Rising Construction and Infrastructural Activities to Escalate Industrial Wood Adhesives Market Growth during 2020–2027
According to our latest market study on “Industrial Wood Adhesives Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Resin Type (Natural and Synthetic) and Technology (Solvent-Based, Water-Based, Solventless, and Others),” the market is expected to reach US$ 7,656.2 million by 2027 from US$ 5,133.8 million in 2019. The market is estimated to grow at a CAGR of 5.2% from 2020–2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Wood adhesive is used to manufacture building materials such as plywood and other laminated veneer products, oriented strandboard, particleboard, laminated beams and timbers, fiberboard, edge- and end jointed products, architectural doors, windows and frames, furniture, floor coverings, ceiling, and wall tiles. The rapidly expanding construction industry is increasing the application of wood, thereby creating scope for industrial wood adhesives.
The construction industry across the world is witnessing a boost in the number of new residential and commercial building constructions. There is a substantial growth in the construction activities across North America. As per the Associated General Contractors of America, Inc., the construction spending of public and private sectors in the US is registered US$ 1.329 trillion during 2018. The rapid development of metropolitan cities is augmenting the demand for commercial construction projects. Stores, offices, hotels, resorts, schools, gymnasiums, libraries, museums, hospitals, and clinics are considered as commercial buildings. The construction and design of commercial building directly impact the ambience of that place and productivity of workers. It is considered that attractive and pleasant working places help increase the productivity of the employees. Hence, office spaces are highly using wooden materials to impart an aesthetic appearance. Moreover, the expansion of the tourism sector across the globe is contributing to commercial construction activities, especially in Asia-Pacific. Domestic and international travelers spend most of the amount on food services and lodging. Therefore, the hotels and resorts construction is witnessing tremendous growth across the world. To gain customer attraction and provide aesthetic beauty, hotels are constructed with wooden floorings, windows, doors, and furniture. Also, tourists are highly attracted to hotels and resorts constructed entirely with wood. Besides aesthetic beauty, wood has various qualities such as environmental friendliness and safety for human health. Wood has low thermal conductivity; hence even in a cold climate, it will always be warm inside a wooden building. Thus, the rising construction activities, and increasing utilization of wooden products in the buildings are propelling the growth of the global industrial wood adhesives market.
A few of the major key players operating in the global industrial wood adhesives market are H.B.Fuller Company; Henkel AG & Company; KGAA; Ashland; Arkema Group; Sika AG; Pidilite Industries Ltd; Jubilant Industries Ltd; Dow, Inc.; 3M; and Akzo Nobel N.V. The major players in the industrial wood adhesives market adopt strategies such as product innovation and facility expansion to increase the market share.
Impact of COVID-19 Pandemic on Industrial Wood Adhesives Market
The COVID-19 pandemic has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemical & materials industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and various goods sales. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are negatively affecting the business collaborations and partnership opportunities. All these factors are hindering the chemical & materials industry, which is restraining the growth of various markets related to this industry. The industrial wood adhesives market is negatively impacted by the pandemic due to shortfall in production along with halt in ongoing infrastructural development and construction projects due to global lockdown.
Report : Industrial Wood Adhesives Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Resin Type (Natural and Synthetic) and Technology (Solvent-Based, Water-Based, Solventless, and Others)
The report includes the segmentation of the global industrial wood adhesives market as follows:
Industrial Wood Adhesives Market, by Resin Type
Industrial Wood Adhesives Market, by Technology
Industrial Wood Adhesives Market, by Geography