In the global 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%. The use of timber laminating adhesives is expected to grow in floor beams, roof beams, window and door headers, trusses and supporting columns and others, is expected to increase in the next five years.
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.
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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.
Continuous developments in the market, including new product launches, investment & expansion, merger & acquisitions, and partnerships & agreement are expected to help the market grow. Several products are being introduced, and investments are made on increasing the production capacity of timber laminating adhesives by manufacturers for different applications. Merger & acquisitions has helped companies enhance their product portfolio as well as their geographic reach.
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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.
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