The timber laminating adhesives market size was USD 650 million in 2020 and is projected to reach USD 1,047 million by 2026, at a CAGR of 8.1%. Growing demand from the remodeling and renovation industry in Europe and North America is likely to boost the size of the timber laminating adhesives market.
MF resins are more water- and heat-resistant than urea-formaldehyde (UF) resins; therefore they are used in exterior applications. MF resins are stain-resistant and remain unaffected by various strong solvents. MF resins are costlier than UF resins; hence their applications are limited in low-cost particle boards and plywood. They are used as timber laminating adhesives in plywood, medium-density fiberboard (MDF), and particle boards to provide them with mechanical and chemical resistance when required for exterior applications.
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Rising concerns about the ill effects of formaldehyde and other VOCs on human health are leading to the development of low- and no-VOC adhesives. Any new low-VOC adhesive is required to comply with performance standards established by ASTM International, US, to gain acceptability in the marketplace. The ASTM Technical Committee D14 on adhesives develops standard parameters for adhesives and materials used in compounding adhesives and engage in research on adhesives and adhesion, including clarifications of the nature of adhesion.
The key market players are Henkel AG (Germany), 3M Company(U.S), Arkema (Bostik), AkzoNobel N.V. (Netherlands), Sika AG (Switzerland). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2017 and 2021. These strategy strengthened their market position and increased their presence in emerging economies.
Henkel is among the leading companies in all the three sectors of its business i.e., Adhesive Technology, Laundry & Home Care, and Beauty Care. The company operates globally with a well-balanced and diversified portfolio. It caters to both, industrial and consumer markets in all the three sectors. Henkel Adhesive Technologies deals in adhesives, sealants, and functional coatings. Henkel has a diversified portfolio for the respective market segments: industrial, consumers, and craftsmen. The industrial product portfolio is organized into five Technology Cluster Brands – Loctite, Technomelt, Bonderite, Teroson, and Aquence. For consumers and craftsmen, the four global brands offered are Pritt, Loctite, Ceresit, and Pattex. PURBOND and DORUS offer timber laminating adhesives through the adhesive technologies segment.
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3M operates in four business segments: Safety & Industrial, Transportation & Electronics, Healthcare, and Consumer. In these segments, 3M offers a variety of products including adhesives, bonding materials, coatings, and specialty materials. The company produces a variety of adhesives through all its business segments for various purposes. It manufactures timber laminating adhesives for varied applications through its industrial and consumer segments.
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