Global Plywood Adhesives Market - 2020-2027
Plywood is a sheet that is made from thin wooden layers. These thin wooden layers are then glued & machine pressed together to form a sheet, and these sheets are baked at 140 °C to form plywood that are processed from teak, oak, mahogany, maple bark. Moreover, the plywood comprises five types: softwood plywood, hardwood plywood, tropical plywood, flexible plywood, and marine plywood. In addition, plywood is used on various applications such as floors, walls, roofs in home constructions, wind bracing panels; internal vehicle bodywork; packages and boxes; fencing, and others.
The global plywood adhesives market is estimated to reach USD XX billion by 2027 from the recorded market size of worth USD XX billion in 2019, growing at a CAGR of XX% during the forecast period.
The growing demand for plywood is driven by rising construction activities (residential and commercial purposes) and growing preferences for well-designed floors, home ceilings and walls. Moreover, the growing demand for furniture is expected to increase plywood adhesives' market size during the forecast period. According to industry analysis, the global market value of furniture is expected to reach USD 650 billion from the recorded value of USD 509 billion with a significant CAGR during the forecast period. The Furniture market focuses on different movable commodities designed to support various activities, including sleeping or seating, holding or storing objects, tableware, cutlery and other small things. Moreover, this market outlook includes both B2C (business to consumer) and B2B (business to business) sales (e.g., furniture for coffee shops, offices, etc.). In addition, furniture sometimes has a decorative, symbolic or religious purpose, the focus lies on the furniture with a primarily functional role, and the market is segmented accordingly that is expected to increase market growth during the forecast period.
Furthermore, the demand for new housing and commercial real estate grew in recent years, but supply struggles to keep up. Construction space became scarce, for instance, while both investors and consumers are looking for new properties. Moreover, global awareness of climate change also grew with it and increased the search for environmentally friendly options. In addition, building requirements have therefore become more complex over the years. Also, emerging technologies could help the industry to cope with society's growing demands for plywood adhesives.
By glue type, the market is segmented into urea formaldehyde, melamine, phenolic and others. By type, the market is segmented into type A bond, type B bond, type C bond, type D bond and type E bond. By product type, the market is segmented into water-based, solvent-based and others. By end-user, the market is segmented into construction, furniture, automotive, marine and others.
Urea-formaldehyde resins are preferred for bonding plywood and other wood-based panels mainly due to the easy availability of raw materials required for resins at lower costs, colorless glue line and fast setting at high temperatures. Moreover, the studies on thermal softening of cured resins indicate that molecular motion resulting in free volume changes within the polymer offers UF resins' instability above 60ºC. Because of these UF resins, bonded panel products will be suitable best for interior locations only.
Furthermore, melamine urea-formaldehyde resins possess better water resistance properties among the Amino resins than UF resins. Moreover, studies have been made to develop MUF resin adhesives to manufacture flooring tiles from bamboo, Bamboo laminates, and finger jointing of Sawmill waste timbers. In addition, the required percentage of hardener for cold setting at room temperature have been worked out. The process parameters for manufacturing laminates/tiles like spread, Assembly time, hot press temperature, pressure, time have been optimized.
Type A - Phenol-Formaldehyde; Type B - Melamine Urea Formaldehyde; Type C - urea-formaldehyde; Type D - polyvinyl acetate - PVAc glue and Type E - MDI
North America region holds the largest market share global Plywood Adhesives Market
North America dominates the plywood adhesives market due to the increased demand of the construction and furniture industry in this region. The U.S holds the largest market share in this region due to increased demand for the construction industry. According to industry analysis. In addition, in U.S furniture market will generate a value of USD 247,835 million in 2021 and is expected to increase with a CAGR of 2.17% during the forecast period.
APAC is expected to be the fastest-growing market for plywood adhesives due to the increasing demand for the furniture and decorative industry in this region. A developing country like India and China holds the largest market share for the plywood adhesives market in this region. According to industry analysis, the furniture market's revenue is expected to reach USD 613,863 million in 2021 and is predicted to grow with a CAGR of 4.85% during the forecast period. In addition, India will generate a revenue of USD 216,293 million in 2021 and is expected to grow with a CAGR of 4.70% during the forecast period.
Europe and other countries are expected to contribute the significant market growth during the forecast period due to increasing plywood consumption in the industry, such as furniture.
The plywood adhesives market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream application. Dow Chemical, Ashland Inc., Bostik SA, Franklin International, H.B. Fuller, Sika AG, 3M Company, AkzoNobel, Huntsman, Henkel AG are the major player in the adhesive market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the plywood adhesives market globally.
3M™ Fastbond™ Contact Adhesive 30NF is a water-based, low-odor adhesive designed to have high coverage, high strength, long bonding range and good heat resistance. Moreover, this classic adhesive has proven to bond combinations of most foamed plastics, plywood, plastic laminate, wood veneer, canvas and wood. In addition, the company designed 3M™ Fastbond™ Contact Adhesive 30NF to create a solid bond resistant to high heat with a bonding range of up to four hours. It is a deal for decorative laminate applications where low VOCs and non-flammability are critical.
Furthermore, a fast-acting solution, 3M™ Low Mist Contact Adhesive 30NF, delivers high immediate bonding strength with a long bonding range. Our design offers an excellent solution for bonding porous substrates to porous or non-porous substrates with time for positioning and adjustments. With 3M™ Low Mist Contact Adhesive 30NF, we can leverage an adhesive advantage that is ready to meet many demanding applications' demands.