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Published Date: 2014-10-28Number of Pages: 103

Wood Adhesives and Binders (Urea-formaldehyde, Melamine-urea-formaldehyde, Phenol-formaldehyde, Isocyanates, Soy-based and Others) Market for Cabinets, Flooring & Plywood, Furniture & Subcomponents, Windows & Doors, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020

Adhesive refers to a binding substance applied to the surface of materials. Derived from various sources, adhesives have been used in various forms since historic times. However, modern day adhesives were commercially developed for the first time in 1960. Adhesives are available in both natural and synthetic forms. Wood adhesives and binders adhere or bond to wood surfaces or wood particles to make structural or nonstructural wood panels. Wood adhesives and binders are mostly used for making plywood, cabinets, structural frames, windows, doors, furniture, and subcomponents among others. These are also used in permanent or temporary applications in various structural and nonstructural panels. 

 

Market players are investing in research activities to develop new products with lower volatile organic compounds (VOCs) emissions under pressure from regulations against such chemicals. Regulatory authorities such as the United States Environment Protection Agency (USEPA), and the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) in Europe have laid down strict regulations against the use of environmentally harmful chemicals as an initiative towards conservation of the environment. This has led to a shift towards bio-based products that conform to the prescribed norms for VOC emissions. However, the wood panel industry is price sensitive and these new formulations are priced higher as compared to the conventional wood adhesives and binder products. Hence, wood panel manufacturers tend to choose cheaper adhesives in order to keep their costs minimum and survive in the cost-competitive wood products market. 

 

Growing environmental concerns due to rising carbon footprints of the companies coupled with the volatility in raw material prices have also been prompting market players to develop bio-based adhesives. Apart from providing environmental benefits by reducing carbon emissions, these adhesives reduce the overall cost of manufacturing adhesives as compared to their synthetic counterparts. Composed of starch, and soy and vegetable oils, these adhesives can compete at par with petroleum-based adhesives and sealants available in the market.

 

 

Wood adhesives and binders can be prepared using a variety of chemistries including urea-formaldehyde, melamine-urea-formaldehyde, phenol-formaldehyde resins, isocyanates, polyurethanes, epoxy, silicones, and polyvinyl acetate. Urea-formaldehyde, melamine-urea-formaldehyde, and phenol-formaldehyde resins are the most commonly used product types due to their low prices. Urea-formaldehyde is the dominant segment across all regions except Europe, where phenol-formaldehyde resin is the dominant wood adhesives and binders product type. Urea-formaldehyde, melamine-urea-formaldehyde, phenol-formaldehyde resins, isocyanates, polyurethanes and epoxy-based wood adhesives and binders are known to emit volatile organic compounds (VOCs). Urea-formaldehyde, melamine-urea-formaldehyde and phenol-formaldehyde resins together accounted for over 90% of the wood adhesives market volume in 2013. 

 

Key end-users of wood adhesives and binders are the construction and furniture industries. Wood adhesives and binders are primarily utilized in applications such as flooring, plywood, and furniture globally. Wood adhesives and binders are used to manufacture oriented strand boards (OSBs), softwood plywood, particle boards, and medium density fiberboards. The furniture & subcomponents segment is anticipated to be the fastest growing application, expanding at a CAGR of over 5% between 2014 and 2020 in terms of volume . On the other hand, the flooring & plywood segment emerged as the dominant segment across all regions in 2013. Flooring & plywood applications accounted for more than half of the global demand for wood adhesives and binders in the same year. This trend is anticipated to continue in the near future due to rising demand from various infrastructure activities.

 

Rising construction activities in Asia Pacific, the Middle East, North America, Eastern Europe and Latin America are projected to boost the demand for wood products in the coming years. This, in turn, is anticipated to augment demand for wood adhesives and binders for flooring & plywood applications. North America was the largest consumer for wood adhesives and binders and accounted for approximately 33% of the global market volume in 2013. Asia Pacific was the second-largest regional market and accounted for a significant portion of the global market volume share for wood adhesives and binders in 2013.

 

Key players in the market include 3M Company, Henkel AG & Co.KGaA, H.B. Fuller Co., Bostik SA, Dow Chemical Company, and BASF SE.

 

 

 

Chapter 1 Preface

1.1 Report description

1.2 Market segmentation

1.3 Research scope and assumptions

      1.3.1 Research scope

      1.3.2 Assumptions

1.4 Research methodology

 

Chapter 2 Executive Summary

2.1 Global wood adhesives and binders market, 2013 – 2020 (Kilo Tons) (USD Million)

      2.1.1 Global wood adhesives and binders market snapshot, 2013 & 2020

 

Chapter 3 Wood Adhesives and Binders Market- Industry Analysis

3.1 Introduction

3.2 Value chain analysis

3.3 Market drivers

      3.3.1 High growth rate of construction market boosts demand for wood adhesives and binders

             3.3.1.1 World construction market, 2010 - 2020 (USD Billion)

             3.3.1.2 Largest construction markets in 2020 (USD Billion)

3.4 Market restraints

      3.4.1 Volatile crude oil prices put pressure on manufacturers’ margins

              3.4.1.1 Global crude oil prices, January 2008 to July 2014 (USD/Barrel)

      3.4.2 Environmental regulations against chemicals emitting volatile organic compounds (VOC)

3.5 Opportunities

      3.5.1 Development and commercialization of bio-based adhesives

      3.5.2 Nanocrystalline Cellulose (NCC) as additive in wood binders

3.6 Porter’s Five Forces analysis

      3.6.1 Bargaining power of suppliers

      3.6.2 Bargaining power of buyers

      3.6.3 Threat from substitutes

      3.6.4 Threat of new entrants

      3.6.5 Degree of competition

3.7 Wood adhesives and binders: Market attractiveness analysis

3.8 Wood adhesives and binders: Company market share analysis, 2013

3.9 Raw material analysis

      3.9.1 Formaldehyde

              3.9.1.1 Formaldehyde, global historical FOB prices, 2004-2013 (USD/kg)

      3.9.2 Urea

              3.9.2.1 Urea, global historical FOB prices, 2004-2013 (USD/kg)

      3.9.3 Melamine

              3.9.3.1 Melamine, global historical FOB prices, 2004-2013 (USD/kg)

      3.9.4 Phenol, Benzene & Toluene

              3.9.4.1 Phenol, benzene & toluene, global historical FOB prices, 2004-2013 (USD/kg)

      3.9.5 Soy-meal

              3.9.5.1 Soy-meal, global historical FOB prices, 2004-2013 (USD/kg)

      3.9.6 Others (Including polyvinyl acetate (PVAc), ethyl vinyl acetate (EVA), etc.)

3.10 Cost calculation, 2004-2013

      3.10.1 Urea-formaldehyde (UF)

      3.10.2 Melamine-urea-formaldehyde (MUF)

      3.10.3 Phenol-formaldehyde (PF)

      3.10.4 Polymeric methylene-diphenyl-diisocyanate (pMDI)

 

Chapter 4 Wood Adhesives and Binders Market – Product Segment Analysis

4.1 Global wood adhesives and binders market: Product segment overview

      4.1.1 Global wood adhesives and binders market volume share, by product segment, 2013 & 2020

      4.1.2 Global wood adhesives and binders product prices, 2004 – 2013 (USD/kg)

4.2 Urea-formaldehyde wood adhesives and binders

      4.2.1 Global urea-formaldehyde wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

4.3 Melamine-urea-formaldehyde wood adhesives and binders

      4.3.1 Global melamine-urea-formaldehyde wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

4.4 Phenol-formaldehyde wood adhesives and binders

      4.4.1 Global phenol-formaldehyde wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

4.5 Isocyanates wood adhesives and binders

      4.5.1 Global isocyanates wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

4.6 Soy-based wood adhesives and binders

      4.6.1 Global soy-based wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

4.7 Other wood adhesives and binders (Including polyurethane, epoxy, silicone, polyvinyl acetate (PVAc) and ethyl vinyl acetate (EVA))

      4.7.1 Global other wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

 

Chapter 5 Wood Adhesives and Binders Market - Application Analysis

5.1 Global wood adhesives and binders market: Application overview

      5.1.1 Global wood adhesives and binders market volume share, by application, 2013 & 2020

5.2 Flooring and plywood applications

      5.2.1 Global wood adhesives and binders market for flooring and plywood applications, 2013 - 2020, (Kilo Tons) (USD Million)

5.3 Furniture and subcomponents applications

      5.3.1 Global wood adhesives and binders market for furniture and subcomponent applications, 2013 - 2020 (Kilo Tons) (USD Million)

5.4 Cabinet applications

      5.4.1 Global wood adhesives and binders market for cabinet applications, 2013 - 2020 (Kilo Tons) (USD Million)

5.5 Windows and doors applications

      5.5.1 Global wood adhesives and binders market for windows and door applications, 2013 - 2020 (Kilo Tons) (USD Million)

5.6 Other applications

      5.6.1 Global wood adhesives and binders market for other applications, 2013 - 2020 (Kilo Tons) (USD Million)

 

Chapter 6 Wood Adhesives and Binders Market - Regional Analysis

6.1 Global wood adhesives and binders market: Regional overview

      6.1.1 Global wood adhesives and binders market share, by region, 2013 & 2020

6.2 North America

      6.2.1 North America wood adhesives and binders market volume, by product segment, 2013 - 2020 (Kilo Tons)

      6.2.2 North America wood adhesives and binders market revenues, by product segment, 2013 - 2020 (USD Million)

      6.2.3 North America wood adhesives and binders market volume, by application, 2013 - 2020 (Kilo Tons)

      6.2.4 North America wood adhesives and binders market revenues, by application, 2013 - 2020 (USD Million)

6.3 Europe

      6.3.1 Europe wood adhesives and binders market volume, by product segment, 2013 - 2020 (Kilo Tons)

      6.3.2 Europe wood adhesives and binders market revenue, by product segment, 2013 - 2020 (USD Million)

      6.3.3 Europe wood adhesives and binders market volume, by application, 2013 - 2020 (Kilo Tons)

      6.3.4 Europe wood adhesives and binders market revenues, by application, 2013 - 2020 (USD Million)

6.4 Asia Pacific

      6.4.1 Asia Pacific wood adhesives and binders market volume, by product segment, 2013 - 2020 (Kilo Tons)

      6.4.2 Asia Pacific wood adhesives and binders market revenues, by product segment, 2013 - 2020 (USD Million)

      6.4.3 Asia Pacific wood adhesives and binders market volume, by application, 2013 - 2020 (Kilo Tons)

      6.4.4 Asia Pacific wood adhesives and binders market revenues, by application, 2013 - 2020 (USD Million)

6.5 Rest of the World (RoW)

      6.5.1 RoW wood adhesives and binders market volume, by product segment, 2013 - 2020 (Kilo Tons)

      6.5.2 RoW wood adhesives and binders market revenues, by product segment, 2013 - 2020 (USD Million)

      6.5.3 RoW wood adhesives and binders market volume, by application, 2013 - 2020 (Kilo Tons)

      6.5.4 RoW wood adhesives and binders market revenues, by application, 2013 - 2020 (USD Million)

 

Chapter 7 Company Profiles

7.1 3M Company

      7.1.1 Company overview

      7.1.2 Product portfolio

      7.1.3 Financial overview

      7.1.4 Business strategy

      7.1.5 Recent developments

7.2 Ashland Inc.

      7.2.1 Company overview

      7.2.2 Product portfolio

      7.2.3 Financial overview

      7.2.4 Business strategy

      7.2.5 Recent developments

7.3 H.B Fuller Company

      7.3.1 Company overview

      7.3.2 Product portfolio

      7.3.3 Financial overview

      7.3.4 Business strategies

      7.3.5 Recent developments

7.4 Henkel AG & Co. KGaA

      7.4.1 Company overview

      7.4.2 Product portfolio

      7.4.3 Financial overview

      7.4.4 Business strategy

      7.4.5 Recent developments

7.5 BASF SE

      7.5.1 Company overview

      7.5.2 Product portfolio

      7.5.3 Financial overview

      7.5.4 Business strategies

      7.5.5 Recent developments

7.6 Huntsman Corporation

      7.6.1 Company overview

      7.6.2 Product portfolio

      7.6.3 Financial overview

      7.6.4 Business strategy

7.7 Avery Dennison Corporation

      7.7.1 Company overview

      7.7.2 Product portfolio

      7.7.3 Financial overview

      7.7.4 Business strategy

      7.7.5 Recent developments

7.8 Adhesives Research Inc.

      7.8.1 Company overview

      7.8.2 Product portfolio

      7.8.3 Business strategy

7.9 Dow Chemical Company

      7.9.1 Company overview

      7.9.2 Product portfolio

      7.9.3 Financial overview

      7.9.4 Business strategies

      7.9.5 Recent developments

7.10 Bostik SA

      7.10.1 Company overview

      7.10.2 Product portfolio

      7.10.3 Financial overview

      7.10.4 Business strategy

      7.10.5 Recent developments

List of Figures 

 

FIG. 1 Global wood adhesives and binders market segmentation by product segment, application and region

FIG. 2 Global wood adhesives and binders market, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 3 Wood adhesives and binders market: Value chain analysis

FIG. 4 World construction market, 2010 - 2020 (USD Billion)

FIG. 5 Largest construction markets in 2020 (USD Billion)

FIG. 6 Global crude oil prices, January 2008 to July 2014 (USD/Barrel)

FIG. 7 Porter’s five forces analysis for wood adhesives and binders market

FIG. 8 Wood adhesives and binders: Market attractiveness analysis

FIG. 9 Wood adhesives and binders: Company market share analysis, 2013

FIG. 10 Formaldehyde, global historical FOB prices, 2004-2013 (USD/kg)

FIG. 11 Urea, global historical FOB prices, 2004-2013 (USD/kg)

FIG. 12 Melamine, global historical FOB prices, 2004-2013 (USD/kg)

FIG. 13 Phenol, benzene & toluene, global historical FOB prices, 2004-2013 (USD/kg)

FIG. 14 Soy-meal, global historical FOB prices, 2004-2013 (USD/kg)

FIG. 15 Global wood adhesives and binders market share, by product segment, 2013 & 2020

FIG. 16 Global urea-formaldehyde wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

FIG. 17 Global melamine-urea-formaldehyde wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

FIG. 18 Global phenol-formaldehyde wood adhesives and binders market, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 19 Global isocyanates wood adhesives and binders market, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 20 Global soy-based wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

FIG. 21 Global other wood adhesives and binders market, 2013 - 2020 (Kilo Tons) (USD Million)

FIG. 22 Global wood adhesives and binders market share, by application, 2013 & 2020

FIG. 23 Global wood adhesives and binders market for flooring and plywood applications, 2013 - 2020, (Kilo Tons) (USD Million)

FIG. 24 Global wood adhesives and binders market for furniture and subcomponent applications, 2013 - 2020 (Kilo Tons) (USD Million)

FIG. 25 Global wood adhesives and binders market for cabinet applications, 2013 - 2020 (Kilo Tons) (USD Million)

FIG. 26 Global wood adhesives and binders market for windows and door applications, 2013 - 2020 (Kilo Tons) (USD Million)

FIG. 27 Global wood adhesives and binders market for other applications, 2013 - 2020 (Kilo Tons) (USD Million)

FIG. 28 Global wood adhesives and binders market share, by region, 2013 & 2020

List of Tables

 

TABLE 1 Global wood adhesives and binders market snapshot, 2013 & 2020

TABLE 2 Drivers for wood adhesives and binders market: Impact analysis

TABLE 3 Restraints for wood adhesives and binders market: Impact analysis

TABLE 4 Recent joint ventures in the industry

TABLE 5 Urea-formaldehyde (UF) cost calculation (market price - raw material costs), 2004-2013 (USD/kg)

TABLE 6 Melamine-urea-formaldehyde (MUF) cost calculation (market price - raw material costs), 2004-2013 (USD/kg)

TABLE 7 Phenol-formaldehyde (PF) cost calculation (market price - raw material costs), 2004-2013 (USD/kg)

TABLE 8 Polymeric methylene-diphenyl-diisocyanate (pMDI) cost calculation (market price - raw material costs), 2004-2013 (USD/kg)

TABLE 9 Global wood adhesives and binders product prices (FOB), 2004 – 2013 (USD/kg)

TABLE 10 Urea-formaldehyde raw material regional prices, 2014

TABLE 11 Melamine-urea-formaldehyde raw material regional prices, 2014

TABLE 12 Phenol-formaldehyde raw material regional prices, 2014

TABLE 13 Isocyanates raw material regional prices, 2014

TABLE 14 Soy-meal regional prices, 2014

TABLE 15 North America wood adhesives and binders market volume, by product segment, 2013 - 2020 (Kilo Tons)

TABLE 16 North America wood adhesives and binders market revenues, by product segment, 2013 - 2020 (USD Million)

TABLE 17 North America wood adhesives and binders market volume, by application, 2013 - 2020 (Kilo Tons)

TABLE 18 North America wood adhesives and binders market revenues, by application, 2013 - 2020 (USD Million)

TABLE 19 Europe wood adhesives and binders market volume, by product segment, 2013 - 2020 (Kilo Tons)

TABLE 20 Europe wood adhesives and binders market revenue, by product segment, 2013 - 2020 (USD Million)

TABLE 21 Europe wood adhesives and binders market volume, by application, 2013 - 2020 (Kilo Tons)

TABLE 22 Europe wood adhesives and binders market revenues, by application 2013 - 2020 (USD Million)

TABLE 23 Asia Pacific wood adhesives and binders market volume, by product segment, 2013 - 2020 (Kilo Tons)

TABLE 24 Asia Pacific wood adhesives and binders market revenues, by product segment 2013 - 2020 (USD Million)

TABLE 25 Asia Pacific wood adhesives and binders market volume, by application, 2013 - 2020 (Kilo Tons)

TABLE 26 Asia Pacific wood adhesives and binders market revenues, by application, 2013 - 2020 (USD Million)

TABLE 27 RoW wood adhesives and binders market volume, by product segment, 2013 - 2020 (Kilo Tons)

TABLE 28 RoW wood adhesives and binders market revenues, by product segment, 2013 - 2020 ( USD Million)

TABLE 29 RoW wood adhesives and binders market volume, by application 2013 - 2020 (Kilo Tons)

TABLE 30 RoW wood adhesives and binders market revenues, by application, 2013 - 2020 (USD Million)

Growth in the construction industry is expected to boost the demand for wood products. This would lead to growth in demand for wood adhesives and binders, especially for structural bonding applications. However, volatile feedstock prices for petroleum-based wood adhesives and binders and regulations on chemicals emitting volatile organic compounds (VOCs) are expected to hamper the growth of the wood adhesives and binders market. Extensive research, especially on bio-based chemistries, and new product development with low VOC emissions is expected to provide growth opportunities in the near future. 

 

This report provides a detailed description of the global wood adhesives and binders market based on volume share (kilo tons) and revenue (USD million) for the period from 2014 to 2020. The report highlights the factors contributing to the growth of the market. It also covers restraints that impede market growth. Detailed forecasts for the years 2014 to 2020 for wood adhesives and binders have been given separately for better understanding of the market scenario. The wood adhesives and binders market is described with respect to various segments along with the opportunities that are expected in the next six years.

 

For geographic analysis, the global wood adhesives and binders market has been segmented into regions such as North America, Europe, Asia Pacific and Rest of the World. The wood adhesives and binders market has been segmented based on the following product types:  Urea-formaldehyde, melamine-urea-formaldehyde, phenol-formaldehyde, isocyanates, soy-based and others. The study also analyzes market attractiveness for all product segments of wood adhesives and binders with the help of the market attractiveness tool. Additionally, average global historical prices for the period between 2004 and 2013 have been provided for each of the products mentioned above.  

 

The study segments the market on the basis of applications into cabinets, flooring & plywood, furniture & subcomponents, windows & doors, and other applications. The study provides forecasts and estimates for each application segment in terms of revenue and volume during the forecast period from 2014 to 2020. 

 

For a more comprehensive view of the market, a value chain analysis, raw material analysis and Porter’s five forces model is provided to understand the specifics of the industry structure besides giving an overview of the degree of competitiveness. The report also includes detailed profiles of key players such as 3M Company, HB Fuller, Henkel AG, BASF SE, Bostik SA, Huntsman Corporation, the Dow Chemical Company, Adhesive Research Inc., Avery Dennison Corporation and Ashland, Inc. Detailed description of players includes parameters such as company overview, financial overview, business strategies, SWOT analysis and recent developments of the company.

 

Certain assumptions were made in order to manage the scope of the research. Inflation is not a part of pricing in this report. Prices of wood adhesives and binders vary in each region. Different end-users use different types of products, thus pricing for each application varies according to region while estimating and forecasting market revenue on the global basis. Regional average price has been considered while breaking down the market by product types in each region. All prices accounted in the report reflect average free-on-board (FOB) prices.

 

The report segments the global wood adhesives and binders market as:

  • Wood Adhesives and Binders Market – Product Segment Analysis
    • Urea-formaldehyde (UF)
    • Melamine-urea-formaldehyde (MUF)
    • Phenol-formaldehyde (PF)
    • Isocyanates (MDI, TDI, HDI)
    • Soy based
    • Others (Including polyurethane, epoxy, silicone, polyvinyl acetate (PVAc) and ethyl vinyl acetate (EVA)
  • Wood Adhesives and Binders Market – Application Analysis
    • Cabinets
    • Flooring & plywood
    • Furniture & subcomponents
    • Windows & doors
    • Others (Including do-it-yourself consumer products and crafts)
  • Wood Adhesives and Binders Market - Regional Analysis
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World


 
 
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