Polyurethane Adhesives Market size is estimated to reach ~USD 16 billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of the polyurethane adhesive market was ~USD 9 billion. This market's growth can be attributed to the growing demand for lightweight material, and fuel-efficient cars, as well as growing government regulations and the need for safety, carbon emissions, and lightweight automobiles. Now the majority of OEMs are using that will effectively aid in reducing the vehicle weight without compromising on the safety and performance of the vehicle. Seeing the multiple features such as energy efficiency, lightweight, comfort, protection, and fuel conservation polyurethane adhesives application could be seen in the automotive industry. Owing to polyurethane adhesive properties such as its lightweight and strength it is widely used in the automotive industry to reduce the overall weight of vehicles along with this it enhances performance in terms of environmental sustainability and fuel conservation. Polyurethane can be applied at the bonding of stationary glass such as quarter glass, backlights, and quarter windows in automobiles. Lightweight materials in automobiles can reduce C02 emissions to 40% by 2030.
Owing to its advantages and properties polyurethane can easily be used as an alternative to plastic and other materials. Resulting of the increasing adoption of polyurethane in the industrial sector the demand for the polyurethane adhesive market is estimated to grow in the forecast period. Polyurethane adhesive applications can be widely seen in multiple end-user industries such as automotive, construction, packaging, electricals & electronics, and others. This can be attributed to seeing the demand for eco-friendly and sustainable products and services owing to increasing environmental concerns all over the world. Currently, 78% global population demands eco-friendly and sustainable products and services as a result of environmental concerns.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size(2022) |
~USD 9 billion |
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Forecast Year Market Size(2035) |
~USD 16 billion |
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Regional Scope |
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Growth Drivers
Challenges
Disrupted Supply-Chain due to Covid-19 Pandemic
The global polyurethane adhesives market is segmented and analyzed for demand and supply by application into automotive & transportation, footwear, building & construction, furniture, and others. Amongst these, the building & construction segment is estimated to hold the largest market share in the forecast period. This can be attributed owing to the rising demand for owned houses and also the growing expenditure of the government of various regions on the infrastructure of the region, in turn, is giving rise to this market in the upcoming times. Moreover, polyurethane adhesion offers good adhesion, cohesion, flexibility, high cohesive strength, and high elastic modulus of the substrate. As per a UN report, 50% of the global population resides in urban areas. By 2030, 40% global population will ask for housing at a rate of 97,000 houses per day.
The polyurethane adhesives market is segmented and analyzed for demand and supply by technology into solvent-borne, solids, dispersion, and others. Out of this, the solvent segment is anticipated to hold the largest market share in the forecast period. The growth of this segment can be attributed owing to the powerful adhesion to metal plastics, leather, rubber, paper, and wood. Additionally, this segment utilization can also be seen in multiple varieties of laminating applications.
Our in-depth analysis of the global polyurethane adhesives market includes the following segments:
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By Technology |
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By Type |
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By Application |
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The market in the North American region is anticipated to gain the largest market share throughout the forecast period. This can be attributed to the back of presence of major automotive manufacturers in developed countries, along with growth in the construction sector. According to the data from the Organization Internationale des Constructeurs d'Automobiles (OICA), also known as, the International Organization of Motor Vehicle Manufacturers, 3,033,216 cars and 8,156,769 commercial vehicles were manufactured in the U.S. in 2019. As the disposable income and salary of people are rising in the region they are demanding owned houses. Also, the government authorities of this region are focusing on infrastructure and providing expenditure on the construction of commercial and residential areas.
Polyurethane adhesives market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period. This can be ascribed to 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. Moreover, the Indian polyurethane adhesive market is anticipated to see a better growth rate owing to rapid urbanization and industrialization in the region. Growing disposable income, rapid population growth, and increasing expenditure on consumer products are a few significant factors expected behind the growth of the polyurethane adhesive market in the Asia Pacific region.
Polyurethane adhesives market in the Middle East region is expected to grow significantly in the forecast period. This can be attributed owing to the growing application of polyurethane adhesive in end-user industries such as construction, automotive, locomotive, electricals & electronics, packaging, and others. Moreover, collaboration and acquisition among the key market players in the field of polyurethane adhesive can be seen in this region. This factor is also expected to propel the growth of this market in the Middle East region.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The growing application of synthetic adhesives in the construction, automotive, and furniture industry is the factor responsible for the growth of this market.
Ans: The market size of spear phishing protection is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.
Ans: High competition from epoxy adhesives is estimated to act as a barrier to market growth.
Ans: North America is estimated to create notable growth opportunities for market growth over the forecast period.
Ans: The major players in the market are 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, the geographical presence of the company which determines 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 garner the largest market size by the end of 2035 and display significant growth opportunities.
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