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 timber laminating adhesives market.
Timber laminating adhesives are special adhesives designed to bond wood and other laminates together. They are used in the manufacture of furniture, cabinetry, flooring, plywood and other applications where two or more layers of wood or laminates need to be permanently joined together. The adhesive bonds with the wood and laminates, providing a strong and durable bond.
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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.
Europe is projected to be the largest market for timber laminating adhesives. The European market for timber laminating adhesives is driven by countries such as Germany, France, Turkey, Italy, and the UK. Headquarters of major timber laminating adhesive manufacturing companies such as Akzo Nobel N.V. (Netherlands), Henkel AG (Germany), and Arkema (France) are based in Europe. Despite the prolonged pandemic and economic slowdown in some European countries such as Greece and Spain, the region is recovering from the crisis.
