Segmentation by Technology (Solvent-borne, Solids, Dispersion, and Others); by Type (Thermoset, and Thermoplastic); and by Application (Automotive & Transportation, Footwear, Building & Construction, Furniture, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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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.
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The global polyurethane adhesives market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global polyurethane adhesives market includes the following segments:
By Technology
By Type
By Application
Growth Drivers
Challenges
August, 2021: Arkema announced the acquisition of Ashland Performance Adhesives, a leader in high performance adhesives for industrial applications, to boost its portfolio in the United States adhesive and sealant market.
September, 2020: Toyochem Co., Ltd., launched a new Cyabine series of ultra-high solids polyurethane pressure-sensitive adhesives (PSAs). The solvent and volatile content of this adhesive is reduced to minimal limit.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The growing application of synthetic adhesives in the construction, automotive, and furniture industry, is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Ans: High competition from epoxy adhesives is estimated to hamper the market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by technology, type, application, and by region.
Ans: The furniture segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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