North America Wood Adhesives Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The North America wood adhesives market is projected to grow significantly, reaching approximately US$ 1,753.23 million by 2031, up from US$ 1,229.78 million in 2023, reflecting a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2023 to 2031.

Executive Summary and Market Analysis

The demand for wood adhesives in North America is on the rise, primarily driven by increased spending on the renovation and remodeling of aging housing structures. The American Institute of Architects (AIA) reported that in 2022, a substantial portion of architecture firm billings was attributed to renovation projects. With many homes in the region being nearly two decades old, consumers are investing in upgrades. The Joint Center for Housing Studies at Harvard University (JCHS) noted that American home improvement expenditures reached around US$ 472 billion in 2022. Wood adhesives play a crucial role in various construction applications, including kitchen cabinets, plywood, and wood flooring, thus benefiting from the surge in renovation activities.

Market Segmentation Analysis

The North America wood adhesives market can be segmented based on resin type, technology, and application:

Resin Type: The market is divided into natural and synthetic resins, with synthetic resins dominating the market share in 2023.
Technology: The market is categorized into solvent-based, water-based, and other technologies, with water-based adhesives holding the largest market share in 2023.
Application: Key applications include furniture, plywood, flooring, doors and windows, among others, with furniture being the leading segment in 2023.

Market Outlook

Wood adhesives are essential in the production of various engineered wood products such as plywood, particleboards, and medium-density fiberboards, which are utilized in structural applications like doors, flooring, and cabinets. The growth in home renovations is influenced by several factors, including the desire to modernize homes, address maintenance concerns, and enhance property resale value. As the housing market expands, driven by population growth, urbanization, and favorable economic conditions, the demand for wood-based building materials, including flooring and windows, is also increasing.

For instance, Redfin reported that in January 2024, the number of homes sold in the US rose to 284,121, marking a 1.8% increase compared to January 2023. Additionally, residential construction saw a notable rise, reaching a seasonally adjusted annual rate of US$ 856.3 billion in June 2023, up 0.9% from the previous month. The Canadian government also initiated the Housing Accelerator Fund, allocating US$ 2.96 billion to support the construction of at least 100,000 homes, further stimulating the demand for wood adhesives in construction and renovation projects.

Country Insights

The North America wood adhesives market includes the US, Canada, and Mexico, with the US holding the largest market share in 2023. The growth of the construction and furniture sectors, along with a shift towards sustainable building materials, has significantly contributed to the expansion of the wood adhesives market in the US. The increasing investment in renovation and remodeling of older homes has further fueled the demand for wood adhesives.

Company Profiles

Key players in the wood adhesives market include Henkel AG & Co KGaA, 3M Co, Sika AG, Arkema SA, Dow Inc, H.B. Fuller Company, Akzo Nobel NV, Aica Kogyo Co. Ltd, Pidilite Industries Ltd, Mapei SpA, Jubilant Industries Ltd, Franklin International, Jowat SE, STAUF Klebstoffwerk GmbH, RPM International Inc, Huntsman Corp, Follmann GmbH and Co KG, Bolton Group S.r.l, Wacker Chemie AG, and IFS Industries Inc. These companies are employing various strategies such as market expansion, product innovation, and mergers and acquisitions to enhance their product offerings and increase market share.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America wood adhesives market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in North America wood adhesives market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the wood adhesives market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution. Show more