Polyurethane Adhesives Market
Polyurethane Adhesives Market - Global Industry Assessment & Forecast
- By Type Thermoset, Thermoplastic
- By End User Building & construction, Automotive & transportation, Packaging, Footwear, Industrial, Furniture & Decoration, Others
- By Regions North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 19.66 Billion|
|Revenue 2030:||USD 39.77 Billion|
|Revenue CAGR (2023 - 2030):||9.20%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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Polyurethane Adhesives Market: By Resin Type, Technology, End-use industry, and Region
Global Polyurethane Adhesives market is valued at USD 19.66 Billion in 2022 and is expected to attain a value of USD 39.77 Billion by 2030 at a CAGR of 9.20% during the forecast period, 2022–2028.
Polyurethane Adhesives Market Size, 2022 To 2030 (USD Billion)
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Global Polyurethane Adhesives demand is mainly driven by the building and construction industry, followed by furniture and automotive industries. The major drivers for growth of this market are increasing investments to develop innovative products with improved features, higher demand from applications such as woodworking, automobile & furniture among others. Growing disposable income along with changing lifestyle will further enhance the growth opportunities. On the other hand, lack of consumer awareness about product performance, volatile raw material prices may hinder the market growth during forecast period. However, increase in R&D activities along with production capacity expansion provides significant opportunities for this market.
Global Polyurethane Adhesives market is segmented on the basis of type, technology, end-user, and geography. Based on type, the market is segmented into thermoset, and thermoplastic. Based on technology, the market is segmented into solvent-borne, 100% solids, dispersion, others. Based on end user, the market is bifurcated into automotive & transportation, building & construction, packaging, footwear, industrial, furniture & decoration, others.
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Thermoset Polyurethane Adhesives To hold dominance in the Polyurethane Adhesives Market
Thermoset Polyurethane Adhesives are developed to meet the requirements of customers from a variety of industries. In particular, the needs of the automotive, marine and construction markets have led to the development of new formulations with unique properties. Temperature resistance is one example. Wheels on cars are now being fitted with larger brake disks that have higher operating temperatures, made possible by an adhesive with improved thermal stability. A similar requirement has been identified in machinery for shipyards, where large blades need to be fixed together at elevated temperatures so as not to move relative to one another during transport or storage.
Growing Demand for Polyurethane Adhesives in Automotive Industry to Drive growth of the Polyurethanes Adhesives Market
The increasing demand for vehicles and the rise in vehicle production is one of the major factors fueling growth for this market. Two-wheeler and passenger car production has been growing at a steady rate, especially in emerging markets such as China, India, Russia and Brazil. Government initiatives to promote eco-friendly vehicles by replacing conventional fossil fuel engines with electric powertrains could be another factor that will favor market growth during the forecast period. Most of these initiatives are supported by funding from governments or financial institutions concerned with environmental impact mitigation. Additionally, the global automotive adhesives market is driven by various regional environmental concerns. The European Union has imposed a ban on the use of asbestos from 2019, thus increasing demand for replacement materials. This will have positive repercussions on the global automotive adhesives market as well.
In addition to this, stringent regulations and standards for new vehicle production are expected to favor the growth of the automotive adhesives market during the forecast period. In 2017, new light-duty passenger cars that meet or exceed fuel consumption and greenhouse gas emission levels required by Euro 6 were introduced in Europe.
Asia Pacific to Continue Leading the Polyurethane Adhesives Market
Asia Pacific is anticipated to lead the global polyurethane adhesive market over the forecast period, both in terms of value and volume. Changing lifestyles owing to rapidly evolving technologies are leading to greater adoption of smart homes. With increasing consumer spending on comfort living, appliances within these homes are becoming increasingly energy efficient along with being durable. This augurs well for manufacturers developing appliances using Polyurethane Adhesives, in terms of sales and profitability. This factor would also encourage customers to look forward to high performance features in Polyurethane Adhesives.
The regional market is driven by favorable government initiatives such as tax exemptions and subsidies on exports coupled with growing construction activities across developing nations like China and India. Polyurethanes' characteristics such as chemical resistance, flame retardant properties and low smoke emission levels are driving the demand for these products across Asia Pacific markets.
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H.B. Fuller Company (US), Henkel AG & CO. KGAA (Germany), 3M Company (US), Sika AG (Switzerland) and Arkema S.A. (France) are some of the key players in the global Polyurethane Adhesives market.
The Polyurethane Adhesives is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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Frequently Asked Question
What is the global demand for Polyurethane Adhesives in terms of revenue?
The global Polyurethane Adhesives valued at USD 19.66 Billion in 2022 and is expected to reach USD 39.77 Billion in 2030 growing at a CAGR of 9.20%.
Which are the prominent players in the market?
The prominent players in the market are H.B. Fuller Company (US), Henkel AG & CO. KGAA (Germany), 3M Company (US), Sika AG (Switzerland) and Arkema S.A. (France) .
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 9.20% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Polyurethane Adhesives include
- Growing Demand for Polyurethane Adhesives in Automotive Industry to Drive growth of the Polyurethanes Adhesives Market
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Polyurethane Adhesives in 2022.