LONDON, April 24, 2017 /PRNewswire/ -- The global wood adhesives market is projected to reach USD 5.24 billion by 2026, at a CAGR of 3.10% from 2016 to 2026. 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.
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"The furniture segment is the fastest-growing application segment 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 furniture industry comprises exterior and interior furniture such as tables, beds, chairs, cupboards, and other products. In addition, the construction of new houses and renovation & remodeling activities has also increased over the past few years.
"Rising demand from Asia-Pacific is a major driver for the wood adhesives market"
The Asia-Pacific region led the global wood adhesives market, in terms of volume, in 2015. China and Japan are the two major markets for wood adhesives in this region. 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, thereby resulting in a high demand for wood adhesives.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of the primary interviews is given below:
- By Company Type - Tier 1 - 46%, Tier 2 – 27%, and Others - 27%
- By Designation – C-level – 36%, Director-level - 18%, and Others - 46%
- By Region - North America - 37%, Europe - 36%, Asia-Pacific - 18%, South America & Middle East and Africa – 9%
Key companies profiled in this market research report include Henkel AG & Co. KGaA (Germany), 3M Company (U.S.), Bostik SA (France), H.B. Fuller (U.S.), Sika AG (Switzerland), Ashland Inc. (U.S.), and AkzoNobel N.V. (Netherlands), among others.