How the Market Factors Impact on Wood Adhesives Market Industry Revenue in Future

Northbrook, IL, USA, 2021-Oct-21 — /EPR Network/ —

The wood adhesives market exhibits high growth potential and is projected to reach a market size of USD 4.9 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 3.4 %. The market growth is being led by the increasing demand of adhesives in place of traditional fasteners. They provide strong bonds, clean finishes and are lightweight. They do not rust and have sealant properties.  The growing demand in the packaging industry specially in furniture and cabinet. APAC region is the largest market for wood adhesives. The major concern is regarding the environmental and health impact of synthetic resin adhesives.

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The major drivers for the market are the opportunities in APAC region.Regulatory policies in the APAC region are adaptive and business-friendly due to less stringent regulations and data requirements. The increasing competition in the mature markets will further compel adhesive manufacturers to focus on the emerging markets.Again, the growing population, increasing awareness about adhesives products, and substantial economic conditions propel the wood adhesives market. The penetration of wood adhesives products in emerging economies is growing, which is expected to increase during the forecast period. Rising awareness about the benefits of adhesives in the woodworking industry will provide a good prospect for the market’s growth in these regions. Furthermore, the demand for furniture, wooden flooring, and window & door products intensifies, subsequently driving the wood adhesives market.

APAC is projected to be the fastest-growing market, in terms of value during the forecast period. A huge and increasing population base and a shift towards urbanization is the leading cause.

Furniture is one of the two market segments with the highest CAGR. The use of wood adhesives on wooden products increases their durability and gives good adhesion to the wooden substrate. Wood adhesives are extensively used in the manufacturing of furniture as they provide a strong bond and aesthetic appeal to the furnishing item. The growth of the wooden furniture industry will drive the wood adhesives market as they are directly related to each other.

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The outbreak of the novel coronavirus or COVID-19 was declared a pandemic by the World Health Organization (WHO) in 2020. The virus outbreak wreaked havoc on the global economy, with the lockdown of international borders and the shutdown of economic activities across countries to prevent the spread of COVID-19 resulting in a severe impact on industries across the world.

Recovery from the COVID-19 crisis largely depends on various known and unknown factors, which most countries will have to deal with and respond to. The economic recovery will depend on the health and economic responses, as well as the agility and speed of implementing various measures. The recovery of the barrier resin market is interconnected with the recovering economy.

These players primarily focus on innovation and new service and technology launches, as well as on acquiring leading market positions by offering broad portfolios catering to varied geographies and diverse end-use segments.