Polyurethane Adhesives Market - Forecast(2024 - 2030)

Report Code: CMR 75872 Report Format: PDF + Excel

Polyurethane Adhesives Market Overview

Polyurethane Adhesives Market size is expected to be valued at US $9.4 billion by the end of the year 2027 and is set to grow at a CAGR of 6.1% during the forecast period from 2022-2027. The increase in demand for polyurethane adhesives from various key industries like building & construction, electrical & electronics, and automobile industry around the globe is majorly driving the polyurethane adhesives market. The properties of polyurethane adhesives such as chemical resistance, corrosion resistance, high mechanical strength, temperature flexibility, suitable curing rates, chemical structure versatility and improved adhesion is also contributing to the growth of the polyurethane adhesives market. Polyurethane adhesives are also known as elastic glue as they offer excellent adhesive strength and can be used in bonding automobile parts, sealing electronic equipment and sealing/bonding a wide variety of metals, plastics and rubbers. Polyurethane sealants are also used in building and construction industry in various repair and maintenance activities. These factors are driving the growth of the polyurethane adhesives market.

COVID-19 impact

Amid the Covid-19 pandemic, the polyurethane adhesives market was affected in terms of production, operations, sales, marketing and distribution across the globe. The economic closedown led to the complete shutdown of polyurethane adhesives industry. The various restrictions in the inter-country business, imports and exports lead to the slide of growth in the polyurethane adhesives market. The polyurethane adhesives market top 10 companies also incurred huge losses due to the economic shutdown. This caused massive consequences in the industry such as unemployment, crash of markets, insolvencies and others. However, the polyurethane adhesives market is witnessed a gradual growth by the end of the year 2020 and is expected to continue.

Report Coverage

The report: “Polyurethane Adhesives Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Polyurethane Adhesives Industry.

By Product Type: Thermoplastic and Thermoset.
By Curing Type: Moisture-Curing, Thermal-Curing and Others.
By Technology: Solvent borne, Water borne, Hot Melt, Reactive and Dispersion.
By Application: Metal, PVC, Rubber, Wood, Leather, Locomotives, Optical, Packaging, Furniture and Others.
By End-Use Industry: Building & Construction, Electrical & Electronics, Automobile, Aerospace and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways

  • Asia-Pacific market held the largest share in the polyurethane adhesives market due to the increase middle class population coupled with the urbanization which is increasing the standard of living of the population which in turn is driving the construction industry, electronic industry and automobile industry.
  • The increase in construction activities and other repair and maintenance activities in the construction sector is driving the demand for polyurethane adhesives market.
  • Increasing demand for bio-based PU hot-melt adhesives is contributing to the growth of the polyurethane adhesives market.
  • Amid the Covid-19 pandemic, the polyurethane adhesives market witnessed a lot of setbacks in terms of production, supply and distribution. It is however set to improve in the coming months of 2021.

FIGURE: Polyurethane Adhesives Market Revenue, 2021-2027 (US$ Billion)

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Polyurethane Adhesives Market Segment Analysis – By Product Type

Thermoplastic held the largest share in the polyurethane adhesives market in the year 2021. Thermoplastics are widely used in structural and load bearing applications in the building and construction industry. The properties of thermoplastic such as adjustable sealing temperature, high tackiness, excellent adherence to different surfaces such as rubber, wood, metals and others, is further driving the use of thermoplastic in the polyurethane adhesives market. Thermoplastic is extensively used in the construction and automobile industries which is one of the main driving factors of the thermoplastics segment in the polyurethane adhesives market.

Polyurethane Adhesives Market Segment Analysis – By Curing Type

Moisture-Curing held the largest share in the polyurethane adhesives market in the year 2021. Moisture curing polyurethanes are isocyanates terminated polymers which is used for curing with water. Isocyanates are low molecular weight chemicals which is advantageous since it makes the polyurethane adhesives less slimy and provides better tackiness. These are solvent based adhesives which cures with the evaporation of water and also by reacting with the moisture in the air. This has huge advantages over other types of curing adhesives, since it requires minimal efforts and protection which helps in saving time and costs. Moisture-curing polyurethane adhesives have improved bonding, sealing, fixation and adhesive properties. It is also easy to handle and reduces the step of process for mixing and applying.

Polyurethane Adhesives Market Segment Analysis – By Technology

Hot-melt technology held the largest share in the polyurethane adhesives market in the year 2021. Hot melt can be used in various applications such as window sealants, gaskets, fabrics and light metal applications. The biggest advantage of hot-melt adhesives is that they have a faster curing period. This makes it the most used adhesive in applications such as floorings, countertops in residential buildings, commercials buildings and shower walls, as they are water resistant. It also acts as an excellent sealant, which makes it suitable for heavy applications. For instance, the flooring industry recorded a revenue of US $ 23 billion in the year 2019. This is driving the hot melt adhesives segment in the polyurethane adhesives market.

Polyurethane Adhesives Market Segment Analysis – By Application

PVC segment held the largest share in the polyurethane adhesives market in the year 2021. PVC is extensively used in the construction sector in various applications like roofing, fencing, decking, wall-coverings, flooring, piping etc. PVC is moisture resistant, corrosion resistant and chemical resistant, which makes it an effective material compared to traditional products like copper, metal etc. For instance, the total production of PVC in the European market in the year 2019 was 5 metric tonnes. Also, the global construction industry is estimated to reach US $ 8 trillion by the year 2030. This is set to drive the use of PVC in the construction industry, which is set to drive the growth of the polyurethane adhesives segment, as it is one of the most used adhesives/sealants on PVC.

Polyurethane Adhesives Market Segment Analysis – By End-Use Industry

Building and Construction segment held the largest share in the polyurethane adhesives market in the year 2021. The increase in the population of middle-class coupled with urbanization is increasing the need for infrastructure to accommodate the growing population. The construction industry is estimated to reach a value of US $ 738.5 billion by the year 2022, which will eventually contribute to the growth of polyurethane adhesives since it is extensively used in various applications and activities in the building and construction industry. This leads to the increase in the use of polyurethane adhesives/sealants in the construction industries for various activities including roofing, piping, insulating and in fencing and fixtures.

Polyurethane Adhesives Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the polyurethane adhesives market in the year 2021. The growth of the construction industry and automobile industry in the Asia-Pacific region countries like China, India, South Korea and Japan is driving the polyurethane market. Polyurethane adhesives are used widely as sealants in the automobile sector for bonding and sealing automobile parts. For instance, the Chinese government set a long-term development plan for automotive industry to reach an annual sales of 2 million for their new energy vehicles (NEV) in the year 2020. This will drive the growth of automobile industry which will increase the demand for polyurethane adhesives market in the region.

Polyurethane Adhesives Market Drivers

Increase in Government Initiatives Regarding Infrastructure

Polyurethane adhesives are extensively used in the construction sector as it is used as sealants in various construction activities such as repair and maintenance, plumbing, fixtures, masonry activities etc. The increase in number of construction activities in the present days is driving the demand for polyurethane adhesives. The increase in the construction activities, especially in Asia –Pacific countries such as India, China and Japan is contributing to the demand for polyurethane adhesives. For instance, the ‘New Type Urbanization Plan’ by the Chinese Government which aims at developing China’s infrastructure by the year 2020 is increasing the number of construction related activities in the country which in turn is contributing to the growth of polyurethane adhesives market.

Rising Demand from Automobile Industry

The rising demand for polyurethane adhesives and sealants from the automobile industry is driving the polyurethane adhesives market. Polyurethane adhesives and sealants are extensively used for bonding and sealing of automobile parts. Polyurethane adhesives are highly flexible to temperature changes, corrosion resistant, chemical resistant which is increasing the use of polyurethane adhesives and sealants in the automobile industry. The total production of cars and commercial vehicles amounted to 91.78 million units globally in the year 2019. The increase in the production of automobile over the years is eventually driving the use and demand of polyurethane adhesives in the automobile industry.

Polyurethane Adhesives Market Challenges

Volatility in Price of Raw Materials

The prices of raw material used for producing polyurethane adhesives such as formaldehyde is highly volatile. The price keeps changing within a short span of time making the market highly unpredictable. For example the price of formaldehyde is Rs.458 per litre during the year 2020, which is acting as one of the biggest challenge for the polyurethane adhesives market. Formaldehyde is required in mass quantities for the preparation of polyurethane adhesives which is a costly affair for the manufacturer as it is quite expensive and the prices are also fluctuating.

Polyurethane Adhesives Industry Outlook

Expansion, new product launches, investments, collaborations, partnerships, acquisitions and mergers are some of the key strategies adopted by players in the Polyurethane Adhesives MarketPolyurethane Adhesives top 10 companies include:

  1. Avery Dennison Corporation
  2. Scott Bader Company Ltd.
  3. The Dow Company
  4. SIKA AG
  5. Ashland Inc.
  6. 3M
  7. BASF AG
  8. Arkema S.A.
  9. Illinois Tool Works Inc.
  10. Huntsman Corporation among others.

Acquisitions/Technology Launches

  • On January 4, 2021, Avery Dennison Corporation acquired ACPO Ltd. for a US $ 87.6 million. This acquisition will help in combining the capabilities of both the companies in developing products of expertise in the adhesives and lables.
  • On November 18, 2019 Avery Dennison Medical introduced MED 5710SI (right)—a soft-skin silicone adhesive nonwoven material. It consists a new five-layer foam dressing from of a soft-skin silicone wound contact layer, a polyurethane (PU) foam and super-absorbent fiber composite pad.

Relevant Reports:

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1. Polyurethane Adhesives Market - Market Overview
    1.1 Definitions and Scope
2. Polyurethane Adhesives Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by Type
    2.3 Key trends by Technology
    2.4 Key trends by Application
    2.5 Key trends by End-Use Industry
    2.6 Key trends by Geography
3. Polyurethane Adhesives Market – Landscape
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Polyurethane Adhesives Market - Startup companies Scenario Premium Premium
    4.1 Top startup company Analysis by'
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Polyurethane Adhesives Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Polyurethane Adhesives Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Polyurethane Adhesives Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product Life Cycle
    7.4 Supplier and Distributor Analysis
8. Polyurethane Adhesives Market – By Product Type (Market Size -$Billion)
    8.1 Thermoset
    8.2 Thermoplastic
9. Polyurethane Adhesives Market – By Curing Type (Market Size -$Billion)
    9.1 Moisture-Curing
    9.2 Thermal-Curing
    9.3 Others
10. Polyurethane Adhesives Market – By Technology (Market Size -$Billion)
    10.1Solvent borne
    10.2 Water borne
    10.3 Hot Melt
    10.4 Reactive
    10.5 Dispersion
11. Polyurethane Adhesives Market – By Application (Market Size -$Billion)
    11.1 Metal
    11.2 PVC
    11.3 Rubber
    11.4 Wood
    11.5 Leather
    11.6 Locomotive
    11.7 Optical
    11.8 Packaging
    11.9 Furniture
    11.10 Others
12. Polyurethane Adhesives Market - By End-Use Industry (Market Size -$Billion)
    12.1 Building and Construction
        12.1.1 Residential construction
   Independent homes
   Row homes
   Large apartment buildings
        12.1.2 Commercial construction
        12.1.3 Infrastructure
   Roads and Highways
            12.1.4 Industrial Construction
    12.2 Electrical and Electronics
    12.3 Automobile
    12.4 Aerospace
    12.5 Others
13. Polyurethane Adhesives Market - By Geography (Market Size -$Billion)
    13.1 North America
        13.1.1 U.S
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Netherlands
        13.2.6 Spain
        13.2.7 Russia
        13.2.8 Belgium
        13.2.9 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Indonesia
        13.3.6 Taiwan
        13.3.7 Malaysia
        13.3.8 Australia and New Zealand
        13.3.9 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 Middle East
   Saudi Arabia
    Rest of the Middle East
        13.5.2 Africa
    Rest of Africa
14. Polyurethane Adhesives Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Polyurethane Adhesives Market – Industry/Segment Competition Landscape Premium
    15.1 Company Benchmarking Matrix – Major Companies
    15.2 Market Share at Global Level - Major companies
    15.3 Market Share by Key Geography - Major companies
    15.4 Market Share at Country Level - Major companies
    15.5 Market Share by Key Type/Product category - Major companies
16. Polyurethane Adhesives Market – Key Company List by Country Premium Premium
17. Polyurethane Adhesives Market Company Analysis
    17.1 Market Share, Company Revenue, Products, M&A, Developments
    17.2 Company 1
    17.3 Company 2
    17.4 Company 3
    17.5 Company 4
    17.6 Company 5
    17.7 Company 6
    17.8 Company 7
    17.9 Company 8
    17.10 Company 9
    17.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"