ALBANY, NY – A new industry report estimates the global wood adhesives and binders market will jump from a $13.15 billion industry to a value of $17.77 billion by 2020 due to expected new construction projects.
The estimated increase is due, in part to an increasing population, which is estimated to boost construction projects. Benefits such as ease of use, time efficiency, lightness in weight, low prices and aesthetics are the major drivers for rising adoption of wood adhesives and binders, according to the industry report conducted by Transparency Market Research.
North America dominated the global wood adhesives and binders market, accounting for about 33 percent of the global market in terms of volume in 2013. Asia Pacific was the fastest growing market for wood adhesives and binders, accounting for a significant share of the market volume in 2013. The market in the region is likely to grow at a faster pace from 2014 to 2020.
Flooring and plywood applications dominated the market in 2013, constituting over half the share of the global market in terms of volume. Furniture and subcomponent applications are likely to be the fastest growing market for wood adhesives and binders. In terms of volume, the global wood adhesives and binders market stood at 16,207.7 kilo tons in 2013.
Revenues are expected to grow, but at a slower pace due to instability in prices of petroleum feedstock, according to the report. To reduce reliance on petroleum-based adhesives, companies are shifting focus to developing bio-based wood adhesives and binders, which are typically made from soy and cellulose components. Those products are expected to be among the fastest growing by 2020 due to sustainability issues.
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