ALBANY, N.Y. - The global wood adhesives and binders market is projected to grow 4.4 percent annually, reaching $17.77 billion by 2020. Gains will be spurred by growth in the construction market and related increases in furniture, cabinetry and related products manufacturing, according to a recent study by Transparency Market Research..
North America is the largest market for these products, accounting for 33 percent of the $13.15 billion industry in 2013. According to Industry Reports, TMR's study shows the trend should continue, as "the rise in the furniture and interior designing industries, triggered by the rising affluence of consumers, has influenced this regional market positively in recent years."
Likewise, projected construction growth in Asia Pacific will continue to drive adhesives and binders growth in the region, making it the second largest marketplace, the study says. TMR also notes "impressive growth" in Europe. "The rising construction industry in developing nations in Eastern Europe, such as Russia, is likely to propel the demand for wood adhesives and binders in this region," said Industry Reports. "The rest of the world is, however, lagging much behind its peers in terms of value as well as volume."
Developments in biobased adhesives will also bring additional sales opportunities worldwide in both the solid wood and composite panel markets,TMR said.
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