement for wood adhesives for structural and finishing purposes.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,229.78 Million |
| Market Size by 2031 | US$ 1,753.23 Million |
| CAGR (2023 - 2031) | 4.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Resin Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key 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.
The following methodology has been followed for the collection and analysis of data presented in this report:
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:
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.
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:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The North America Wood Adhesives Market is valued at US$ 1,229.78 Million in 2023, it is projected to reach US$ 1,753.23 Million by 2031.
As per our report North America Wood Adhesives Market, the market size is valued at US$ 1,229.78 Million in 2023, projecting it to reach US$ 1,753.23 Million by 2031. This translates to a CAGR of approximately 4.5% during the forecast period.
The North America Wood Adhesives Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Wood Adhesives Market report:
The North America Wood Adhesives Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Wood Adhesives Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Wood Adhesives Market value chain can benefit from the information contained in a comprehensive market report.
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