The global wood adhesives market is projected to reach $5.24 billion by 2026, at a compound annual growth rate (CAGR) of 3.1% from 2016 to 2026, according to a recent report from Report Linker. Growth in this market is mainly attributed to the expansion of the construction industry, increasing urban population, recovery of the global economy, and growth in the furniture industry. However, the adoption of fiberboard and metal for manufacturing home furniture will restrict the growth of the global wood adhesives market.
The furniture application segment is projected to grow at the highest CAGR from 2016 to 2026, both in terms of value and volume. The construction of new houses and renovation and remodeling activities has also increased over the past few years. This further increases the sales of new furniture and the repair and maintenance of old furniture.
Asia-Pacific led the global wood adhesives market in 2015 in terms of volume. China and Japan are the two major markets for wood adhesives in this region. The rise in the number of residential and commercial buildings and rapid urbanization in China and India are projected to drive the furniture and woodworking markets in this region.