The global polyurethane adhesives market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing application of synthetic adhesive amongst various end-user industries, such as, construction, automotive, furniture, and others. Polyurethane adhesives contain replicas of organic urethane chains, making it strong and resistant to degradation. The multi-purpose applications of polyurethane adhesives, waterproof properties, and strong bond, are estimated to boost the market growth. Moreover, these adhesives absorb heat energy, which causes a chemical reaction, resulting in the formation of bond between two surfaces. The increasing demand for automotive parts, and use of polyurethane adhesives in the automotive industry, is anticipated to boost the market growth. In 2020, more than 75 million automobiles were manufactured, and around 65 million vehicles were sold worldwide. The growing application of synthetic adhesives for making furniture is further expected to boost the market growth.
The market is bifurcated by type into thermoset and thermoplastics, out of which, the thermoplastics segment is anticipated to hold the largest share in the global polyurethane adhesives market over the forecast period owing to the ability to melt the adhesive in order to form a bond, which increases the range of application of the adhesive. Moreover, thermoplastic polyurethane adhesives or TPU acts as a bridge between rubber and plastics, as it is smooth, flexible, and durable. Such beneficial features of TPU are estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global polyurethane adhesives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing demand for adhesive amongst the growing construction, and furniture industries, in the region. Besides this, the growth in the automotive manufacturing industry, in countries, such as, China, Japan, India, and Malaysia, is also estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of presence of major automotive manufacturers in the developed countries, along with growth in the construction sector. According to the data by Organization Internationale des Constructeurs d'Automobiles (OICA), also known as, International Organization of Motor Vehicle Manufacturers, 3,033,216 cars and 8,156,769 commercial vehicles were manufactured in the U.S. in 2017.
The global polyurethane adhesives market is further classified on the basis of region as follows:
Our in-depth analysis of the global polyurethane adhesives market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing application of synthetic adhesives in the construction, automotive, and furniture industry, is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
High competition from epoxy adhesives is estimated to hamper the market growth.
The market in the Asia Pacific region will provide more business opportunities over the forecast period, owing to the growing chemical industry in the region.
The major players in the market are H.B. Fuller Company, Henkel AG & Co. KGaA, Arkema group, Sika AG, Toyochem Co., Ltd., Lonza Group AG, Akzo Nobel N.V., Wacker Chemie AG, Royal Adhesives & Sealants, LLC., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, type, application, and by region.
The furniture segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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